OECD: Revised guidance on profit splits

28 June, 2017

A discussion draft issued by the OECD on 22 June 2017 contains revised guidance on profit splits. This guidance is issued in relation to the clarification and strengthening of the guidance on the transactional profit split method as outlined in the

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OECD: discussion draft sets out additional guidance on attribution of profits to PEs

27 June, 2017

On 22 June 2017 the OECD issued a new discussion draft with guidance on attribution of profits to permanent establishments (PEs), to replace the previous draft published in July 2016. The new discussion draft outlines the general principles for the

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Thailand Joins the Inclusive Framework on BEPS

26 June, 2017

Thailand has become the 98th jurisdiction to join the Inclusive Framework (IF) on BEPS and will participate at the next plenary session of the IF with the same rights as the all other IF members, which will take place on 21/22. June 2017 in

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Tanzania: 2017 Budget effective from July 1, 2017

21 June, 2017

The Minister for Finance and Planning (MoFP) on 8 June 2017, issued to the National Assembly the estimates of government revenue and expenditure for 2017. The government plans to organise and spend TZS 31,712.0 billion in the 2017/18 budget. The

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India: CBDT notifies rule for secondary adjustments in transfer pricing

20 June, 2017

The CBDT has notified a new "Income Tax Rule 10CB" which stipulates a deadline for the reimbursement of excess money (90 days) and the applicable interest rate (separate interest rates for transactions in INR / foreign currency) taken into account

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Hong Kong signs the Multilateral Convention

20 June, 2017

On 7 June 2017, the Commissioner of China's State Administration of Taxation (SAT) signed, on behalf of Hong Kong, the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, which aims to

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Argentina: Multilateral Convention on BEPS signed

15 June, 2017

Argentina has signed the multilateral instrument on 7 June 2017, aiming to facilitate the implementation of tax related measures to Prevent Base Erosion and Profit Shifting (MLI). At the signing ceremony, Argentina introduced its 17 tax treaties

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Italy: Multilateral Convention on BEPS signed

15 June, 2017

Italy has signed the multilateral instrument on 7 June 2017, aiming to facilitate the implementation of tax related measures to Prevent Base Erosion and Profit Shifting (MLI). At the signing ceremony, Italy introduced its 84 tax treaties with other

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Ukraine: The Ministry of Finance publishes a route map for the implementation of the BEPS Action Plan

15 June, 2017

On 16 May 2017, the Ministry of Finance published a route map for the implementation of the BEPS Action Plan and presented it to experts. Minister of Finance Oleksandr Danyliuk said that the government must ensure that profit tax is collected where

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Nigeria: Senate passes petroleum industry governance bill

15 June, 2017

During Nigeria’s plenary session on 25th May 2017, the Senate passed the Petroleum Industry Governance Bill (PIGB). The PIGB is only a segment of the original Petroleum Industry Bill (PIB). The bill splits the Nigerian National Petroleum

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Mexico signs Multilateral Convention on BEPS

15 June, 2017

Mexico has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI") on 7th June 2017. The signing of the MLI will modify over 1,100 international

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Nigeria: Government approves signing of MLI to implement tax treaty related BEPS measures

15 June, 2017

The Government on 14th of June 2017, approved the signing by Nigeria of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and

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UAE: Excise tax to be implemented by the end of 2017

14 June, 2017

The Finance Ministry of the United Arab Emirates (UAE) on 10th of May 2017 arranged a briefing session in respect of the new Excise Tax Law. Implementation of the UAE Excise Tax Law follows the Gulf Cooperation Council (GCC) Ministers of Finance

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Mauritius will sign the MLI by the end of June 2017

14 June, 2017

The Ministry of Finance announced in a statement on 7 June 2017, that Mauritius will sign the OECD Multilateral Agreement to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) by the end of June 2017. The

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Netherlands signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS

14 June, 2017

The Netherlands signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI") on 7th June 2017. About 70 Ministers and other high-level representatives

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Mauritius: Budget for 2017-2018

13 June, 2017

On 8 June 2017, the Prime Minister and Minister of Finance and Economic Development delivered the Budget speech for 2017-18 to the parliament with little change to economic policy. Key points of the budget are summarised below: Reduced corporate tax

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Luxembourg signs the Multilateral Convention

13 June, 2017

On 7 June 2017 the Luxembourg Finance Minister Pierre Gramegna signed, on behalf of Luxembourg, the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, which aims to close loopholes in

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Latvia signs OECD Multilateral Instrument

13 June, 2017

On 7 June, the Foreign Minister signed, on behalf of Latvia, the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, which is to close loopholes in the current bilateral tax treaties and

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