UAE: MoF declares a statement regarding VAT and Corporate tax
The Finance Ministry (MoF) of United Arab Emirates has published an official statement on 18th August 2015 regarding Value Added Tax (VAT) proposal and the possible Corporate Tax (CT) outline. The UAE has completed a treaty to implement VAT with the
See MorePakistan: Compulsory Electronic tax return Filing for Individuals
The Federal Board of Revenue announced via Notification S.R.O. 791 (I) /2015 on 10 August 2015, that all individuals earning taxable salary income must file their income tax returns electronically. This will be effective from tax year 2015
See MoreUS: IRS Issued New Revenue Procedures on Competent Authority and Advance Pricing Agreement
The IRS has issued two revenue procedures on August 12, 2015 with details guidance to request assistance from the US competent authority under income tax treaties and to obtain an advance pricing agreement (APA) program. The proposed version of
See MoreChile: Circulars regarding tax reforms issued for corporate income tax purposes
The Internal Revenue Service has issued 7 circulars describing the changes announced by Law No. 20,780 of 29 September 2014 to the Income Tax Law: Circular No. 65, provides descriptions on anti-evasion measures; Circulars No. 66 and 67 give
See MoreSingapore: Non-resident individual tax rates to increase from 2017
The Inland Revenue Authority (IRAS) announced on 12 June 2015 that tax rates for non-resident individuals will be increased from the year of assessment 2017 to maintain parity between the tax rates of non-resident individuals and the top marginal
See MoreTurkey: Corporate income tax and VAT on electronic services by nonresident businesses
The Government is considering proposals which would permit the Turkish Revenue Administration to collect both indirect and direct taxes on the online sales and revenue-generating online activities made by nonresident businesses. The Finance
See MoreOECD issues progress report on BEPS project
The OECD held a webcast on 8 June 2015 to provide another update on progress on the action plan on base erosion and profit shifting (BEPS). Roadmap to delivery A roadmap was provided for delivery of the project. The working parties are currently
See MoreOECD/ G20 action plan on BEPS supported by G7 summit
The Leaders’ Declaration issued at the end of the G7 summit on 8 June 2015 reaffirmed the commitment of the G7 leaders to finalizing the recommendations of the OECD/ G20 action plan on base erosion and profit shifting (BEPS) by the end of 2015.
See MoreHungary: Proposals for tax law changes for 2016 submitted to Parliament
The Government of Hungary recently submitted to the Parliament certain proposals concerning amendments to the tax law which will become effective from 2016. However certain changes regarding corporate income tax would take effect as from 2015. The
See MoreOECD issues implementation package on country by country reporting
On 8 June 2015 the OECD released a package of measures for implementing the country by country reporting plan proposed as part of the OECD/ G20 action plan on base erosion and profit shifting (BEPS). This package is issued as part of Action 13 of
See MoreOECD issues discussion draft on transfer pricing for hard-to-value intangibles
On 4 June 2015 the OECD issued a further discussion draft in connection with Action 8 of the action plan on base erosion and profit shifting (BEPS). Action 8 is concerned with assuring that transfer pricing outcomes for intangibles are in line with
See MoreInternational Commission calls for more developing country participation in BEPS
An international panel including Nobel Prize winning economist Joseph Stiglitz and other development experts has called for greater developing country participation in the OECD project on base erosion and profit shifting (BEPS). The Independent
See MoreIMF working paper looks at base erosion, profit shifting and developing countries
The International Monetary Fund (IMF) has published on its website a working paper (No. 15/118) entitled “Base Erosion, Profit Shifting and Developing Countries”. Although the working paper does not necessarily represent the views of the IMF it
See MoreOECD Convenes Group to Develop Multilateral Instrument
The OECD announced on 28 May 2015 that it has begun work on developing a Multilateral Instrument that will implement the tax treaty-related output of the OECD/ G20 action plan on base erosion and profit shifting (BEPS). An ad hoc group has been
See MoreOECD issues new discussion draft on prevention of treaty abuse
On 22 May 2015 the OECD issued a new discussion draft on Action 6 of the action plan on base erosion and profit shifting (BEPS) dealing with the issue of preventing tax treaty abuse. This follows the release of a previous discussion draft on this
See MoreOECD publishes comments received on BEPS action 11
On 13 May 2015 the OECD published on its website comments received on the discussion draft on base erosion and profit shifting (BEPS) action plan Action 11 (Improving the analysis of BEPS). Comments were received from 20 organizations and
See MoreOECD releases new discussion draft under BEPS action 7 on permanent establishments
On 15 May 2015 the OECD published a new discussion draft on action 7 of the action plan on base erosion and profit shifting (BEPS). Action 7 is concerned with changing the definition of a permanent establishment (PE) in the model treaty to prevent
See MoreAustralia: Budget for 2015-2016 Includes BEPS Measures and Exposure Drafts for a New Targeted Anti-Avoidance Rule
The Government of Australia announced the 2015-2016 fiscal budget on May 12, 2015. Australia has included in the budget a country-by-country reporting requirement following the recommendation in the OECD/G20 action plan on base erosion and profit
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