Greece: Revenue Authority issues a Circular on the VAT deduction
The Public Revenue Authority has issued Circular 1155 of 1 August 2018 regarding the deduction of input VAT incurred before a late VAT registration. It follows from the combination of the provisions of Article 36 of the VAT Code and Article 10 of
See MoreUK: Statistics on transfer pricing and diverted profits tax
On 1 August 2018 HMRC released a document showing the latest statistics relating to transfer pricing and the diverted profits tax (DPT). The transfer pricing rules and the DPT are seen by HMRC as an important part of the range of measures in place
See MoreWTO: Momentum of World Trade Slowing in Third Quarter of 2018
The World Trade Organisation (WTO) issued its latest World Trade Outlook Indicator (WTOI) on 9 August 2018. This suggests that trade growth will be easing in the coming months, with a WTOI reading of 100.3 which is below the previous value of 101.8
See MoreWTO: Director General Comments on World Trade Report
At a meeting of the Trade Policy Review Body on 25 July 2018 the WTO’s Director General commented on the Trade Monitoring Report issued earlier in July 2018. The report covers the period from mid-October 2017 to mid-May 2018. The Director General
See MoreWTO Issues World Trade Statistical Review 2018
On 31 July 2018 the World Trade Organisation (WTO) issued its World Trade Statistical Review 2018. This looks at developments in world trade and analyses trade in goods and services. The review shows that in 2017 there was stronger growth in world
See MoreVenezuela grants income tax exemption for hydrocarbon production activities
Venezuela has published Decree No. 3.569 of 1 August 2018 on August 2, 2018 in the Official Gazette. This Decree, removed income tax liability and give an exemption from the territorial and extraterritorial income obtained by Petróleos de Venezuela
See MoreCroatia: Parliament publishes incentive regime for R&D projects
The Parliament has published the Law on State Aid for Research and Development Projects on July 18, 2018. This Act provides for the implementation of state aid measures for R&D projects. This Law was entered into force on the eighth day after
See MoreSlovak Republic: President signs a Law to ratify BEPS MLI
The Slovak President, Andrej Kiska, has signed a Law on July 30, 2018, for ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). This means that Slovak Republic has completed the domestic
See MorePGA Highlights: August 2018
In the United States the following events have taken place under the several PGA during the month of July 2018. Agencies Summary Federal Register Environmental Technologies Trade Advisory Committee (ETTAC) public meeting: This notice sets forth
See MoreUnited States: ADD/CVD Roundup for August 2018
Following table shows the Federal Register notices related to ADD/CVD cases for July 2018 in United States. Country Product Investigations Case Number Details Austria Carbon and Alloy Steel Cut-to-Length Plate Initiation of Antidumping Duty
See MorePoland releases draft law amending transfer pricing rules
On 16th July 2018, Poland has released a bill to amend the country's transfer pricing rules in line with the results of the BEPS project and the OECD transfer pricing guidelines 2017 in order to improve the taxation of large multinational companies.
See MoreMexico: The tax authority issues new rules regarding transfer pricing adjustments
On July 11, 2018 the Mexican Tax Authority (SAT) has published amendments to the rules for transfer pricing adjustments now included in rules 3.9.1.1-3.9.1.5 of Resolución Miscelánea Fiscal (RMF). These rules include the definition of transfer
See MoreNew Zealand-Sweden: Deposit ratification instrument for BEPS MLI
New Zealand and Sweden deposited their ratification certificates on 27th June and 22nd June 2018, respectively for the multilateral agreement on the implementation of tax-relevant measures to prevent erosion and profit shifting (MLI). The MLI will
See MoreG20 Finance Ministers issue communiqué
Following their meeting of 19 and 20 2018 the G20 Finance Ministers issued a communiqué covering the topics discussed. Issues affecting international tax are summarized below: Technology The communiqué notes that the benefits of technological
See MoreOECD: Academy for Tax and Financial Crime Investigation Opens New Centre
On 22 July 2018 the OECD Secretary General and the Treasury Minister of Argentina presided over the signing of a Memorandum of Understanding to set up a centre of the OECD Academy for Tax and Financial Crime Investigation. The OECD Latin America
See MoreOECD: Inclusive Framework Issues Progress Report
The OECD’s Inclusive Framework on base erosion and profit shifting (BEPS) has issued a progress report of its activities in the year to June 2018. The report indicates that significant developments have taken place in BEPS implementation during
See MoreOECD: Report on Improving Tax Certainty Prepared for G20 Finance Ministers
On 23 July 2018 the OECD released a report on approaches to improving tax certainty, prepared for the G20 Finance Ministers who met on 19 and 20 July 2018. The report focuses first on developments in the OECD and G20 countries such as the
See MoreOECD: Tax Report by the Secretary General to the G20 Finance Ministers
On 23 July 2018 the OECD released the tax report from the OECD Secretary General to the G20 Finance Ministers. The G20 Finance Ministers met on 19 and 20 July 2018. Tax Challenges Arising from Digitalisation An interim report issued in March
See More