WTO: Measures to facilitate cross-border trade for MSMEs

June 30, 2017

On 29 June 2017 the WTO’s Director General spoke during an informal dialogue on Micro, Small and Medium Enterprises (MSMEs). These entities face greater barriers to cross-border trading and WTO members have put forward some ideas to deal with the

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OECD: Update on Global Forum peer reviews

June 30, 2017

A report issued by the OECD on 28 June 2017 contains updates on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum has 142 member countries and aims to enhance global tax transparency, curtail

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Bangladesh: Parliament passes Budget for 2017-18

June 30, 2017

On 29 June 2017, the parliament of Bangladesh has passed a Tk 4,00,266 crore national budget with some changes to the excise duty on bank accounts and Value Added Tax (VAT) proposals for the fiscal year 2017-18. On 1 June 2017, the Finance

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Vietnam Joins the Inclusive Framework on BEPS

June 30, 2017

On 21 June 2017, the OECD published a new list of countries and jurisdictions participating in the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Based on this list, Vietnam has become the 100th jurisdiction to join the Inclusive

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IMF report comments on Nicaragua’s fiscal position

June 29, 2017

On 22 June 2017 the Executive Board of the IMF concluded consultations with Nicaragua under Article IV of the IMF’s articles of agreement and a report has been issued. The report notes that Nicaragua’s economic performance in 2016 was robust

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OECD: Meeting of Inclusive Framework on BEPS

June 29, 2017

On 22 June 2017 the third meeting of the inclusive framework on base erosion and profit shifting (BEPS) took place in the Netherlands with representatives of 83 countries and jurisdictions and 12 international and regional organizations. The

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Moldova authorizes to sign a DTA with UAE

June 29, 2017

Moldova authorized to sign a Double Taxation Agreement (DTA) on 28 June 2017 with United Arab Emirates (UAE) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on

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Platform for Collaboration on Tax issues toolkit on comparables

June 28, 2017

On 22 June 2017 the Platform for Collaboration on Tax (PCT) published a toolkit with guidance for developing countries on dealing with the problem of accessing appropriate comparable data when preparing a transfer pricing study. The PCT was set up

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OECD: Revised guidance on profit splits

June 28, 2017

A discussion draft issued by the OECD on 22 June 2017 contains revised guidance on profit splits. This guidance is issued in relation to the clarification and strengthening of the guidance on the transactional profit split method as outlined in the

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Hong Kong: Bill on tax exemption to open-ended fund companies gazetted

June 28, 2017

On 23 June 2017 the Hong Kong SAR Government published in the Gazette the Inland Revenue (Amendment) (No. 4) Bill 2017 to implement the 2017-18 Budget initiative of extending profits tax exemption to privately offered open-ended fund companies

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OECD: discussion draft sets out additional guidance on attribution of profits to PEs

June 27, 2017

On 22 June 2017 the OECD issued a new discussion draft with guidance on attribution of profits to permanent establishments (PEs), to replace the previous draft published in July 2016. The new discussion draft outlines the general principles for the

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Thailand Joins the Inclusive Framework on BEPS

June 26, 2017

Thailand has become the 98th jurisdiction to join the Inclusive Framework (IF) on BEPS and will participate at the next plenary session of the IF with the same rights as the all other IF members, which will take place on 21/22. June 2017 in

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Brazil publishes private ruling on royalty and technical service payments

June 25, 2017

Brazil has published Private Ruling 316 of 20 June 2017 on royalty and technical service payments and payments for services under cost sharing agreements. The ruling explicates the accountabilities for social security contributions (PIS/COFINS) on

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Qatar authorizes to sign a DTA with Argentina

June 25, 2017

The cabinet of Qatar authorized to sign a Double Taxation Agreement (DTA) with Argentina on 21 June 2017 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on

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Australia: State Budget 2017-18

June 25, 2017

On 22 June 2017, the Treasurer, Mr. Tom Koutsantonis released the 2017-18 Budget of South Australia with the following measures: Stamp duty surcharge for foreign purchasers From 1 January 2018, a surcharge of 4% will apply to all residential

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Australia: Treasury Laws Amendment Act 2017 received Royal Assent

June 25, 2017

On 22 June 2017, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent. Amends the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments

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Sweden: Proposal for major corporation tax reforms

June 25, 2017

The Swedish Government on 20 June 2017 issued a statement proposing important changes in the area of corporate taxation. The main proposals are summarised below: According to the announcement the deductibility of the net interest expense would

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Vietnam: National Assembly passes law on supporting SMEs

June 22, 2017

On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include

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