OECD: Addressing BEPS involving interest in the banking and insurance sectors
On 28 July 2016 the OECD issued a discussion draft outlining approaches to combating base erosion and profit shifting (BEPS) involving interest in the banking and insurance sectors. This is part of further work following the final report on BEPS
See MoreOECD: Report to G20 finance ministers
On 26 July 2016 the OECD published on its website the report prepared for the meeting of the G20 finance ministers held on 23 and 24 July 2016. The report contains updates on progress on the implementation of the recommendations of the reports on
See MoreSlovenia: Publishes proposal for amending corporate income tax
The government published a proposal on 12 of July 2016, for amending the Corporate Income Tax Law. According to the proposal, the corporate income tax rate will be increased to 19% from 17% and which is effective from 1 January 2017. Similarly, the
See MoreOECD: Conforming amendments to guidelines on business restructurings
On 4 July 2016 the OECD published a document for public review containing the conforming amendments to Chapter IX of the OECD Guidelines (business restructurings) following the changes made to other parts of the Guidelines as a result of the final
See MoreOECD: Revised guidance on profit splits
On 4 July 2016 the OECD released a consultation document containing revised guidance on profit splits. This is part of the follow-up work on BEPS actions 8 to 10 in relation to assuring that transfer pricing outcomes are in line with value creation.
See MoreOECD: Discussion draft on attribution of profits to permanent establishments
On 4 July 2016 the OECD published a discussion draft on additional guidance on the attribution of profits to permanent establishments, as part of the follow-up to the work on base erosion and profit shifting (BEPS). Comments are invited from
See MoreOECD: Kyoto meeting takes forward the new inclusive framework for tackling BEPS
An initial meeting was held in Kyoto on 30 June and 1 July 2016 to take forward the new inclusive framework for tackling base erosion and profit shifting (BEPS). Delegates representing more than 80 countries at various stages of development
See MoreOECD: Guidance on implementation of country by country reporting
On 29 June 2016 the OECD published guidance on aspects of country by country (CbC) reporting. The guidance covers the following aspects: Transitional filing options for multinationals voluntarily filing in the parent jurisdiction; The
See MoreBangladesh: Finance Minister Confirms New VAT Regime from July 1
Bangladesh intends to proceed with introducing a uniform 15% rate of value-added tax (VAT) from July 1. The change is to be stimulated together with the implementation of Bangladesh's new value-added tax law, drawn up in 2012. Speaking at a recent
See MoreTanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
See MoreWTO Director General discusses issues in global trade
At the World Trade Symposium of 7 June 2016 on “Trade and Globalization in the Twenty First Century: The Path to Greater Inclusion” the Director-General of the World Trade Organization (WTO) spoke about current progress and remaining issues in
See MoreOman: Corporate tax rate to be increased for liquefied natural gas and mining companies
The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%. The council also approved the increase of the corporate tax rate on petrochemical and mining
See MoreOECD releases request for input on multilateral instrument to implement tax treaty related BEPS measures
On 31 May 2016 the OECD released a request for input inviting comments from interested parties on the multilateral instrument to implement the tax treaty related measures in the OECD/G20 action plan on base erosion and profit shifting (BEPS). Input
See MoreUK: Proposed tax on sugary drinks criticized by pressure group
As part of the budget proposals for 2016 the UK announced a proposal to impose a tax on sugary drinks with effect from April 2018. This would apply to soft drinks with sugar content above a certain level and would be imposed on the manufacturers of
See MoreAustria: Publishes Transfer Pricing Documentation draft Law
The Austrian Ministry of Finance (MoF) published the draft of the European Union (EU) Tax Amendment Act 2016 on 9 May 2016. The focus of this proposal is the draft of the new Austrian Transfer Pricing Documentation Law (TPDL). The new law serves as
See MoreUK: Consultation on secondary adjustments in transfer pricing legislation
On 26 May 2016 the UK has published a consultation document on the possible introduction of secondary adjustments into the UK transfer pricing legislation. This would in the opinion of the UK government help to ensure taxpayer compliance with the
See MoreAxiom Groupe conference on Transfer Pricing Excellence
The Axiom Groupe conference on Transfer Pricing Excellence was held in Barcelona on 19 and 20 May 2016. The conference included a workshop from the World Bank group. Some of the important issues coming out of the sessions are summarized
See MoreOECD: Forum on Tax Administration discusses international tax cooperation
Participants from forty-nine delegations including regional and international tax organizations attended the Tenth Meeting of the OECD Forum on Tax Administration from 11 to 13 May 2016. The delegates confirmed their commitment to continuing
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