Kazakhstan: Law signed for ratifying DTA with Ireland
The President of Kazakhstan, Mr. Nursultan Nazarbayev, signed a law on December 29, 2017, for ratifying the Double Taxation Agreement (DTA) with Ireland. The Treaty is aimed at strengthening and expanding economic cooperation between Kazakhstan and
See MoreFinland: Government proposes to align CbC reporting with EU Directive
On 19 December 2017, Bill No. 191/2017 was submitted to the parliament as a proposal to amend section 14 d of the Act on Taxation Procedure which is in line with Council Directive (EU) 2016/881 of 25 May 2016 amending Directive 2011/16/EU. The
See MoreUS Tax Cuts and Jobs Act: Global Intangible Low-Taxed Income
The US Tax Cuts and Jobs Act has introduced various new provisions to counter base erosion and profit shifting by US corporations. These include a base erosion minimum tax, provisions to counter income shifting by intangible property transfers and
See MoreItaly: Tax authority extends the due date for filing the CbC report
On December 11, the tax authority issued a Measure n. 288555 extending the due date for filing the CbC report for fiscal year 2016 from 31 December 2017 to 9 February 2018 within 60 days following the measure’s publication
See MoreUS Tax Cuts and Jobs Act: Income Shifting by Intangible Property Transfers
A U.S. person transferring intangible property to a foreign corporation in a transaction that would otherwise qualify for non-recognition treatment is generally treated as having sold the intangible property in exchange for payments contingent on
See MoreUS Tax Cuts and Jobs Act: Hybrid Transactions and Hybrid Entities
A group could set up an entity that is treated as fiscally transparent for U.S. federal tax purposes but is treated as an entity in the country in which it is resident or subject to tax. Similarly, an instrument may be treated as debt in one country
See MoreUS Tax Cuts and Jobs Act: Base Erosion Minimum Tax
The Tax Cuts and Jobs Act provides for a participation exemption in the form of a 100% deduction for the foreign-source portion of dividends received from 10%-owned foreign corporations. This deduction for dividends received can eliminate additional
See MoreUS: President signs tax cuts and jobs act
On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (TCJA). On 20 December 2017, both the US Senate and the House of Representatives approved the passing of the Tax Cuts and Jobs Act with some minor changes to comply
See MoreCyprus: Government extends the deadline for submitting CbC reports for fiscal years 2016 and 2017
On 11 December 2017, the Cyprus Tax Department issued two notices with extensions of the deadline for submission of CbC reports for the fiscal years 2016 and 2017. The deadline for submission of country by country reports for fiscal year 2016 is the
See MoreArgentina: Comprehensive tax reform enacts
The Law No. 27430 or comprehensive tax reform was published on December 29, 2017 in the Official Gazette and it generally applies from January 1, 2018. This comprehensive tax reform bill has sent to Congress on December 14, 2017. The Ministry of the
See MoreLuxembourg: Parliament approves the Budget for 2018
On 14 December 2017, the Luxembourg Parliament approved the budget for 2018 and officially published it on 21 December 2017, with the tax measures applicable from 1 January 2018. The corporate tax rate will fall from 19 percent to 18 percent. As a
See MoreRomania: National tax administration publishes electronic forms of the CbC report
On 11 December 2017, the Romanian National Tax Administration Agency published on its website the electronic forms of the CbC report and the CbC report notification templates to be used for submission by the Romanian taxpayer forms R404 and R405,
See MorePoland: President signs the law regarding R&D incentives
The President has signed the Law of 9 November 2017 regarding important amendments to the tax relief regime for research and development on 24th November 2017. It will be effective as of 1 January 2018. This significantly improves the system
See MoreSouth Africa: SARS extends deadline for filing of Country-by-Country reports
On 8 December 2017, the South African Revenue Service (SARS) announced that it extended the Country-by-Country report, master file and local file reporting deadline to 28 February 2018 for taxpayers with an existing reporting obligation in December
See MoreUK: Making Tax Digital – survey of small businesses and landlords
On 11 December 2017 HMRC published a survey of the attitudes of small businesses and landlords towards the requirements of the Making Tax Digital (MTD) changes to be introduced in the UK. This research commissioned by HMRC involved a survey of 2,900
See MoreUK: Statistics on venture capital trusts
On 14 December 2017 the UK published statistics relating to venture capital trusts (VCTs) for tax years up to 2015/16. The data was collected from self-assessment tax returns and does not therefore cover investors claiming income tax relief through
See MoreGulf Cooperation Council: Saudi Arabia and UAE to implement VAT
Saudi Arabia and the United Arab Emirates (UAE) are to introduce value added tax (VAT) from 1 January 2018 at a rate of 5%. Their new VAT systems will be in line with the terms of the Gulf Cooperation Council (GCC) Unified VAT Agreement. Four other
See MoreIMF publishes report on the economic situation of Belgium
On 18 December 2017 the International Monetary Fund (IMF) published a report on Belgium following discussions under article IV of the IMF’s articles of agreement. The report notes that the economy is recovering with a projected 1.75% rise in GDP
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