Russia: Parliament considering the Bill amending CFC and other rules
Recently, the Russian lower house of parliament considering the Bill No. 442400-7, which includes various measures. The Bill includes following measures: 1. Adjust the CFC rules so that a person will not be recognized as a controlling person of a
See MorePeru enacts new tax legislation for a short period
Peru’s Congress enacted Law 30823 on 19 July 2018 granting President Power to enact new tax legislation for a short period on specific issues. The President has 60 calendar days till 17 September 2018 to issue new tax legislation. The issues are
See MoreItaly publishes guidance on clarifying application of R&D tax credit
The Italian tax authority during 2018 issued guidance to clarify application of the existing tax rule of Research and Development (R&D) tax credit for eligible Italian companies and Italian permanent establishments of foreign companies investing
See MorePuerto Rico publishes extended date for filing annual corporate reports for 2017
The Secretary of State published Administrative Order 2018-04 (AD 2018-04) on 16th July 2018, extending the due date from 18th July 2018 to 17th October 2018 for the filing of the 2017 annual corporate reports.This additional extension only applies
See MoreUruguay: Directorate General of Taxation amends R&D tax incentive regime
Recently, the Directorate General of Taxation has published Law No. 19.637 with numerous tax amendments. The major change incorporated in the area of incentive regime that provides an exemption for income derived from Research & Development
See MoreNew Zealand’s taxation act regarding Neutralising Base Erosion and Profit Shifting receives royal assent
New Zealand's Taxation (Neutralising Base Erosion and Profit Shifting) Act received royal assent on 27 June 2018. The main measures of the Act are summarized as follows: CbC reporting requirement: According to the published guidance on
See MorePuerto Rico: Treasury Department defines extended timeline for filing returns 2017
The Treasury Department of Puerto Rico (PRTD) has explained (Informative Bulletin 18-14) the due dates for taxpayers who have submitted automatic renewal filings for filing income tax returns for 2017. Calendar year-end taxpayers who submitted an
See MoreChina declares tax incentive for small enterprises
State Administration of Taxation (SAT) of China has published Circular 77/2018 to extend the tax incentive for small and low-profit enterprises. The incentive provides for a 50% reduction in taxable income with a reduced tax rate of 20%. From
See MoreBrazil clarifies CFC rule regarding exemption for oil and natural gas industry
Private Ruling 4,020/2018 concerning the exemption under CFC rules for profits acquire by the oil and gas industry was published in the Official Gazette on 19th June 2018. The Decision clarifies that the tax exemption of the profits realized is
See MoreEcuador: SRI revises deadline to submit tax compliance report
The tax authority of Ecuador (SRI) issued a resolution to extend the deadline for filing the tax compliance report from 1 July 2018 to 28 July 2018, based on the ninth digit of tax identification
See MoreItaly : Law Decree entered into force following its publication
Italy Published Law Decree No. 87 of 12 July 2018 was entered into force following its publication in Official Gazette No. 161 of 13 July 2018. Details of the tax measures are summarized below: Regarding Incentives: Under article 7 of the Law
See MoreAustralia: 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
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