OECD: Fourth round of peer review reports on tax dispute resolution mechanisms
On 30 August 2018 the OECD released a fourth batch of peer review reports in relation to BEPS action 14 on improving tax dispute resolution mechanisms. These stage 1 reports assess the efforts made by each of the countries to implement the minimum
See MoreUK: government issues guidance on VAT post Brexit
On 23 August 2018 the UK government issued guidance notes on implications of a so-called “no deal” Brexit, in other words the possibility that the UK leaves the European Union without an arrangement in place with the EU for the post-Brexit
See MoreSweden: Tax Agency updates Transfer Pricing Guidance on Profit Splits method
On 29 August 2018, the Swedish Tax Agency (Skatteverket) has updated its transfer pricing guidance to incorporate the OECD guidance on the application of the transactional profit split method, which was revised as part of the work for BEPS Action
See MoreColombia updates late payment interest rate for September 2018
According to an Administrative Regulation 1112 of 2018, the effective monthly interest rate for late payment of taxes has been set at 27.72% and valid from 1 to 30 September
See MoreASEAN: Agreements Signed at Meeting of Economic Ministers
Economic Ministers from member states of the Association of South East Asian Nations (ASEAN) are meeting in Singapore between 29 August and 1 September. A number of important economic agreements have been signed or endorsed by the Ministers. AFAS
See MoreUK: Statistics on tax evasion hotline
Statistics show that the UK tax authority HMRC received more than 40,000 telephone tip-offs in 2017/18 from members of the public in relation to people who may not have paid the correct tax. This followed the merging of two hotlines in relation to
See MoreAustralia: Eligibility changes for the lower corporate tax rate
Changes to the lower corporate tax rate are now law. This means the definition of a base rate entity has changed by replacing the 'carrying on a business' requirement with a passive income test. From the 2017–18 income year, a corporation will be
See MoreUK: Think tank urges government to scrap entrepreneurs’ tax relief
In the autumn budget to be announced later in 2018 the UK government is expected to increase government spending in certain areas including health. This has given rise to speculation as to what tax increases might be required to provide the extra
See MoreIMF focuses on transparency and governance issues in South Africa
The IMF’s Country Focus issued on 2 August 2018 featured an interview with the IMF’s team head for South Africa following a round of consultations there. The discussion focused on transparency and governance issues and the use of digital
See MoreChile: 2018 tax reform submits to Congress
The Finance Minister, Felipe Larraín, announced on August 23, 2018, that the draft law for the modernization of taxation was submitted to Congress. It includes modification in the tax system to inspire growth, entrepreneurship, investment, savings,
See MoreUK Chancellor Considering Tax on Revenues of Online Retailers
In an interview published on 10 August 2018 the UK Chancellor of the Exchequer stated that large online retailers should be subject to a new tax on their revenues in the UK. This would aim to ensure fair taxation between high street retailers and
See MoreFinland: Ministry of Finance issues a draft bill proposing amendments to the CFC rules.
On 6 August 2018, the Finnish MoF published a draft consultation on a draft law that proposed changes to the Finnish CFC rules. The draft law aims to implement the CFC provisions contained in the EU ATAD. The bill would introduce changes to the CFC
See MoreU.S. and Austria sign an agreement on the exchange of country-by-country reports
According to an IRS announcement on its website, the competent authorities of U.S. and Austria have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of country-by-country
See MorePoland: Ministry of Finance declares key changes under 2019 tax reform
Poland’s Ministry of Finance announced, significant changes in the tax law are planned in Poland as of 2019. The Ministry announced the following key measures, among others: Stricter conditions for the application of withholding tax exemption
See MoreAustralia: Parliament adopts hybrid mismatch legislation
On 16 August 2018, Treasury Laws Amendment (Tax Integrity and Other Measures No. 2) Bill 2018 containing the hybrid mismatch integrity measures was passed by the Parliament. The bill includes the measures to prevent entities that are liable to
See MoreIMF Statement Comments on Economic Developments in Mozambique
On 3 August 2018 the IMF released a statement following a visit to Mozambique to look at recent macroeconomic developments; update the macroeconomic framework for 2018-19; and provide input to the preparation of the 2019 draft budget. The economy
See MoreIMF Report Comments on Economic Policy in India
On 7 August 2018 the IMF published a report following consultations with India under article IV of the IMF’s articles of agreement. India’s economic growth is forecast to rise to 7.3% in 2018/19 and rise further to 7.5% in 2019/20 with stronger
See MoreIMF Report Comments on Economic Policy in Hungary
On 1 August 2018 the IMF published its report following consultations with Hungary under Article IV of the IMF’s articles of agreement. Hungary’s economy has been growing strongly for some years supported by EU funds and strong disposable
See More