Ireland: MoF issues a Consultation Paper on review of corporation tax code
On 21 February 2017, the Ministry of Finance (MoF) published a public consultation paper on the review of the corporation tax code. The review, which is to be undertaken by an independent expert, will be conducted in consideration of the following
See MoreCanada: The Province Budget 2017-18 for British Columbia issued
The Province Fiscal Budget 2017-18 was presented on 21st February 2017 by the Ministry of Finance of British Columbia. This budget includes a number of tax measures. The short summary of this budget are given below: Business taxation With effect
See MoreNigeria: Announcement on repealed company registration forms
The Corporate Affairs Commission (CAC) announced the roll out of Form CAC 1.1 to replace and consolidate forms CAC 2, CAC 2.1, CAC 4 and CAC 7 (“the repealed forms”) on 24th February 2017 for the company registration. Companies in excess of five
See MoreIreland updates FED manual
On 15 February 2017, Revenue department of Ireland published an E-brief 15/17, on the update of the Tax and Duty Manual. Tax & Duty Manual Part 34-00-09 in relation to Foreign Earnings Deduction (FED) has been updated to reflect changes made
See MoreColombia: Key changes on international mergers and spin-offs
According to a recently published Ruling 2242 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the tax effects of international mergers and spin-offs. In accordance with article 319-8 of the Tax Code (TC), the transfer of assets
See MoreRussia: Simplified expense deduction for corporate income tax purposes
The Federal Tax Service on 21 February 2017, explained the deduction of expenses for Corporate Income Tax (CIT) purposes. Accordingly, a taxpayer may deduct expenses from corporate income in the tax period in which they are incurred, regardless of
See MoreCyprus: Cyprus: Tax Authority abolishes minimum margins on loans effective from 1 July 2017
The Cypriot Tax Authorities (CTA) has announced their intention of withdrawing the Minimum Margin scheme (the MMS) with effect 1 July 2017. It is being reminded that in accordance with Article 33 of the Cyprus Income Tax Law, all transactions
See MoreSingapore: Competent authority agreement on automatic exchange of information with Latvia enters into force
The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Latvia entered into force on 27 February 2017. According to the agreement, the Inland
See MoreUkraine: Amendments to tax code effective from 1 January 2017
The amendments to the Tax Code have been effective, with some exceptions, since 1 January 2017. Below is a summary of the most significant changes in corporate profit tax and transfer pricing. Corporate profit tax: The general tax rate remains
See MoreOman: Key changes to income tax law
On 26 February 2017, the Oman Government has passed a Royal Decree 9/2017 in the Official Gazette with a number of significant changes to Income Tax Law 2010. The major changes passed by the Royal Decree are following: An increase in the
See MoreIsle of Man: Treasury Minister presents Budget for 2017-18
On 21 February 2017, the Treasury Minister presented the Budget 2017-18 in Tynwald. Details of the draft proposals are summarized below: Key features of the 2017-18 Budget include: Personal income tax allowance increased by £2,000 to £12,500,
See MorePanama ratifies Convention on Mutual Administrative Assistance in Tax Matters
On 21 February 2017, the multilateral Convention on Mutual Administrative Assistance in Tax Matters was ratified by Panama, as amended by the 2010 protocol, by way of Law No. 5, as published in Official Gazette No. 28225B of 23 February
See MoreUS: IRS publishes draft instructions for Form 8975, Country-by-Country Report
The Inland Revenue Service has published, on 23 February 2017, draft version of instructions for forms that multinational enterprise (MNE) groups are to use in filing information on a country-by-country basis. Form 8975 and Schedules A (Form 8975)
See MoreGermany-India: Social security agreement to enter into force
The Germany - India Social Security Agreement will enter into force on 1 May 2017. The agreement generally applies from 1 May 2017. From this date, the new agreement generally replaces the previous Germany - India Social Security Agreement
See MoreBelgium: innovation income deduction bill gazetted
On 20 February 2017, the bill on a new innovation income deduction replacing the abolished patent income deduction was gazetted and the Belgian parliament adopted it on 2 February 2017. The new innovation income deduction applies retroactively from
See MoreGreece: Submission of aggregate customer statements of voluntary disclosure releases
The Public Revenue Authority has published a document ΔΠΦΥ Β 1018794 ΕΞ 2017 on 7th February 2017 that provides clarifications on the submission of aggregate customer statements by suppliers and traders contained by the framework of the
See MoreBrazil publishes rules for filing individual income tax returns
Normative Instruction 1,690/2017 has been released in the Official Gazette on 22 February 2017 and also entered into force at same date. The Normative Instruction 1,690/2017 introduces the rules for filing of individual income tax returns for income
See MoreIndia: Tribunal holds that resale price method is most appropriate method
The Delhi Bench of the Income-tax Appellate Tribunal in the case of: Swarovski India Private Ltd. v. ACIT (ITA No. 5621/Del/2014 and ITA No. 5622/Del/2014), held that the resale price method is the most appropriate method to benchmark an
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