Switzerland: Published draft legislation on country-by-country reporting
The Swiss Federal Council published draft law with respect to Country-by-Country reporting for consultation on 13 April 2016. The draft law is based on the recommendations contained in the OECD BEPS Action Plan 13 (“Transfer Pricing Documentation
See MoreSouth Africa: SARS publishes draft regulations concerning CbC reporting standard for MNEs
The South African Revenue Service (SARS) on 11 April 2016 published draft regulations concerning a country-by-country (CbC) reporting standard for multinational enterprises. South African MNEs with annual group consolidated turnover exceeding ZAR
See MoreFive European countries to exchange information on beneficial ownership
On 15 April 2016 it was announced that Britain, France, Germany, Italy and Spain have agreed to exchange information on beneficial ownership of companies and of "trusts with tax consequences". The five European countries will explore the best way to
See MoreEU proposals on country by country reporting
In the Action Plan on a Fairer Corporate Tax System issued in March 2015 the European Commission proposed to implement in the European Union (EU) the proposals under Action 13 of the OECD’s action plan on base erosion and profit shifting (BEPS).
See MoreIreland imposed surcharge for late returns
On 14 April 2016, the Irish Revenue published eBrief on the surcharge for late submission of returns. Section 1084 TCA 1997 imposes a surcharge on any taxpayer, individual or corporate, for the late filing of a tax return. If a return is not
See MoreOECD: Taxing Wages 2016
The OECD has published Taxing Wages 2016 which shows that tax on income from labor remained at 35.9% for OECD countries in 2015, the same as in the previous year. Before that the tax burden on labor had been rising for some years. The publication
See MoreMalta: Extended the deadline for electronic filing of 2016 corporate income tax returns
On 13 April 2016, the Inland Revenue Department of Malta notified that the deadlines for electronic filing of corporate income tax returns for assessment year 2016 are extended as follows: Tax Return Filing Date Electronic Filing Extended
See MoreTransfer Pricing Excellence 2016
We invite you to join us on the 19th and 20th of May 2016 at our exclusive, interactive Transfer Pricing Excellence 2016 experience, in Barcelona, Spain at Hotel 1898. The aim of the meeting is to bring together Transfer Pricing professionals
See MorePoland: Proposes amendments for corporate and personal income tax law
Minister of Finance presented the proposal of amendments to laws on income taxes for both corporate and personal on 25 February 2016. According to the amendments the exemption from withholding tax on interest, royalties and fees for intangible
See MoreTurkey: Annual weighted average interest rate for cash capital increase deduction announced
The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest
See MoreChile: IRS specifies how to claim WHT relief on commissions paid on unreported transactions
Law 20,899, which enacted on 8th February 2016, allows Chilean companies to pay a 32% substitute tax on all or part of their accumulated taxable profits balances from 31 December 2015 to 31 December 2016. They may also credit any corporate taxes
See MorePortugal-Budget Law for 2016 implements country-by-country reporting requirements
The Portuguese Budget Law for 2016 has been approved on 16 March 2016. The approved Budget Law implements country-by-country reporting requirements. Country-by-Country (CbC) reporting requirement will be applicable for domestic entities with
See MoreIsle of Man extends deadline for online filing of income tax returns
The Treasury department of the Isle of Man issued a press release on April 07, 2016 announcing that the deadline for the online filing of corporate and individual income tax returns has been extended to 11 April 2016. Primarily, the returns had to
See MoreIndia: Factors to be used in selecting comparables
The Bangalore Bench of the Income-tax Appellate Tribunal recently provided judgment in the case of ACIT v. McAfee Software (India) Pvt Ltd, on factors such as functional comparability that are to be used in transfer pricing reports and
See MoreOECD: JITSIC to discuss tax avoidance risks
A meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) network is to take place on 13 April 2016 to discuss further options for cooperation following the publicity surrounding the documents referred to as the Panama
See MoreRussia: FTS clarifies tax treatment of dividends received by a foreign company
The Federal Tax Service (FTS) has issued a letter no. SD-4-3/2765 on 19th February 2016 for clarifying the tax treatment of dividends received by a foreign company which voluntarily chooses to be considered as a Russian tax resident. According to
See MoreTreaty between Botswana and Czech Republic negotiated
The second round of negotiations for a tax treaty between Botswana and the Czech Republic is arranged to take place in Prague from 18th to 21st April
See MoreCanada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
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