Saudi Arabia: Excise Tax Law officially published in the local Gazette

May 31, 2017

The Saudi Arabian Cabinet approved the Excise Tax Law on 2 May 2017 after also approving the GCC framework agreement in relation to Excise Taxes. The Excise Tax Law was published in the Saudi Official Gazette (UM-AL QURA), Issue no. 4672 on 26 May

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Malaysia: IRBM issues amended tax audit framework for 2017

May 31, 2017

The Inland Revenue Board of Malaysia (IRBM) issued an amended tax audit framework on 1 May 2017. The aim the amended framework is to ensure that tax audits are carried out in a fair, transparent and impartial manner. The framework outlines the

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Germany: Government approves signing of MLI to implement tax treaty related BEPS measures

May 31, 2017

The German Federal Parliament on 21 December 2016, approved the signing of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and

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Russia: Government approves signing of MLI to implement tax treaty related BEPS measures

May 31, 2017

The Russian government on 20 May 2017, approved the signing of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and profit

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Japan and Iceland agree on a DTA

May 29, 2017

On 29 May 2017, the Japanese Ministry of Finance announced that the Government of Japan and the Government of Iceland have agreed in principle on the tax convention between Japan and Iceland. This new agreement will be signed after the necessary

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India: SC rules that income from the sub-licensing of property is not taxable as business income

May 29, 2017

The Supreme Court (SC) in the case of Raj Dadarkar and Associates v. ACIT (Civil Appeal No. 6455-6460 OF 2017), decided that the income from the sub-licensing of the property is taxable as house property income and not business income. Simply

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Saudi Arabia: Tax rates changed for oil producers, hydrocarbons

May 28, 2017

The Government of Saudi Arabia has set a range of income tax rates for producers of oil and hydrocarbons, through a royal decree on 27 March 2017. According to the decree, the tax rate for investments exceeding 375 billion riyals ($99.96 billion)

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Saudi Arabia: Penalties announced for non-compliance with the VAT Law

May 28, 2017

The new VAT law will be implemented in Saudi Arabia by 1 January 2018. In the meantime, the General Authority of Zakat and Tax (GAZT) taking necessary sessions to build up awareness among business groups. During this awareness sessions, the GAZT

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India: Reimbursement of costs for training and general insurance not included in fee for technical services

May 28, 2017

The Mumbai Bench of the Income-tax Appellate Tribunal in the case of: Gemological Institute International Inc v. DCIT (ITA No. 4659/Mum/2014) and (ITA No. 385/Mum/2016) held that, the amounts received by the taxpayer were not taxed as technical

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Ukraine: SFS clarifies the definition of related parties for the recognition of controlled transactions

May 28, 2017

On 16 May 2017, the State Fiscal Service of Ukraine published a letter No. 9012/6/99-99-15-02-02-15 concerning the definition of related parties for the recognition of transactions controlled and guided by article 52 of the Tax Code of Ukraine. The

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South Africa: SARS introduces improvements to the dispute management process

May 28, 2017

On 15 May 2017 the South African Revenue Service (SARS) introduced important changes and improvements to its current dispute management process as part of its ongoing commitment to delivering a better service to taxpayers. The following changes

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US: Trump releases final 2018 budget proposal

May 28, 2017

President Trump released his budget proposal for the FY 2018 on May 23, 2017, expanding on the budget blueprint he released in March. The Trump Administration proposed to Congress a $4.1 trillion FY 2018 budget that aims to balance the federal

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Brazil: Additional guidance on CbC reporting rules issued

May 27, 2017

Normative Ruling 1,709/2017 of 25 May 2017 amended the 2016 normative ruling that introduced the country-by-country (CbC) reporting obligation in Brazil effective from fiscal year(FY) 2016. According to the new ruling for FY 2016, the Brazilian tax

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Israel: Status updates of automatic exchange of country-by-country (CbC) reports

May 27, 2017

The Israel Tax Authority declared the signing of a multilateral agreement for the automatic exchange of country-by-country (CbC) reports and of common reporting standard (CRS) information. The Director of tax authority signed the Multilateral

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Poland publishes draft amendment to R&D tax relief

May 26, 2017

The Ministry of Science and Higher Education has published an amended draft bill regarding the R&D tax relief. The bill proposes an increase of current income tax deduction from 50% and 30% to 100% depends on the category of eligible costs and

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Morocco approves the amending DTA protocol with Bahrain

May 26, 2017

The Council of government of Morocco approved the amending protocol of Double Taxation Agreement (DTA) on 25th of May 2017 with

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France: CJEU rules on 3% contribution on distributed profits

May 26, 2017

In France, companies subject to Corporate Income Tax (CIT) are required to pay an additional CIT contribution of 3% on the distributed profits according to article 235 ter ZCA of the French general tax law. But, the Court of Justice of the European

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Australia: New rate for franking credits

May 25, 2017

The company tax rate for small business has been reduced to 27.5% for 2016-17 and the maximum franking credit of small business has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated turnover of less than

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