UK: Venture Capital Trust Statistics 2017/18
Statistics on Venture Capital Trusts (VCTS) released by the UK government on 11 December 2018 show that VCTs issued shares valued at GBP 745 million in 2017-18. This represented a 30% increase from 2016/17 (GBP 570 million) and was the highest
See MoreG20 leaders set out objectives for international tax policy
G20 leaders set out objectives for international tax policy The final communique of the G20 leaders’ summit on 30 November and 1 December 2018 focused on the future of work; infrastructure for development; a sustainable food future; and a
See MoreOECD: Revenue Statistics 2018 published
OECD: Revenue Statistics 2018 published The OECD’s annual publication on Revenue Statistics 2018 was published on 5 December 2018. The statistics show that tax revenues have increased in advanced economies. The report notes that taxes on
See MoreOECD: Revenue Statistics in Asian and Pacific Economies
OECD: Revenue Statistics in Asian and Pacific economies On 29 November 2018 the OECD released the fifth edition of Revenue Statistics in Asian and Pacific Economies . This shows that tax-to-GDP ratios have fallen in most of the 16 Asian and
See MoreTanzania: Government issues new Transfer Pricing Regulations 2018
On April 27, 2018,Government has published new Income Tax (Transfer Pricing) Regulations of 2018. The regulations have issued on November 2018, which replaces the Income Tax(Transfer Pricing) Regulations 2014. This provides extra requirements
See MoreQatar signs MLI to implement tax treaty regarding BEPS measures
The OECD announced on December 4, 2018, that Qatar has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS). Qatar is the 85th jurisdiction to join the treaty. This treaty
See MoreBrazil: Revenue Authority publishes new Normative Instruction regarding MAP
On November 29, 2018, the Revenue Authority published Normative Instruction No. 1846 of 28 November 2018 that covers the rules for submitting a Mutual Agreement Procedure (MAP) request, the approval of a request, and the termination process. It
See MoreBrazil: Tax tribunal publishes a decision on costs included for resale price method
On November 20, 2018, the Administrative Tribunal for Federal Tax Cases (CARF) has published Decision 1402003338 of 14 August 2018. This decision states that all the expenses regarding freight, insurance, and customs need to include when allowed by
See MoreIMF report comments on Spain’s fiscal position
On 19 November 2018, the International Monetary Fund (IMF) issued a report following consultations with Spain under Article IV of the IMF articles of agreement. In Spain the real GDP growth is expected to decrease to 2.5% percent in 2018 and to
See MoreBrazil: Government publishes new Decree 9,580
The Government published Decree 9,580 of November 22, 2018 in the Official Gazette on November 23, 2018, which revises the previous Decree No. 3000 of 1999. The new decree compiles provisions related to personal income tax, corporate income tax and
See MorePhilippines: Senate approves tax amnesty Bill No. 2059
The Senate made an announcement that it approved Senate Bill No. 2059 on November 19, 2018, which seeks to allow a one-time opportunity to settle tax obligations. This Bill grants amnesty to taxpayers who have been remiss on paying estate taxes, all
See MoreBrazil: Tax Authority describes tax treatment of international charter leasing payments
The Federal Brazilian Tax Authorities (RFB) published Solução de Consulta – Cosit 166/2018 on September 28, 2018 regarding the application of the reduced rate of 0% income withholding tax for international charter leasing payments. It states
See MoreOECD: Inclusive Framework report on preferential tax regimes
On 15 November 2018 the OECD published a progress report in relation to the work by the Inclusive framework on base erosion and profit shifting (BEPS) on assessing preferential tax regimes. The Inclusive Framework is implementing the monitoring
See MoreArgentina: Taxpayers wait for enactment of draft decree no. 1112/2017
Government has released a draft decree No.1112/2017 for tax reform Law 27430 on December 29, 2017, but it has not officially published yet. This decree includes transfer pricing aspects, permanent establishment (PE) rules, restriction on interest
See MoreUK: Call for evidence on amendments to tax returns
On 7 November 2018 the UK government issued a call for evidence on the amendment of tax returns. The closing date for receipt of comments is 6 February 2019. An amendment is any change made by a taxpayer to a tax return that has already been
See MoreUK: Consultation on the Corporate Capital Loss Restriction
On 29 October 2018 the government published a consultation document in relation to a restriction on the offset of corporate capital losses. The government is inviting comments from companies likely to be affected by the capital loss restriction and
See MoreUK: Consultation on Consideration Rules for Stamp Taxes on Shares
On 7 November 2018 the UK government published a consultation paper entitled Stamp Taxes on Shares: Consideration Rules requesting comments from interested parties on changes to the Stamp Duty and Stamp Duty Reserve Tax (SDRT) consideration rules.
See MoreOECD: Guidance on synthesised texts clarifying the impact of the MLI
The OECD announced on 16 November 2018 that new guidance is available for the development of synthesised texts presenting a clear overview of the modifications by countries to their bilateral double tax treaties as a result of applying the
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