Austria: Approves draft bill on reduced air travel tax rates
The government approved a draft bill amending the air travel tax law on 7 March 2017. The draft bill provides for reduced air travel tax rates. Accordingly, the rates will be reduced from EUR 7 to EUR 3.50 for short distance flights, from EUR 15 to
See MoreTurkey: Communiqués on Law regarding R&D incentives publishes
The General Communiqués (Communiqué Nos. 7 and 8) regarding research and development (R&D) incentives were published on 8th March 2017 in the Official Gazette. The Communiqués Nos. 7 and 8 amend General Communiqué Nos. 4 and 6 on Law No.
See MoreTurkey: Tax amendments gazetted
The Law No. 6824 was published in the official gazette on 8th March 2017 that amend a number of laws. Under the Law, a compliant taxpayer is defined as a taxpayer not having tax debts or not including tax penalties over the amount of TRY 1,000. The
See MoreBelgium and India signed a protocol to DTA
On 9 March 2017, Belgium and India signed an amending protocol to Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, in New
See MoreDTA between Qatar and Paraguay initialed
An Income Tax Treaty between Qatar and Paraguay has been initialed on 8th March 2017 for avoiding double
See MoreDTA between Qatar and Turkey ratified
The Income Tax Treaty of 2016 between Qatar and Turkey has been ratified on 8th March 2017 by Qatar for avoiding double taxation. When in force and effective, this new treaty will replace the previous Income tax treaty of
See MoreCanada: Guidance about CbC reporting
The Canada Revenue Agency (CRA) has released a Guide ‘RC4651’ on 2nd March 2017 regarding Country-By-Country Reporting (CbCR) in Canada, which is only available in electronic format. This is a new filing obligation for multinational enterprise
See MoreFinland: Ministry of Finance declares their commitment to exchange CbC reports
Finland is committed to the exchange of the country-by-country (CbC) report. On March 8, 2017, an official Gazette was published by the Ministry of Finance. The Gazette states that the government is willing to comply with the Multilateral Competent
See MoreIndia signs fifth bilateral advance pricing agreement with Japan
On 6 March 2017, India has signed a bilateral advance pricing agreement with the Indian subsidiary of a Japanese company, India's Central Board of Direct Taxes (CBDT) has announced. With this agreement, India and Japan have concluded five bilateral
See MoreBrazil declare targeting plan for tax inspections in 2017
The tax authorities declared the aim plan for tax inspections in 2017 on 2nd March 2017. According to the tax plan focus will be given to following specific topics, taxation of CFC profits tax planning involving company reorganizations and
See MoreTaiwan explains deductibility of interest on tax payments and penalties
The tax bureau of Gao Xiong of the Ministry of Finance issued a declaration that interest on the recovery of tax payables due to the incorrect declaration of costs, expenses or losses and interest on tax payments due to the rejection in an
See MoreTaiwan passes draft amendment to tobacco and alcohol tax law
The draft amendment to the tobacco and alcohol tax law has been passed at a joint meeting of the Finance Committee and the Social Welfare and Environmental Health Committees of the Legislative Yuan on 13th March 2017. The main provisions of the
See MoreSweden approves the new legislation on transfer pricing documentation and CbC reporting
Sweden's parliament on 1 March 2017, adopted the government’s proposal on transfer pricing documentation and country-by-country reporting. The adoption amounts to the ratification of OECD’s guidelines for transfer pricing documentation and
See MoreUK: Budget proposals for 2017/18
The UK budget proposals announced on 8 March 2017 contained a number of tax changes including the following: Making tax digital The introduction of the new system of mandatory online tax returns for unincorporated businesses and landlords with
See MoreRussia: Clarifications on carry-forward of CFC losses
The Ministry of Finance (MoF) issued Guidance Letter No. 03-04-05/5577(2 February 2017), clarifying the issue of losses incurred by a controlled foreign company (CFC) on 7 March 2017. The Ministry of Finance identified that, under Article 25.15,
See MorePoland passes bill on exchange of information in tax matters
The lower chamber of the parliament (Sejm) has passed the Bill on 10 February 2017 regarding the Exchange of Information in tax matters with other countries. The bill implementing among other measures, Council Directive 2014/107 with regard to the
See MoreUK: Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017
SI 2017/277 sets 1 April 2017 and tax years commencing on or after 6 April 2016 for the coming into force of FA 2016, Sch. 22. The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017 appoints the days on which FA 2016, Sch. 22 comes
See MoreProtocol to Income Tax Treaty between Singapore and India enters into force
The third protocol amending the India-Singapore Income Tax Treaty of 1994 (as previously amended by the 2005 and 2011 protocols) entered into force on 27 February 2017. The protocol is applicable from 1 April
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