Bolivia increases income tax on financial sector
The Chamber of Deputies approved an increase of 3% (increase from 22% to 25%) to the income tax on the profits of companies in the financial sector on 16 March 2017. The increase will be applicable on the profits generated as from
See MoreVietnam: Recently released a new transfer pricing decree
Vietnam’s Government has recently released a Transfer Pricing (“TP”) Decree No. 20/2017/ND-CP on 24 February 2017, provided that tax administration applicable to enterprises having controlled transactions’ (Decree 20), which will take effect
See MoreBrazilian CFC rules apply despite treaties
The Federal Administrative Council of Tax Appeals (Conselho Administrativo de Recursos Fiscais, CARF) decided on 14 March 2017 that taxation in Brazil of profits of indirect controlled foreign companies (CFCs) under CFC rules is not prevented by tax
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MoreCanada: SMEs want tax cuts at Budget 2017
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses. The CFIB has published its list of recommendations for the upcoming federal budget 2017. The recommendations for the
See MoreBrazil publishes Normative Instruction 1,700/2017 in the Official Gazette
Decree No 2017-22042 of 7 March 2017 fixing the market interest rates for interest-free liabilities have been published in Official Journal No 15371 on 17 March 2017. The Decree upgrades and replaces Decree no. BLKB2015 / 1650M of 10 December 2015
See MoreSerbia: Ministry of Finance publishes rulebook on arm’s length interest rates for 2017
The Serbian Ministry of Finance adopted the amendments to the Rulebook on arm's length interest rates (the Rulebook) on 10 March 2017. The rulebook contains the prescribed interest rates for taxpayers who had or will have related-party financing
See MoreJamaica extended the income tax return filing deadline
Jamaica’s tax administration has announced the deadline to file final income tax returns for the year of assessment 2016 n 15 March 2017 and the estimated returns for the year of assessment 2017 has been extended until 25 March
See MoreDominican Republic: Publishes new processes for filing corporate income tax return
The Dominican tax authorities issued new guidance that is intended to improve tax filing procedures for the annual corporate income tax return and appendices. The tax agency (DGII) published General Notice No.12-17, in an effort to improve the tax
See MoreUK: Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017
The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364) were made on 13 March 2017 and came into force on 14 March 2017. The Regulations amend the Corporation Tax Act 2010 c. 4 provisions regarding the 45% tax on
See MoreSaudi Arabia- Regulations for implementation of Zakat issued
The Tax Authority of Saudi Arabia issued the Regulations for implementation of Zakat under Ministerial Resolution No. 2082 of 28 February 2017 (01/06/1438H) on 9 March 2017, The regulations applies to all commercial activities established for
See MoreRussia: Clarifies the taxation of CFC profits in determining the corporate tax base of a consolidated tax group
The Ministry of Finance (MoF) on 3 March 2017, published Guidance Letter No. 03-12-11/3/5790 of 3 February 2017, clarifying the taxation of CFC profits in determining the corporate tax base of a consolidated tax group (CTG). According to article
See MoreGreece: Judgment on SOL provision for taxpayer’s refund claim publishes
The Council of State/Supreme Administrative Court published its decision (No. 425/2017) related to the statute of limitations (SOL) provision for the taxpayer’s refund claim. In accordance with the Court, the taxpayer’s claim for refund of the
See MoreUS: Tax refunds totaling $1 Billion for 2013 non-filers
The Internal Revenue Service announced on March 1, 2017 that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. In cases where a
See MoreUS: IRS issues revised guide on foreign tax credits (FTCs) for individual
The US Internal Revenue Service (IRS) has released a revised version of its tax guide on foreign tax credits (FTCs) for use by individuals when preparing their 2016 tax returns. The guide provides information on how to choose to take the FTC or the
See MoreAndorra’s Government submits draft legislation for introducing tax crimes to Criminal Code
On 1 March 2016, the government of Andorra submitted draft legislation to the General Council (the country’s parliament), to introduce tax crimes into the Andorran Criminal Code for the first time. Until now, the only tax-related crime was the
See MoreIndia: Related-party Relationship Upheld by The Tribunal
Recently, the Chennai Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: Hospira Healthcare India Private Limited v. DCIT (ITA No. 821/Mds/2016 - AY 2011-12), held that under a provision of India’s tax law, “influence”
See MoreArgentina: DJAS and DAPE systems eliminated
The General Resolution No. 4008-E was published on 6th March 2017 in the Argentine Official Gazette. According to that resolution, Argentina has abolished the Early Declaration System for Services (DJAS) and the Early Declaration for Payments Abroad
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