Vietnam publishes guidance on new transfer pricing requirements
The Ministry of Finance on 22 June 2017 published Circular 41/2017 / TT-BTC (28 April 2017), which provides some guidelines for the application of Decree No 20/2017 and this Circular will take effect on 1 May 2017. Circular 41/2017 introduced some
See MoreOECD: Comments received on draft HTVI implementation guidance
On 5 July 2017 the OECD published comments received in relation to the BEPS discussion draft on the implementation guidance on Hard-to-Value Intangibles (HTVIs). The comments received focus on a range of points including the uncertainty arising for
See MoreOECD Director-General reports to G20 leaders
The OECD Secretary-General’s report to the G20 leaders was published on the OECD website on 5 July 2017. The report consists of an international tax update by the Director General and a progress report to the G20 by the Global Forum on
See MoreIndia: Government removes additional excise duty on tobacco, cigarettes under GST
After the GST implementation in India, the finance ministry has removed an additional excise duty on tobacco, pan masala and cigarettes with effect from 1 July 2017. The revenue department also withdraws the central excise notification dated
See MoreVietnam Joins the Inclusive Framework on BEPS
On 21 June 2017, the OECD published a new list of countries and jurisdictions participating in the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Based on this list, Vietnam has become the 100th jurisdiction to join the Inclusive
See MoreOECD: Meeting of Inclusive Framework on BEPS
On 22 June 2017 the third meeting of the inclusive framework on base erosion and profit shifting (BEPS) took place in the Netherlands with representatives of 83 countries and jurisdictions and 12 international and regional organizations. The
See MoreOECD: Revised guidance on profit splits
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
See MoreOECD: discussion draft sets out additional guidance on attribution of profits to PEs
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
See MoreThailand Joins the Inclusive Framework on BEPS
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
See MoreTanzania: 2017 Budget effective from July 1, 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
See MoreIndia: CBDT notifies rule for secondary adjustments in transfer pricing
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
See MoreHong Kong signs the Multilateral Convention
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
See MoreArgentina: Multilateral Convention on BEPS signed
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
See MoreItaly: Multilateral Convention on BEPS signed
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
See MoreUkraine: The Ministry of Finance publishes a route map for the implementation of the BEPS Action Plan
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
See MoreNigeria: Senate passes petroleum industry governance bill
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
See MoreMexico signs Multilateral Convention on BEPS
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
See MoreNigeria: Government approves signing of MLI to implement tax treaty related BEPS measures
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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