India: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreRomania-Parliament approves participation as BEPS associate
The government of Romania approved the country’s participation as a BEPS associate on 2 March 2017. As an associate Romania will work with OECD and G20 members to develop standards and monitor the implementation of the BEPS package. Romania has
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MoreTurkey: Reduction in stamp duty, deed fees and RUSF rates
The Decree 2017/9973 was published in the official gazette on 15th March 2017 that reduces stamp duty, deed fees and Resource Utilization Support Fund (RUSF) rates on certain transactions. The Decree entered into force on the day of its publication.
See MoreOECD: Extended deadline for comments on draft toolkit on comparables
The deadline has been extended for comments to be submitted on the draft toolkit issued by the Platform for Collaboration on Tax dealing with the ways developing countries can overcome the problem of a lack of comparable data for transfer pricing
See MoreBelgium: Netherlands UCITS under EU Parent-Subsidiary Directive, Dividend withholding tax exemption
The EU Court of Justice issued a judgment in a case regarding application of the EU Parent-Subsidiary Directive, and specifically a withholding tax imposed by Belgium on dividends paid by a subsidiary company of Belgium to its Dutch parent companies
See MoreTaiwan passes draft amendment to tobacco and alcohol tax law
The draft amendment to the tobacco and alcohol tax law has been passed at a joint meeting of the Finance Committee and the Social Welfare and Environmental Health Committees of the Legislative Yuan on 13th March 2017. The main provisions of the
See MoreSweden approves the new legislation on transfer pricing documentation and CbC reporting
Sweden's parliament on 1 March 2017, adopted the government’s proposal on transfer pricing documentation and country-by-country reporting. The adoption amounts to the ratification of OECD’s guidelines for transfer pricing documentation and
See MoreGermany: Ministry of Finance publishes guidance on application of OECD’s Common Reporting Standard
The German Ministry of Finance on 3 March 2017, published official guidance (1 February 2017), on the application of the OECD's Common Reporting Standard concerning the automatic exchange of information and application of the Germany-United States
See MoreDominican Republic: Notice on deduction of transfer tax on industrialized goods and services
The Directorate General of the Internal Revenue issued a notice on 17 February 2017 explaining that qualifying companies can deduct the 9% withholding tax on the transfer of industrialized products and services from their gross tax payable for the
See MoreSweden: No new bank tax before 2018
The government announced on 24 February 2017 its decision to withdraw plans to introduce a special tax on banks and other financial institutions. The bank tax was originally intended to eliminate the tax advantage the banking sector receives due to
See MoreBelgian Council of Ministers approves Multilateral Competent Authority Agreement
On 24 February 2017, the Belgian Council of Ministers approved the Multilateral Competent Authority Agreement on the automatic exchange of Country-by-Country (CbC) reports that was signed by Belgium on 27 January 2016. The agreement will be subject
See MoreCanada: The Province Budget 2017-18 for British Columbia issued
The Province Fiscal Budget 2017-18 was presented on 21st February 2017 by the Ministry of Finance of British Columbia. This budget includes a number of tax measures. The short summary of this budget are given below: Business taxation With effect
See MoreSingapore: Competent authority agreement on automatic exchange of information with Latvia enters into force
The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Latvia entered into force on 27 February 2017. According to the agreement, the Inland
See MoreMinister of Finance: Ireland is going to sign up to MLI
On 16 February 2017, Mr. Michael James Noonan, the Irish Minister of Finance gave a speech in which he illustrated some of the main issues of action to be followed by Ireland in the field of international taxation. He stressed Ireland's commitment
See MoreAndorra imposes 10% tax on tobacco products
The government of Andorra has announced that a proposal to amend the law on taxes on consumption had been approved, increasing the tax levied on tobacco products by 10%, on 1 February
See MoreOECD requests input for peer reviews of tax treaty dispute resolution process
On 30 January 2017 the OECD announced that it is gathering input in relation to the Stage 1 Peer Reviews of the tax treaty dispute resolution process. The process of peer reviews for monitoring the Mutual Agreement Procedure (MAP) under Action 14 of
See MoreCyprus: Tax department issues guidance relating to exchange of information with Austria
Recently the Cyprus tax department issued a guidance which is related to the exchange of information with Austria under Directive 2014/107/EU on mandatory automatic exchange of information along with Common Reporting Standard (“CRS”) based
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