Colombia 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 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 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 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
See MoreDenmark: Ministry of Taxation publishes bill to implement EU ATAD
On 28 December 2018, the Danish Ministry of Taxation has published a new legislation (Law No 1726) for the implementation of the measure of the EU Anti-Tax Avoidance Directive (ATAD1) and the Directive as amended (ATAD2). The measures
See MoreLithuania gazettes new Transfer Pricing rules for 2019
On 31 December 2018, the Lithuanian Official Gazette published an order for the transfer pricing (TP) rules. The new requirements generally reflect measures implementing recommendations under the OECD’s base erosion and profit shifting (BEPS)
See MoreGreece plans to cut corporate tax in 2020
On 14 December 2018, the Greek parliament approved the gradual reduction of the corporate income tax (CIT) rate over the next four years, under proposals announced in September. The property tax will be reduced by 30% to 50%. Under the changes, the
See MoreJapan: MLI enters into force
On 1 January 2019, the Multilateral Convention to Implement Tax Treaty-Related Measures to Prevent BEPS (‘Multilateral Instrument’ or ‘MLI’) entered into force in respect of Japan. The MLI was signed by Japan on 7 June 2017. As of 1 October
See MoreJapan proposes tax reform plans for 2019
On 14 December 2018, Japan's ruling coalition party has approved a package of tax reform proposals for 2019. The proposal includes amendments to Japan’s controlled foreign company (CFC), interest expense limitation, and general transfer pricing
See MoreIndia: Ministry of Finance issues CbC report extension deadline
On 26 December 2018, India’s Ministry of Finance released a Circular, which provides for an extension of the deadline for non-parent constituent entities in India to submit a Country-by-Country (CbC) report where secondary local filing is
See MoreDenmark: Ministry of Taxation publishes draft tax proposal to ratify BEPS MLI
Recently, the Danish Ministry of Taxation is inviting public comments on a draft legislative proposal to ratify the OECD’s Multilateral Instrument (MLI) to implement tax treaty-related measures to tackle base erosion and profit shifting. The draft
See MoreDTA between India and Hong Kong enters into force
On 30 November 2018, the tax treaty between India and Hong Kong entered into force and the treaty will be effective from 1 April 2019. The tax treaty provides for a low withholding tax rate of 5% for dividend payments. Interest, royalties, and fees
See MoreSweden:Tax Authority declares on the relevance of the TP documentation when filing an incorrect tax return
On 3 December 2018, the tax authority issued Declaration No. 202 251680-18 / 111, on the relevance of Transfer Pricing documentation in the event of a tax surcharge for providing incorrect information. If the company has made an inaccurate task
See MoreSingapore enacts the Income Tax (Amendment) Act 2018
On 12 November 2018, Singapore enacted the Income Tax (Amendment) Act 2018. The Act(amended) implements the changes in income tax announced in the 2018 budget statement and changes in the taxes resulting from the regular review of income tax
See MoreBulgaria includes new CFC rule and updates interest limitation rule
On 27 November 2018, Bulgaria published a Bill on amendment and supplement to the Corporate Income Tax Act in the Official Gazette. The Bill includes a new interest limitation and controlled foreign company (CFC) rules in accordance with the EU
See MoreMexico: SAT publishes the Miscellaneous Fiscal Resolution for 2018
On 30 November 2018, the Tax Administration Service (SAT) published in its portal the "Fourth of Modifications to the Miscellaneous Fiscal Resolution for 2018" and its annexes. Modifications to the value of operations with related parties within the
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