Australia: ATO publishes draft guidance on transfer pricing issues
The Australian Taxation Office (ATO) has issued Draft Schedule 2 to Practical Compliance Guideline (PCG) 2017/1 ATO compliance approach to transfer pricing issues related to centralized operating models involving procurement, marketing, sales and
See MoreColombia updates late payment interest rate for July 2018
According to Administrative Regulation 0820 of 2018, the effective monthly interest rate for late payment of taxes has been set at 28.05% and valid from 1 to 31 July
See MoreHungary presents new tax package for 2019
The government of Hungary presented a new tax package on 19 June 2018 for corporate and business tax. The changes of taxes are as follows: The deduction allowance for investment in start-ups will be capped at HUF 20 million; A deduction for
See MorePeru: Tax administration clarifies the exchange rate applicable to capital gains arising from the transfer of shares
On 3 November 2017, the tax Administration in Peru issued report no. 039-2017-SUNAT/7T0000, clarifying the exchange rate applicable to capital gains arising from the transfer of shares. The report refers to a transaction as part of which a
See MoreBrazil: Government sanctioned guidance regarding new tax incentives for automotive sector
On 5th July 2018 government sanctioned guidance (Provisional Measure 843/18 (PM 843)) that initiates a new tax incentive program for the automotive sector. According to the program the following main tax incentives for a five-year period, which may
See MorePakistan: FBR extends tax amnesty scheme period to 31 July 2018
On 7 July 2018, the Federal Board of Revenue (FBR) approved an extension in tax amnesty scheme till 31 July 2018. Previously an ordinance was sent to the president of Pakistan for approval of the extension. The deadline for filing amnesty
See MoreIndia: CBDT publishes notification for taxation of foreign company held as resident in India as per POEM
On 22 June 2018, the Central Board of Direct Taxes (CBDT) has issued a final Notification No. 29/2018, dealing with special transitional provisions for a foreign company said to be a resident in India on account of Place of Effective Management
See MoreNorway: MoF sets a late payment interest rate for July to December 2018
The Ministry of Finance (Mof) has published a regulation to set the late interest rate for the second half of 2018 (from 1st July 2018 to 31st December 2018). The interest rate is set at 8.50% from 1st July 2018 to 31st December 2018, which is
See MoreWorld Tax Brief: July 2018
Bangladesh Main corporate tax rate: On 28 June 2018, the Parliament passed the national budget for fiscal year 2018-2019. The corporate tax rate has been reduced to 40% from 42.50% for non-publicly traded banks, insurance and financial
See MoreBulgaria: NRA publishes 2018 handbook on corporate income tax
The National Revenue Agency (NRA) published a 2018 Handbook on June 28, 2018, regarding corporate income tax with revenue administration document. The Handbook is a useful tool for all NRA customers who want to know the nature, scope and features of
See MoreLithuania increases the penalties for tax evasion
On 17 May 2018, the Parliament passed amendments to the tax law, which increase the penalties for tax evasion. Under the amendments, if the tax authorities identify income that the taxpayer cannot justify at the time of inspection, the taxpayer will
See MoreBangladesh: Parliament passes budget for FY 2018-19
On 28 June 2018, the Parliament of Bangladesh has passed the Tk 464,573 crore national budget for 2018-19 fiscal year. Finance Minister AMA Muhith moved the Appropriations Bill, 2018 seeking a budgetary allocation of Taka 571833,82,92,000 which was
See MoreThailand publishes various tax incentives
Thailand issued a series of Royal Decrees on 13 May 2018, which provide for various tax incentives. One of the main incentives is under Royal Decree No. 658, which extends the five-year corporation tax (exemption) for start-ups in certain target
See MoreNigeria: Reminder on due date for submitting CIT returns for June, 2018
For companies having an accounting year end of December 31, 2017, must submit their company income tax (CIT) return by June 30, 2018 to Federal Inland Revenue Service (FIRS). They also have to submit capital gain tax (CGT), education tax (EDT), and
See MoreLuxembourg: Government submits EU Anti-Tax Avoidance Directive (ATAD) to Parliament
On 20 June 2018, the draft law (Draft Law) implementing the European Union (EU) Anti-Tax Avoidance Directive (ATAD) was introduced in the Luxembourg Parliament. Accordingly, as from 2019, a new provision will be introduced that limits interest
See MoreLuxembourg: Cabinet approves draft law for implementation of EU anti-tax avoidance directive
On 15 June 2018, the Luxembourg Cabinet approved a draft bill providing for measures to implement the EU Anti-Tax Avoidance Directive (ATAD). The draft bill includes the new provisions on the limitation of interest deduction, which limit the
See MoreUS: Central bank increases interest rates
On 13 June 2018, the Federal Reserve raised interest rates by 0.25% to new interest rates of 1.75% -2%. Two additional interest rises are expected by the end of 2018. Forecasts released after the US Federal Reserve's two-day meeting in Washington
See MoreUS: IRS publishes interest rate for the third quarter of 2018
On 8 June 2018, The Internal Revenue Service announced interest rate for the third quarter of 2018 that will remain as they were in the quarter that began on 1 April 2018. The rates that will begin from 1 July 2018 are as follows: 5 percent for
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