Luxembourg: Government passes new IP tax regime
On 22 March 2018, the bill on the new IP regime was adopted by the Luxembourg Government. The Bill must now be signed into law and published in the Official Gazette to enter into force. Once in force, it is effective from 1 January 2018. The regime
See MorePuerto Rico establishes the procedure for e-filing of the corporate tax return for 2017
The Treasury Department of Puerto Rico has issued guidance (Circular Letter (CL) 18-03) for the electronic filing (e-filing) of corporate income tax returns for tax year 2017. Procedure for electronically file required evidence with the corporation
See MorePoland: Government extends the special economic zone regime
On 20 February 2018, the Polish government adopted the plans to offer tax incentives to investors across the country, not just in areas designated as special economic zones (SEZs). Under the current regime, companies operating with the necessary
See MoreCosta Rica: MOF increases the interest rate for late payments and refunds
On 16 March 2018, the Ministry of Finance (MoF) has increased the interest rate for late payments and refunds of overpayments from 12.8% to 13.73%. The rate is effective from 1 April
See MoreArgentina: Deadline extends for providing incentive benefit
Argentina has published Decree 229/2018 of 16 March 2018 in the Official Gazette. It effects from January 1, 2018. Under Decree 379/2001, this decree changes and extends the effective date for providing incentive up to December 31, 2018. This
See MoreCanada: Quebec issues draft budget 2018-2019
The Finance Minister of Quebec, Carlos Leitao, presented the province’s fiscal budget 2018-2019 on March 27, 2018. The main points of this budget is given below: This budget proposes gradual reduction of the Health Services Fund (HSF)
See MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreItaly: launches public consultation regarding implementation measures for transfer pricing provisions
The Italian Ministry of Economy and Finance launched a public consultation on the implementation measures associated with the application of domestic transfer pricing provisions on 21 February 2018. The main purpose of the Draft Decree (supported by
See MoreColombia: New income tax return form for 2017
The Colombian national tax authority (DIAN) published a new income tax return form 110 for tax year 2017. The tax payers are obliged to file their income tax return electronically using form 110. DIAN has also published a revised informative
See MoreSingapore: New transfer pricing rules
Singapore Inland Revenue Authority published transfer pricing documentation rules and transfer pricing guidelines in February 2018. The major expansions of the transfer pricing rules are as follows: The arm’s length principle is aligned with
See MoreBrazil changes R&D tax incentives
Brazil released the National Congress Act No. 8 of 14 March 2018 in the Official Journal. The Act extends by 60 Days of Provisional Measure No. 810 of 8 December 2017. This act changes the tax incentive for IT companies investing in research and
See MoreKorea: Important changes in tax rules
The Korean Ministry of Strategy and Finance released amendments to the tax law on 13 February 2018. Key changes are following: The withholding tax rate will increase from 17% to 19% on the amount of compensation paid to hiring foreign entities.
See MoreDominican Republic: DGII modifies the income tax returns for legal entities
With effect from 21 September 2017, the Dominican Tax Administration (DGII) has requested all companies and entities, such as trusts, mutual funds and similar entities, to identify their respective ultimate beneficial owners pursuant to Law 155-07
See MoreSweden proposes a draft bill regarding corporate income tax changes
On 21 March 2018, the Ministry for Finance presented a proposal regarding new legislation within the corporate sector. The proposal comprises new rules on re interest deductions, financial leasing and a reduced corporate tax rate. The proposal is
See MoreAustralia: Closing tax consolidation loopholes
On 22 March 2018, the Australian Government’s commitment to ensure multinationals pay the right amount of tax in Australia continued with the passage through Parliament of the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill
See MoreBritish Colombia Budget Bill 2-2018 receives Royal Assent
The third reading of Budget Measure Implementation Act, 2018 or Bill 2-2018 for British Colombia (B.C.) was passed on March 14, 2018 in the Craig James, Clerk of the House and received Royal Assent on March 15, 2018. This Bill doesn’t contain any
See MoreSouth Africa updates taxation of foreign dividends guidance
On 22 March 2018, the Government of South Africa released an updated version of its draft interpretation note on the taxation of foreign dividends. The ratios applied in section 10B (3) to calculate the partial exemption applicable to foreign
See MoreIndian APA accepts customs valuation as arm’s length price for transfer pricing
Recently, the Central Board of Direct Taxes (CBDT) has entered into an advance pricing agreement (APA) where the price determined by the Indian Customs authorities was accepted as arm’s length price for import transactions for transfer pricing
See More