EU: Progress on tax on digital companies
The head of tax for the European Commission has said in an interview on 10 October 2018 that details of a new tax on large technology companies could be agreed by the end of the year. Currently corporate income tax systems in the EU are based on
See MoreUK: Amendments to tax treaty with Serbia
The UK-Serbia bilateral tax treaty has been updated as a result of changes made under the OECD’s multilateral instrument (MLI) for inclusion into bilateral treaties of tax treaty related provisions from the recommendations on base erosion and
See MoreUK: Revisions to double tax agreement with Slovenia
The UK's bilateral double tax treaty with Slovenia has been updated as a result of changes made under the OECD’s multilateral instrument (MLI) for inclusion into bilateral treaties of tax treaty related provisions from the action plan on base
See MoreOECD releases 2017 global mutual agreement procedure statistics
On 10 October 2018 the OECD released the mutual agreement procedure (MAP) statistics for 2017. Under Action 14 of the action plan on base erosion and profit shifting (BEPS) recommendations were made on improving the effectiveness and timeliness of
See MoreIMF report considers the fiscal position of Japan
On 4 October 2018 the IMF released a report following the conclusion of talks with Japan under Article IV of the IMF’s articles of agreement. The IMF notes that Japan’s economy is growing above its potential but there are more downside risks
See MoreKazakhstan: tax amnesty for small business
On 5 October 2018 a tax amnesty was announced for small and medium enterprises (SMEs). The amnesty is expected to be implemented in 2019. Under the amnesty no fine or penalty is to be applied if the SME pays its tax due in full. Another measure
See MoreNorway: Finance Minister presents National Budget 2019
The Minister of Finance, Siv Jensen, presented the draft National Budget 2019 on October 8, 2018 to the Parliament. The presentation of the budget will be followed by a cycle of parliamentary hearings and debates on the budget, which will last until
See MoreNigeria: FIRS issues public notice regarding deadline set for TP documentation
The Federal Inland Revenue Service (FIRS) has previously released the Income Tax (Transfer Pricing) Regulations, 2018, which replaced the Income Tax (Transfer Pricing) Regulations, 2012. The 2018 TP Regulations, which introduced supplementary
See MoreIMF report comments on the economy of the United Arab Emirates
On 30 September 2018 the IMF published a report following consultations with the United Arab Emirates under Article IV of the IMF’s articles of agreement. The IMF expects economic growth to strengthen in the next few years supported by higher oil
See MoreIMF report comments on the economy of Kazakhstan
On 16 September 2018 the IMF published on its website a report following consultations with Kazakhstan under Article IV of the IMF’s articles of agreement. Kazakhstan’s economic growth has strengthened owing to higher oil production and
See MoreQatar: MoF implements new CbC requirements through Decision No. 21 of 2018
The Ministry of Finance published a Decision No. 21 of 2018 on September 9, 2018 in the Official Gazette. This Decision implements new Country-by-Country (CbC) reporting requirement. It is effective from September 10, 2018. A CbC report contains
See MoreUK: Statistics on Uptake of Patent Box Relief
From 1 April 2013 the UK phased in Patent Box legislation that allows companies to apply a lower rate of corporation tax to profits earned from patented inventions and other similar forms of intellectual property (IP). The relief was initially
See MoreUK: Date of autumn budget 2018 announced
The UK has announced that the autumn budget proposals will be announced on 29 October 2018. The date is earlier than in previous years and appears to have been moved forward to avoid coinciding with important talks on Brexit that take place in
See MoreNigeria: FIRS publishes a public notice regarding CbC Regulations
The Federal Inland Revenue Service (FIRS) issued a public notice on September 17, 2018. This notice provides alert that income tax country-by-country (CbC) reporting regulations S.I. no. 6, 2018 entered into force with effective from January 1, 2018
See MoreIMF report looks at Chile’s economy and tax reforms
On 20 September 2018 the IMF issued a report on the economic position of Chile following consultations under Article IV of the IMF’s articles of agreement. Chile has experienced strong economic growth in 2018 and is expected to reach around 4%
See MoreEU: Tax Rulings Issued by Luxembourg were not State Aid
On 19 September 2018 the European Commission determined that the non-taxation of certain profits arising to McDonald's Europe Franchising in Luxembourg did not amount to illegal State aid. The Commission had investigated under EU State aid rules
See MoreOECD: Effective Carbon Rates 2018
On 18 September 2018 the OECD issued the publication Effective Carbon Rates 2018: Pricing Carbon Emissions through Taxes and Emissions Trading. The report presents date on taxes and tradeable permits for carbon emissions in 42 countries from the
See MoreOECD: Comments published on discussion draft on transfer pricing for financial transactions
On 18 September 2018 the OECD published comments received on its discussion draft on financial transactions in relation to BEPS actions 8 to 10 (ensuring that transfer pricing outcomes are in line with value creation). Discussion draft The
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