India: Reimbursement of costs for training and general insurance not included in fee for technical services
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
See MoreUkraine: SFS clarifies the definition of related parties for the recognition of controlled transactions
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
See MoreSouth Africa: SARS introduces improvements to the dispute management process
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
See MoreUS: Trump releases final 2018 budget proposal
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
See MoreBrazil: Additional guidance on CbC reporting rules issued
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
See MoreIsrael: Status updates of automatic exchange of country-by-country (CbC) reports
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
See MorePoland publishes draft amendment to R&D tax relief
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
See MoreMorocco approves the amending DTA protocol with Bahrain
The Council of government of Morocco approved the amending protocol of Double Taxation Agreement (DTA) on 25th of May 2017 with
See MoreFrance: CJEU rules on 3% contribution on distributed profits
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
See MoreAustralia: New rate for franking credits
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
See MoreNetherlands: Amendments to dividend withholding tax rule
On May 16, 2017, the Dutch government released a public consultation for the previously announced legislative proposals regarding changes to the DWT (dividend withholding tax) rules for holding cooperatives. The Dutch government expected to have the
See MoreIceland issues revised bill for the CbCR
Regulation no. 1166/2016 on the documentation for CbCR (Country-by-Country Reporting) has been further revised by regulation no. 245/2017 on 24 March 2017. The revised regulation is effective on or after 24 March 2017. The revision incorporates two
See MoreHungary: Advertisement tax rate increased
The Hungarian Parliament has approved an increase in the advertisement tax rate from 5.3 percent to 7.5 percent while overcoming the European Commission's illegal state aid objections and still shielding smaller media companies from the
See MoreNigeria imposes additional 5% interest on tax defaulters from July 1
The Federal Government announced on 22 May 2017 that it would apply an additional 5 per cent charge from 1 July 2017 to companies that do not meet their tax obligations if they are involved in measures to sanction taxpayers and to voluntarily comply
See MoreHungary: CbC reporting requirements adopted
Hungary released a draft law on country-by-country (CbC) reporting on 10 March 2017 which became effective 15 May 2017. As a result, Hungary fulfilled the harmonisation requirement set by Council Directive (EU) 2016/88) and implemented the
See MoreUS: IRS offers two options for claiming the Home Office Deduction
The Internal Revenue Service recently reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. The first
See MoreSlovenia: Proposal for more specific requirements for CbC reporting
The Slovenian Ministry of Finance on 19 April 2017 issued a proposal to amend the rules for the application of the Tax Procedures Act. The proposal provides more specific requirements for CbC reporting. In addition the proposal would introduce CbC
See MoreHong Kong: New tax rules for aircraft leasing
The Government introduced in March this year tax concessions for the aircraft leasing industry to foster the proposed development of Hong Kong as an aircraft leasing centre. On March 10 2017, the Hong Kong government gazetted the Inland Revenue
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