Italy: Tax authority releases new WHT return form
On 15 January 2019, Italy’s tax authority issued a Protocol 10656/2019 approving the new electronic withholding tax (WHT) return Form-770/2019 along with instructions for fiscal year 2018. The form must be filed by 31 October
See MorePuerto Rico enacts the tax reform law
On 10 December 2018, Puerto Rico enacted Bill No. 1544 as Law No. 257 of 10 December 2018. The law includes numerous amendments to the Puerto Rico Internal Revenue Code of 2011 (PR Code). The changes are to generally apply for periods beginning
See MoreChina: Larger scale tax cuts for small and micro businesses
On 9 January 2019, China's State Administration of Taxation and Ministry of Finance have jointly issued Notice 13/2019 declaring additional tax relief for small businesses and changes for the investment incentive in start-ups approved by the State
See MorePanama publishes law containing transfer pricing rules for preferential tax regimes
On 26 December 2018, Panama released the Law No.69 in the Official Gazette No.28684-B which sets out the method for calculating income earned from the “transfer or exploitation” of intellectual property assets. The law also includes provisions
See MoreFinland gazettes the law implementing the controlled foreign company (CFC) rules
On 31 December 2018, a law was published on the implementation of CFC rules in line with EU directive (EU) 2016/1164 (2016) as adopted by the parliament which is incorporated into Finnish legislation as a Law No. 1364/2018. The law introduced
See MoreColombia legislates the tax reform Bill for 2019
Colombia enacted tax reform (Law 1943-Tax Reform) on 28 December 2018. The Tax Reform makes numerous changes to the Colombian tax rules that generally apply from 1 January 2019. The tax reform includes following changes: Corporate tax: The Tax
See MoreLatvia: Parliament passes new CFC rules
On 13 December 2018, Latvian parliament Saeima passed a law of amending the corporate income tax act which provides for the implementation of new controlled foreign company (CFC) rules in line with the EU Anti-Tax Avoidance Directive (ATAD). The
See MoreLithuania announces tax amnesty deadline
On 10 January 2019, the State Tax Inspectorate of Lithuania announced the deadline for individuals and entities to report undeclared income and pay taxes for 2014-18 tax years without penalties or interest. For declared income, the tax should be
See MoreSingapore deposits ratification instrument for MLI
On 21 December 2018, Singapore deposited its instrument of ratification of the Multilateral Agreement for the Implementation of Measures relating to the Prevention of Erosion and Profit Shifting (MLI). As of 21 December 2018, a total of 18 countries
See MoreIndonesia approves new foreign tax credits rules
On 9 January 2019, Indonesia's Directorate General of Taxation published new regulation (No. 192/PMK.03/2018) regarding foreign tax credits. The new regulations update and replace prior regulations and generally apply in respect of foreign income
See MoreUK revises draft corporate tax loss relief guidance
HMRC have updated their draft guidance on administrative requirements for the deductions allowance in relation to restricted corporation tax loss relief. This draft guidance explains the additional administrative requirements included in Corporation
See MoreAustralia: ATO updates guidelines of STPRK options
The Australian Taxation Office (ATO) has recently updated Practical Compliance Guideline (PCG) 2017/2 Simplified transfer pricing record-keeping (STPRK) options. The PCG outlines transaction types or activities identified as low risk for
See MoreUruguay: Tax authority revises list of low or no taxation countries and jurisdictions
On 17 December 2018, the tax authority of Uruguay published Resolution No. 10,730 revising the list of countries and jurisdictions with no or low taxation. The declared list of countries and jurisdictions are listed below: Andorra Falkland
See MoreDenmark: Ministry of Taxation publishes bill to implement EU ATAD with CFC amendments
Recently, the Danish Ministry of Taxation has published a legislation with CFC amendments for the implementation of the measure of the EU Anti-Tax Avoidance Directive (ATAD1) and the Directive as amended (ATAD2). Some of the main changes include:
See MoreEuropean Commission opens in-depth investigation into Netherlands tax rulings
On 10 January 2019 the European Commission announced that it has opened an in-depth investigation into tax rulings granted by the Netherlands to companies in the Nike group. The rulings may have given the companies an unfair competitive advantage
See MoreOECD to launch Corporate Tax Statistics
The OECD announced on 11 January 2019 that a new report and dataset entitled Corporate Tax Statistics is to be published containing internationally comparable statistics and analysis relevant to the debate on tax policy. These statistics that will
See MoreUK: HMRC launches Profit Diversion Compliance Facility
On 10 January 2019 HMRC launched the Profit Diversion Compliance Facility targeting multinational companies using arrangements that may result in a liability to the diverted profits tax (DPT). These arrangements generally involve the reduction of
See MoreRussia publishes list of foreign states for automatic exchange of CbC reports
On 25 December 2018, The Federal Tax Service of Russia published a new list of foreign states (territories), with which Russia will automatically exchange Country-by-Country (CbC) reports. Now the list includes 53 foreign countries and 4
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