Netherlands: Bill on country-by-country reporting gazetted
The lower house of the Dutch parliament adopted a bill implementing EU directive 2016/881, mandating the automatic exchange of country-by-country reporting information among EU member states on 26th April 2017. On 2nd June 2017, EU directive
See MoreJersey signs MLI to implement tax treaty related BEPS measures
The Chief Minister of Jersey, Senator Ian Gorst, signed the Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting (MLI) on June 8, 2017 at the OECD Headquarters in Paris. The Multilateral
See MoreIndia signs the Multilateral Convention to implement tax treaty related BEPS measures
The Finance Minister, Arun Jaitley, on 7 June 2017 in Paris on behalf of India, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. About 70 countries at all levels of development
See MorePakistan: FBR proposes to introduce a Directorate General of Transfer pricing
Federal Board of Revenue (FBR) has proposed through Finance Bill 2017 to establish Directorate General of Transfer Pricing which shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors, Assistant Directors
See MoreRomania: Country-by-Country reporting requirement modified
The Romanian Ministry of Finance published a draft law on 24 May 2017 to modify the CbC reporting legislation of the country. According to the draft law, all Romanian tax resident entities which are ultimate parent of an MNE Group with annual
See MoreGuatemala: Tax fines and surcharges terminated
Public Finance Ministry of Guatemala published Governmental Agreement No. 82-2017 on 4 May 2017, which terminated tax fines, penalties and surcharges for three months starting from 20 May 2017. According to the agreement tax fines, penalties and
See MoreAustralia signs MLI to prevent tax avoidance
Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The Minister for Trade, Tourism and Investment, Mr. Steven Ciobo MP, signed
See MoreIsle of Man signs MLI to prevent tax avoidance
On 7 June 2017, the Treasury Minister of Isle of Man, Mr. Alfred Cannan MHK has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in
See MoreChina announces tax incentives to boost up tech SMEs
On 3 May 2017, China announced measures to encourage research and development (R&D) by tech firms through favorable tax terms. Small and medium sized-enterprises (SME) in the technological sector can deduct an additional 75% of the R&D costs
See MoreOECD: 68 jurisdictions have signed MLI to implement tax treaty related BEPS measures
On June 7, 2017, in Paris 68 nations signed a multilateral instrument to amend their existing tax treaties, adding provisions that would reduce multinational tax avoidance and reinforce tax dispute settlement procedures. The amendments implement the
See MoreUK signs MLI to prevent tax avoidance
On 7 June 2017, United Kingdom has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in Paris. Total 68 countries, including
See MoreIreland signs MLI to prevent tax avoidance
On 7 June 2017, Finance Minister Mr. Michael Noonan T.D. has signed the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) on behalf of
See MoreBahamas: Budget Communication 2017-18
The Bahamas 2017-18 Budget was submitted to the National Assembly on May 31, 2017. The budget included an increase in customs and excise duties and licensing taxes and the introduction of electronic customs procedures. The main changes are as
See MoreSpain: Lower House approves 2017 Budget
Spain's lower house on 1 June 2017 approved the delayed 2017 national budget. The budget was presented on April 4th 2017. There is no significant change on direct taxation. A 10% reduced rate of VAT is expected to apply to specific product supplies
See MoreMozambique provides a draft law that revises the tax rules for oil and mining operations
The Council of Ministers in Mozambique, on 30th of May 2017, approved the proposed changes to the special tax regimes applicable to Petroleum and Mining Operations. The following step is for the draft bill to be sent to Parliament for approval and
See MoreMorocco: House of Representatives approve Finance Bill 2017
On June 6, 2017, the Finance and Economic Development Committee in the House of Representatives approved the second reading of the Finance Bill 2017. The Finance Committee of the House of Councilors opposes Article 8 bis of the Draft Finance Law
See MoreSouth Africa and U.S. sign an agreement on the exchange of country-by-country reports
The competent authorities of South Africa and the U.S. have concluded an arrangement on the exchange of Country-by-Country Reports. On June 5, 2017 the South African Revenue Service (SARS) released the text of the arrangement. According to SARS the
See MoreTax Inspectors Without Borders: Annual Report for 2016/17
The organisation Tax Inspectors Without Borders (TIWB) has issued it Annual Report for 2016/17. The report covers the period from January 2016 to April 2017. TIWB aims to support developing countries in their efforts to raise more domestic tax
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