Ethiopia: Introduces Transfer Pricing Rules
Ethiopia has introduced Transfer Pricing rules and the new rules are applicable for all Ethiopian taxpayers with cross-border Intercompany Transactions exceeding 500,000 Ethiopian birr/USD 22,380 and for Ethiopian taxpayers with domestic
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreAustria: Budget Bill submitted to lower house of parliament
The Budget Bill was submitted to the lower house of the parliament on 12 October 2016. The most important fiscal measures are summarized below: -Tax incentives will be introduced for investments in entities established for the financing of small
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
See MoreSingapore: Publishes Guidance on CbC Reporting
The Inland Revenue Authority of Singapore (IRAS) has published detailed guidance on the implementation of a new country-by-country (CbC) reporting requirement in the territory on 10 October 2016, which sets out entities are obliged to report and
See MoreWorld Tax Brief: September 2016
Peru Corporate tax rate: On August 2016 the Government of Peru presents a bill to the parliament with the intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for
See MoreItaly: Resolution publishes regarding interest on medium or long-term loans
The Italian Tax Authorities issued Resolution No. 84/E on 29 September 2016, providing clarifications on the tax treatment of qualifying interest on medium or long-term loans, following the amendments introduced by Law Decree No. 91 of 24 June
See MoreHungary: Introduces a new type of tax audit of binding rulings
Tax audit of binding rulings From July 1, 2016, a new type of tax audit was introduced whereas binding rulings may be fact-checked by the tax authority. The tax authority may start this type of audit regarding a taxpayer’s past tax years to find
See MorePeru: Government proposes higher corporate taxes
In August 2016 the Government of Peru presented a bill to the parliament which stated its intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for large companies
See MoreSweden: Presents Budget for 2017
The Budget for 2017 was presented to the parliament on 20 September 2016. The Budget, measures will apply from 1 January 2017. The following measures relate to corporate tax: -The deductibility of representation expenses (relating to lunch, dinner,
See MoreFrance: Announces draft Finance Bill for 2017
The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that
See MoreEgypt: Parliament approves draft law on tax disputes resolution
The parliament approved a draft law on tax disputes resolution on 30 August 2016. The purpose of the law is to streamline the settlement of pending tax cases. The law covers ongoing tax disputes related to all types of taxes, including individual
See MoreUruguay: Publishes Decree regulating modifications to tax rules made by National Budget Law
The Ministry of Finance issued Decree No. 279/016 on 12 September 2016 that contains regulatory provisions for the application of the modifications to tax rules made by Law No. 19,355 of 15 December 2015. The main provisions of the Decree are
See MoreDenmark: Publishes new executive order on country-by-country reporting
A Danish executive order No. 1133 dated 27 August 2016 was issued to provide detailed rules on notice requirements and on how the CbC report must be completed. The executive order was effective from 1 September 2016. Notification requirements: i)
See MoreMauritius: Budget for 2016-2017 with respect to tax management
The Minister of Finance delivered the Budget speech for 2016-17 to the parliament on 29 July 2016. The most important measures with respect to tax management are summarized below. –The Mauritius Revenue Authority (MRA) Act will be amended so that
See MoreItaly: Publishes new guidance on CFC regulations
The Italian Tax Authorities issued Protocol No. 143239 (the Protocol) on 16 September 2016, providing further clarifications on CFC legislation, as recently amended by Legislative Decree No. 147 of 14 September 2015 and Law No. 208 of 28 December
See MoreVietnam: Publishes Circular on tax incentives
The Ministry of Finance (MoF) on 17 June 2016, issued Circular No. 83/2016/TT-BTC which provided guidance on the implementation of investment tax incentives with regard to corporate income tax, import tax and non-agricultural land use tax. The key
See MoreArgentina: Publishes significant tax changes
On July 22, 2016, Law 27,260, with special incentives for Argentine taxpayers businesses to report previously unreported foreign and domestic assets, was published in the Argentine Official Gazette. The law includes modifications to various tax
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