Denmark: 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
See MoreGeorgia-Amendments to the Tax Code related to VAT rules
The government of Georgia submitted a draft law to the parliament on 5 December 2016 addressing certain amendments to the existing Tax Code. According to the proposed amendments, in case of an advance payment of VAT the taxable supply date will be
See MoreSerbia: Government planning to changes excise duties on tobacco and coffee
The Serbian government sent a proposal to amend the Excise Duties Law to the parliament on 13 December 2016. The proposal include a gradual increase in the minimum rates of excise duty on tobacco for the period 2017-2020, as prescribed by Council
See MoreOECD: Inclusive Framework holds regional meeting in Europe
On 14 to 16 December 2016 the OECD’s Inclusive Framework held a regional meeting for Eastern Europe and Central Asia. The meeting was held to discuss the measures recommended by the OECD project on base erosion and profit shifting (BEPS) including
See MoreThe 16th Round of RCEP Negotiations Held in Tangerang
On December 1-10, the 16th Round of Regional Comprehensive Economic Partnership (RCEP) Negotiation was held in Tangerang, Indonesia. Attending were 10 countries of ASEAN, China, Japan, South Korea, Australia, New Zealand, India and the Secretariat
See MoreTaiwan: Proposes revisions to the VAT
Ministry of Finance proposed revisions to the value added tax (VAT) provisions and to make foreign e-commerce enterprises outside Taiwan but selling e-commerce services to individuals in Taiwan subject to VAT on 9 December 2016. If the procedures
See MoreBulgaria: Amendments to Excise Duties and Tax Warehouses Act gazetted
The amendments to the Excise Duties and Tax Warehouses Act (EDTWA) have been gazetted on 6th December 2016. An overview of the amendments is given below: Administrative simplifications of various procedures Starting from 1st January 2017, a
See MoreOECD: New documents released on country by country reporting
On 5 December 2016 the Inclusive Framework, set up to enhance cooperation between countries, released two new documents in relation to the implementation of Country-by-Country (CbC) reporting under the OECD/G20 project on base erosion and profit
See MoreOECD finalizes text of multilateral instrument to implement treaty-related BEPS measures
On 24 November 2016 the OECD announced that negotiations have been completed by more than a hundred countries on the text of the multilateral instrument to implement the tax treaty-related measures recommended by the project on base erosion and
See MoreAzerbaijan-Budget Bill for 2017 submitted to parliament
Azerbaijan’s Budget Bill for 2017 had been submitted to the parliament on 15 November 2015. The Bill specifies various measures on tax, customs and social security to be taken in 2017. According to the plans stipulated on the Budget Bill, the
See MoreGreece: Budget 2017 has been passed
The final draft Budget 2017 has been voted and passed on 10th December 2016 and it was submitted to the parliament on 21st November 2016. Note that, the draft Budget 2017 does not contain new tax
See MoreUK: New tax measures announced in autumn statement
The autumn statement delivered by the Chancellor on 23 November 2016 provided for new tax measures, many of which will be included in the Finance Bill 2017. The measures include the following: Restriction on tax deduction for interest The UK has
See MoreBulgaria: Amendments to Local Taxes and Duties Act gazetted
The amendments to the Local Taxes and Excise Duties Act have been gazetted on 6th December 2016 in the Official Gazette. The proposal of a tax bill has been submitted to the National Assembly on 17th October 2016 to amend various tax
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