Malaysia joins BEPS global implementation frameworks
According to a statement of the Ministry of Finance released on 27 January 2017, Malaysia joined the inclusive framework for the global implementation of the Base Erosion and Profit Shifting (BEPS) Project. The inclusive framework was proposed by
See MoreSaudi Arabia: Adoption of GCC VAT framework announced
The Shura Council of Saudi Arabia announced the approval of the Gulf Cooperation Council (GCC) Value Added Tax (VAT) Framework Agreement on 30 January 2017. The regime is expected to be applicable from 1 January 2018 and as specified in the GCC
See MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
See MoreLithuania, Russia signed the Multilateral Competent Authority Agreement for CbC reporting
According to a press release of 27 January 2017, published by the OECD, Lithuania, Mauritius, Gabon, Hungary, Indonesia, Malta, and the Russian Federation have now signed a tax co-operation agreement, the Multilateral Competent Authority Agreement
See MoreJapan: Published Frequently Asked Questions regarding transfer pricing documentation requirements
Japan’s National Tax Agency (NTA) has issued Frequently Asked Questions (FAQs) regarding transfer pricing (TP) documentation requirements in Japan. It addresses those questions that are likely to be of most interest to overseas headquartered
See MoreSweden: Government plans excise duty on certain electronic products
Recently, the Swedish Government proposed a new legislation regarding tax on chemicals in certain consumer products. Accordingly, the following procedures are proposed: (i) Products subject to excise duty are defined using the tariff classification
See MoreOECD: Platform for Collaboration on Tax releases draft toolkit on comparables
On 24 January 2017 the Platform for Collaboration on Tax released a draft toolkit on comparables. The toolkit is designed to assist developing countries to manage situations where there is a lack of comparable transactions for use in transfer
See MoreUS: Trump signs order withdrawing from TPP
President Trump signed three executive memos on trade Monday morning-one withdraws the U.S. from the Trans Pacific Partnership (TPP), another reinstates the Mexico City Policy dealing with non-governmental organizations (NGOs) and abortion
See MoreArgentina: Deadline of short-term abolition of excise tax on sparkling wines changed
The Executive Branch's Decree 19/2017 has been published in the official gazette on 5th January 2017. As provided by article 33 of Law 24,674, the short-term abolition of the excise tax on sparkling wines has been prolonged from 1st January 2017 to
See MoreArgentina: Validity period for 75% excise tax rate on cigarettes extended
According to Executive Branch's Decree 626/2016 and under article 15 of amended Law 24,674, the excise tax rate on cigarettes has been changed from 60% to 75%. Again, new Executive Branch's Decree 15/2017 regarding excise tax on cigarettes has been
See MoreOECD invites comments on interaction between treaty-related BEPS provisions and treaty entitlement of non-CIV funds
A collective investment vehicle (CIV) is an arrangement that permits investors to pool their money and to purchase investments from that pooled fund rather than buying the investments directly as individuals. The report on Action 6 of the project on
See MoreAustria: Publishes Tax Amendment Act in the Official Gazette
Austria published The Tax Amendment Act in the Official Gazette on 30 December 2016. The most important changes of the Act, which was adopted by the lower house on 15 December 2016 and the upper house on 21 December 2016, are summarized
See MoreDenmark: Budget for 2017 legislated
The Budget Bill for 2017 was enacted on 15 December 2016 and the proposed changes regarding corporate taxation are summarized below: The following measures relate to corporate tax: i) An allowance for corporate equity (ACE) will be introduced from
See MoreSaudi Arabia-Cabinet approved tax measures under Fiscal Balance Program
The Saudi Cabinet approved on 22 December 2016 a 5-year financial sustainability plan called "Fiscal Balance Program" which is expecting to abolish the budget deficit by 2020. The objective of the program is to increase revenues from non-oil
See MoreIreland: State aid investigation of TP rulings
The final decision of European Commission (EC) was published this week on its state aid investigations into Transfer Pricing (TP) rulings granted by Ireland to a US multinational group. Although the decision was announced in August 2016, publication
See MoreOECD: Updated report provides further guidance on BEPS action 4
On 22 December 2016 the OECD released more guidance on action 4 of the action plan on base erosion and profit shifting (BEPS). The latest guidance is an updated version of the report providing more detail on the measures outlined in the BEPS report
See MoreAndorra deposits instrument of ratification for amending protocol to savings agreement with EU
On 20 December 2016, Andorra deposited its instrument of ratification for the amending protocol to the EU Savings Directive Agreement that was signed on 12 February 2016, concluding the legal requirements for its entry into force. The amending
See MoreBelgium: New changes in anti-hybrid and anti-abuse rule
According to official gazette published on 8 December 2016, in Belgium, legislation implementing changes to the “Parent-Subsidiary directive” and introducing a spread or installment payment regime relating to the exit tax liability. The law
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