Korea-Tax reform bill of 2017 enacted
Korea enacted the tax reform bill of 2017 on 20 December 2016 which was approved by the National Assembly on 2 December 2016. According to the Tax Reform of 2017 domestic merged brother-sister companies would be considered as tax free if and only
See MoreUkraine-Adopted amendments to Tax Code
The parliament of Ukraine adopted a draft law amending the Tax Code on 21 December 2016. According to the adopted law, costs for repairing and maintenance of non-productive fixed assets will no longer be considered as deductible expenses. Previously
See MoreUS-Argentina signed an agreement to share tax information
The governments of United States and Argentina signed a tax information exchange agreement on 23 December 2016 that seeks to combat tax evasion and promote transparency. US Treasury Secretary Jacob J. Lew said that this agreement paves the way for
See MoreIreland: State aid investigation of TP rulings
The final decision of European Commission (EC) was published this week on its state aid investigations into Transfer Pricing (TP) rulings granted by Ireland to a US multinational group. Although the decision was announced in August 2016, publication
See MoreOECD: Updated report provides further guidance on BEPS action 4
On 22 December 2016 the OECD released more guidance on action 4 of the action plan on base erosion and profit shifting (BEPS). The latest guidance is an updated version of the report providing more detail on the measures outlined in the BEPS report
See MoreIreland: Entity registration form
The Irish Revenue Commissioners released a “reporting entity” registration form which is required to be filed by entities that do not already have an Irish Tax Reference Number or a Revenue Customer Number (RCN), and that have reporting
See MoreDraft bill of program law adopted by Belgian parliament
In December 2016, a draft bill of program law was submitted to the Belgian parliament and it contains the tax measures, including an increase of the standard withholding tax rate on dividends, interest and royalties from 27% to 30%. The measures
See MoreDTA between Austria and Iceland approved
The Austrian National Council approved the Austria - Iceland Income and Capital Tax Treaty (2016) on 15 December 2016 for the avoidance of double taxation. The treaty generally follows the OECD Model. According to the new treaty the maximum rates of
See MoreAustria: Publishes standardized transfer pricing documentation
The regulation on the implementation of standardised transfer pricing documentation was gazetted on 21 December 2016. The documentation requirements are in accordance with the recommendations of the Final Report on Action 13 of the OECD BEPS
See MorePakistan: KTBA Requests the date extension for return filing up to December 31
Karachi Tax Bar Association (KTBA) on 19 December 2016 request Finance Minister Senator to extend the last date for filing income tax return for the tax year 2016 up to December 31 because the online return filing portal of FBR was crashed on the
See MoreDTA between Canada and Israel entered into force
The Income Tax Treaty (2016) between Canada and Israel has been entered into force on 21st December 2016 for avoiding double taxation and it generally applies from 1st January 2017 for withholding and other taxes. But, the provisions of article 23
See MoreProtocol to a treaty between India and Tajikistan signed
India and Tajikistan signed an amending protocol to the India - Tajikistan Income Tax Treaty (2008) on 17 December 2016, for an avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreUK: Double Taxation Treaties (Developing Countries) Bill 2016-17
On 20 January 2017, The Double Taxation Treaties (Developing Countries) Bill 2016-17 is expected to resume its second reading debate. The Bill places a duty on the Chancellor of the Exchequer to align the results of double tax treaties with
See MoreGreece: Draft bill on electronic payments adopted
The draft bill regarding electric payments has been adopted by the parliament on 21st December 2016 and it was presented to the parliament for approval on 12th December 2016. On the basis of the adopted text, companies that receive transactions by
See MoreBelgium: Various tax bill adopted by parliament
On 15 December 2016, the Bill on various tax and other measures, including the furthering of crowd funding, was adopted by the parliament and published in the Official Gazette of 21 December
See MoreAndorra deposits instrument of ratification for amending protocol to savings agreement with EU
On 20 December 2016, Andorra deposited its instrument of ratification for the amending protocol to the EU Savings Directive Agreement that was signed on 12 February 2016, concluding the legal requirements for its entry into force. The amending
See MoreGermany: Approves draft bill on combat of tax avoidance
The Federal Cabinet on 21 December 2016 approved the draft bill on the combat of tax
See MoreBrazil: Regulates special payment scheme for tax debts
Normative Instruction 1,677/2016, released in the Official Gazette on 12 December 2016, adjusts the special payment scheme for tax debts become certified to legal entities and the special payment rule was created by Law 155/2016. Law 155/2016
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