OECD: Multilateral competent authority agreement signed by China and India
On 12 May 2016 six countries including China and India signed the multilateral competent authority agreement for the exchange of country by country (CbC) reports. The other countries signing the agreement on 12 May were Canada, Iceland, Israel and
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreIMF report comments on economic position of the United Arab Emirates
On 9 May 2016 the IMF issued a report following the conclusion of discussions with the United Arab Emirates (UAE) under Article IV of the IMF’s articles of agreement. The IMF comments that the UAE is in a good position to face the oil price shock
See MoreDenmark: Publishes new transfer pricing documentation guidelines
The Danish Ministry of Taxation issued two Orders : BEK nos. 401 and 402, on 28 April 2016, concerning transfer pricing documentation. The new documentation guidelines BEK no. 402, which will replace the previous guidelines of 24 January 2006 (BEK
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
See MoreWTO: Trade Policy Review of Ukraine
Ukraine acceded to the World Trade Organization (WTO) in 2008. The WTO’s first review of the trade practices in Ukraine took place on 19 and 21 April 2016. A detailed report was prepared by the WTO Secretariat in connection with the trade
See MorePlatform for Collaboration on Tax set up by OECD, IMF, UN and World Bank
On 19 April 2016 the OECD, IMF, World Bank and UN announced the creation of a Platform for Collaboration on Tax. The Platform will intensify cooperation between these bodies as well as hosting regular consultations on the design and implementation
See MoreKazakhstan: MoJ approves plans to consolidate tax code and customs code
The Ministry of Justice has approved plans on 5th April 2016 that are aimed at consolidating the Tax Code and the Customs Code into one single code. Note that, Kazakhstan became a member of the WTO on 30 November 2015. These plans will be effective
See MoreEU proposals on country by country reporting
In the Action Plan on a Fairer Corporate Tax System issued in March 2015 the European Commission proposed to implement in the European Union (EU) the proposals under Action 13 of the OECD’s action plan on base erosion and profit shifting (BEPS).
See MoreIMF Technical Note Considers WTO Tax Rules
A technical note published by the IMF on 29 March 2016 considers to what extent the World Trade Organization (WTO) rules affect the freedom of policy makers to frame their tax policy. The paper entitled Is the WTO a World Tax Organization? A Primer
See MoreJapan approves tax reforms for 2016
The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. The main changes are set out below: Corporate income tax: The main corporation tax rate is to be reduced to 23.4% from 23.9% for taxable years beginning on or after 1
See MoreSingapore: Finance Minister presents the 2016 budget to Parliament
The Budget for 2016 was presented to Parliament by the Finance Minister on 24 March 2016. A summary of the Budget with regard to corporate taxation is set out below: Tax incentives: -Under the Productivity and Innovation (PIC) Scheme the cash
See MoreOECD: Consultation document on treaty access for non-CIV funds
The OECD has issued a consultation document inviting comments on issues arising from the tax treaty entitlement of non-CIV vehicles. This consultation follows on from the final report on action 6 of the project on base erosion and profit shifting
See MoreUK: HMRC Clarifies Gift Aid Rules
HMRC has clarified aspects of the rules for UK tax relief for individuals under the Gift Aid provisions. Under these provisions tax relief may be claimed when an individual donor who pays tax in the UK makes a donation, even if the donor includes a
See MoreUK budget announcements 2016
The UK budget announcements for 2016/17 were delivered on 16 March 2016. The Chancellor announced a business tax road map that is intended to support investment while continuing to crack down on avoidance and aggressive tax planning. Corporation
See MoreWTO: Negotiations on agricultural issues
Member countries of the World Trade Organization (WTO) have identified a set of broad issues for continuing negotiations on agricultural issues and have emphasized the importance of agricultural issues for developing countries. The Nairobi decision
See MoreOECD: Fifth Global Forum on Transfer Pricing
The fifth Global Forum on Transfer Pricing convened on 2 and 3 March 2016 with contributions from government and from regional and international organizations. At the meeting the Director of the OECD Centre for Tax Policy and Administration invited
See MoreOECD: Meeting of Task Force on Tax and Development
The OECD’s Task Force on Tax and Development met on 1 March 2016 to discuss the inclusive framework for implementing the OECD’s recommendations on base erosion and profit shifting (BEPS) on a global basis, including the initiatives to support
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