Croatia: CbC reporting requirements implemented
The BEPS Action 13 (Transfer Pricing Documentation and Country-by-Country Reporting) has now been fully implemented in Croatia, with the full legal framework in place. The Croatian Tax Office published the CbC reporting requirements in late March
See MoreRussia: Value added tax increased to 22% from January 2019
The Russian government has confirmed that it intends to increase VAT from 18% to 22% on 1 January 2019. The rise will help to fund a reduction in the employee's tax rate to 22% from
See MoreUS: Business start-ups can opt to offset research credit against payroll tax
During the National Small Business Week celebration held from April 30 to May 6 the IRS has been highlighting tax benefits and resources designed to help new and existing small businesses. Eligible small business startups can now choose to apply
See MoreSaudi Arabia: Public consultation issued on VAT Law
The Kingdom of Saudi Arabia has published the GCC VAT framework agreement in the Official Gazette on 21 April 2017. The General Authority of Zakat and Tax (GAZT) has issued public consolation inviting comments on the published VAT law by using an
See MoreDominican Republic: New facility for taxpayers to make payments to online accounts
On 24 April 2017, the Directorate-General for Internal Taxation (DGII) introduced the online "Payments to account", which explains to companies and individuals their tax obligations and the due date for payment of the tax and enables them to make
See MoreCyprus signs DTA with Barbados
On 3 May 2017, the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between the Republic of Cyprus and Barbados was signed in London. The text of Double Taxation Agreement (DTA)
See MoreCanada: Government offers tax relief for farmers and fishers supplying cooperatives
The Budget 2017 makes the tax system unbiased by making existing tax relief for individuals and families more actual and accessible, by removing ineffective and inefficient tax measures. It also ensures that no taxpayer is getting an extra benefit
See MoreIsrael: BEPS updates
The Ministry of Finance on 1st of May 2017, signed tax regulations for implementing the OECD’s nexus approach. This approach is mainly a BEPS requirement in case of intellectual property (IP) preferential tax regimes. The proposed regulations are
See MoreUK: Criminal Finances Act 2017
On 27 April 2017, the Criminal Finances Bill 2017 received Royal Assent. The bill to amend the Proceeds of Crime Act 2002, make provision in connection with terrorist property, create corporate offences for cases where a person associated with a
See MoreQatar: Cabinet approves draft law on income tax and VAT
On 3 May 2017 the Prime Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al-Thani chaired the Cabinet's ordinary meeting. During its ordinary meeting, the Cabinet approved a draft law on income tax and some of its draft executive regulations. A
See MoreIndia: CBDT issues first comprehensive report on APA
On May 1, 2017, the first annual report on APA programme was released by the Central Board of Direct Taxes (CBDT) which provides various statistical and qualitative aspects of the Indian APA program to promote discussions and discussions between
See MoreGreece: Guidelines for implementing MAP
The Public Revenue Authority has presented guidelines via POL 1049/2017 in relation to implementation of the Mutual Agreement Procedure (“MAP”). The Guidelines give detail on the provisions recently introduced in the tax code. According to the
See MoreUkraine: Cabinet of Ministers adopts the changes to advance pricing agreements
The Cabinet of Ministers of Ukraine on March 29, 2017 adopted amendments to the Regulation No. 504 of 17 July 2015 regarding the procedure of issuing advance pricing agreements (APAs). According to the adopted amendments to the Regulation No. 504 of
See MoreGreece: Guidance for company re-organizations
Guidance regarding tax rules through Circular POL 1057/2017 have been issued by the Public Revenue Authority. The guidelines clarify the rules on restructuring in relation to the different types of company at a domestic or EU cross-border level,
See MoreTax Treaty News: April 2017
Ireland and Kazakhstan On 27 April 2017, the Double Taxation Agreement (DTA) between Ireland and Kazakhstan was signed for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Pakistan and
See MoreCanada: BEPS update in Federal Budget 2017
The Federal Budget 2017 will invest an extra amount of $523.9 million to develop tax compliance, prevent tax evasion and combat tax avoidance by raising verification activities, developing the excellence of investigative work focusing on criminal
See MoreTransfer Pricing Brief: April 2017
China: Adjustments-MAP: Bulletin 6 governs MAP in relation to bilateral/multilateral APAs and special tax adjustments in one jurisdiction which would result in corresponding adjustment in another jurisdiction. According to Bulletin 6, the SAT may
See MoreWorld Tax Brief: April 2017
UK Corporate income tax rate: The corporate income tax rate in the UK has been reduced to 19% from the current 20% rate starting from 1st April 2017, in order to support investment, growth and job creation. Further, the main rate of corporation
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