Protocol to DTA between Switzerland and Norway enter into force
The amending protocol, signed on 4 September 2015, to the Income and Capital Tax Treaty (1987) between Norway and Switzerland. The Income and Capital Tax Treaty (1987) between Norway and Switzerland amended by the 2005 and 2009 protocols and entered
See MoreBrazil: Budget 2017 has been accepted by the president
The Budget for 2017 was accepted by the National Congress on 15 December 2016. According to the budget minimum monthly salary increases from BRL 880 to BRL 945.80 in 2017. The President needs to enact the Budget for
See MoreTaiwan: Finance Minister publishes draft rules on CFC and PEM
Finance Minister issued draft regulations on a controlled foreign company (CFC) and place of effective management commenced in July 2016 on 9 November 2016. The draft regulations intend to explain CFC income’s timing and amount addition CFC
See MoreTIEA between Switzerland and Brazil approved
The tax information exchange agreement (TIEA) between Switzerland and Brazil has been approved by the Swiss parliament on 16 December 2016. The agreement was signed on November 23 2015. This TIEA contains tax-related information on request
See MoreUK: Finance Act 2016, Section 162(1) and Schedule 20 Regulations 2016
On 19 December 2016, the Finance Act 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016 were made. The Regulations appoint 1st January 2017 as the day on which section 162(1) of and Schedule 20 to the Finance Act 2016 (c. 24)
See MoreUAE ratified income tax treaty with Andorra
The United Arab Emirates (UAE) have ratified the income tax treaty with Andorra that was signed on 28 July 2015. The federal decree 166/2016 ratifying the treaty was issued by the president of the United Arab Emirates and was published in a recent
See MoreUruguay- New transfer pricing requirements for corporations with income derived from tax-exempt activities
The Tax Authority of Uruguay issued Ruling No. 5,947 on 6 December 2016 according to which a corporation conducts business with foreign related companies with income derived from a tax-exempt activity will be subject to the transfer pricing
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Ireland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Ireland on 20 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreKorea-Exchange of information agreement with Andorra enters into force
The Exchange of Information Agreement (2014) between Andorra and Korea (Rep.) entered into force on 21 December 2016 and this will generally be applicable from 21 December 2016 for criminal tax matters and from 1 January 2017 for all other tax
See MoreChina: Clarifications on enterprise income tax published by SAT
On 9 December 2016, the State Administration of Taxation (SAT) issued an announcement clarifying two issues concerning enterprise income tax. The announcement applies to 2016 and subsequent years. The clarification contains payment of accident
See MoreUK: Spring Budget 2017 date confirmed
Philip Hammond, the Chancellor of the Exchequer, has announced that the government will publish its next Spring Budget on Wednesday 8 March 2017. The Spring Budget sets out the government’s plans for the economy based on the latest forecasts from
See MoreGuernsey, United Kingdom amending protocol enters into force
On 6 December 2016, the amending protocol and exchange of letters of income tax treaty between Guernsey and United Kingdom entered into force that was signed on 9 March 2016 by Guernsey and on 29 February 2016 by the United
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Iceland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Iceland on 13 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreAmendments to VAT Act enacted in Isle of Man
On 15 November 2016, the recently published Value Added Tax (VAT) Act 1996 (Amendment) Order 2016 was approved by Tynwald and applicable from 1 October 2016. According to the amended section 48 of the VAT Act 1996, the Treasury may require a taxable
See MorePeru-Issued Decree on temporary tax amnesty regime to regularize unreported assets
The Executive Branch of Peru issued Decree No. 1264 on 11 December 2016 providing for a temporary tax amnesty regime to regularize unreported assets. The benefits of the tax amnesty regime are the abolition of fines, sanctions and any past income
See MoreMontenegro: Draft Budget for 2017 adopted
The government of Montenegro has adopted the draft budget 2017 on 18th December 2016. The main changes are given as follows: the application of 11% increased tax rate for personal income more than the average salary will be extended until 2019;
See MoreGreece: Amendments to Income Tax Code, VAT Code and tonnage taxation
Three amendments to the law that amends the Income Tax Code, VAT Code and tonnage tax regime have been submitted to the parliament on 19th December 2016. The amendments are given below: The first installment of the tonnage tax and the Marine
See MoreBelgium: New changes in anti-hybrid and anti-abuse rule
According to official gazette published on 8 December 2016, in Belgium, legislation implementing changes to the “Parent-Subsidiary directive” and introducing a spread or installment payment regime relating to the exit tax liability. The law
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