Tax Treaty News: March 2016
Switzerland and France On 30 March 2016, the amending protocol of income tax treaty between France and Switzerland was entered into force that was signed on 25 June 2014 for the avoidance of double taxation and the prevention of fiscal evasion
See MoreCzech Republic: Income Tax Law amendment regarding participation exemption
The Senate has approved a bill on 6th April 2016 that introduces changes to the Income Tax Law. The bill must be signed into law by the President for becoming law. It has been predicted that the bill will be applicable the first day of the calendar
See MoreUnited States: ADD/CVD Roundup for March 2016
Following table shows the Federal Register notices related to ADD/CVD cases for March 2016 in United States. Country Product Investigations Case Number Details Australia Certain Hot-Rolled Steel Flat Products Preliminary Determination of Sales
See MoreUK: Budget for 2016-2017 Updates Transfer Pricing Guidelines as Per Amended OECD Guidelines
The UK budget for 2016-17 includes an update of the transfer pricing guidelines in line with OECD Guidelines. This measure amends from 1 April 2016 the references within the relevant legislation to incorporate the most recent revisions to the OECD
See MoreOECD: Revenue Statistics in Africa
The first edition of the OECD publication Revenue Statistics in Africa presents statistics relating to eight countries that represent around a quarter of Africa’s GDP. The countries studied in this edition are Cameroon, Ivory Coast, Mauritius,
See MoreKazakhstan: Capital gains resulting from transfer to charter capital of legal entity are exempted
The State Revenue Committee published a press release on 1st April 2016 describing the amendments to the taxation of property transactions conducted by individuals. According to the release, the amendments were introduced by Law No. 412-V of 18
See MoreDTA between Morocco and Slovenia signed
An Income Tax Treaty (2016) between Morocco and Slovenia was signed on 5th April 2016 in
See MoreChile: Tax authorities investigate taxpayers with companies in tax havens
On 4th April 2016, the tax authorities have announced that currently they are inspecting Chilean taxpayers owning companies located in tax havens, as a result of the "Panama Papers". This investigation aims to confirm the correct and full compliance
See MoreWorld Tax Brief: March 2016
Japan Main corporate tax rate: The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. Accordingly, The main corporation tax rate is to be reduced to 29.97% from 1 April 2016 to 31 March 2018, then to 29.74% from 1
See MoreCzech Republic: Website on electronic reporting of revenues of VAT launched
The General Tax Directorate announced a new website on 4th April 2016 devoted to electronic reporting of revenues: www.e-trzby.cz. The president signed the Bill on electronic reporting of revenues and reduction of VAT regarding catering services on
See MorePGA Highlights: March 2016
In the United States the following events have taken place under the several PGA during the month of March 2016. Agencies Summary Federal Register Tuna-Tariff Rate Quota 2016: This document sets forth the tariff-rate quota for Calendar Year
See MoreBulgaria: Supreme Court of Cassation issues interpretation of tax evasion
The Supreme Court of Cassation of Bulgaria has issued interpretative ruling No. 4 of 2016 regarding criminal misreporting and evasion of tax liabilities on 12th March 2016. It has been determined by the Court that in cases of misreporting and
See MoreTransfer Pricing Brief: March 2016
India: General rule for CbC reporting requirement: India has proposed in the 2016 Union Budget to introduce the country-by-country reporting rules pursuant to the OECD’s three-tier transfer pricing documentation approach. Multinational groups
See MoreGreece: Amended Transfer Pricing Penalty in Adjustment
The most important development that took place with regard to Greece’s transfer pricing regime was the enactment of Law 4337/2015 and inclusion of revised transfer pricing penalty in adjustment in new law. As per Law 4337/2015, additional tax
See MoreMalaysia: IRB is planning to introduce a Country-by-Country (CbC) reporting requirement
The Malaysian Inland Revenue Board announced plans to introduce a Country-by-Country reporting requirement and to update current local transfer pricing documentation requirements to include the Master File and Local File concepts, in line with
See MoreDTA between Chile and Uruguay signed
An Income and Capital Tax Treaty (DTA) between Chile and Uruguay has been signed on 1st April 2016 in
See MoreItaly: Tax Authorities Issue Regulation to Clarify APA Procedure
The director of the Italian Revenue Office (Agenzia delle Entrate) issued regulation no. 42295/2016 (the regulation) on March 21 2016 which contains provisions for the application of the rules on advance pricing agreements (APAs) for enterprises
See MoreTanzanian Requires Taxpayers with Related-Party Transactions Contemporaneous Transfer Pricing Documentation
The requirement for transfer pricing documentation has been in place since February 7, 2014 but the Tanzania Revenue Authority (TRA) had not previously enforced this requirement. TRA have started requesting transfer pricing documentation from
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