Australia: New guidance on DPT
On 18 December 2017, the Australian Taxation Office (ATO) published a draft law companion guideline (LCG) 2017/D7 on Diverted profits tax (DPT) for public consultation. The draft Guideline addresses Schedule 1 to the Treasury Laws Amendment Act 2017
See MoreFrance: Government publishes draft second Amendment Financing Act for 2017
On 15 November 2017, a second draft amending Finance Bill for 2017 was submitted to the French Council of Ministers and was submitted to the French Parliament. The draft law emphasized the following tax measures for the coming year. Anti-Evasion
See MoreColombia: New interest rate for late payment of tax
On 27 October 2017, according to Resolution 1447, the Colombian Tax Authority (DIAN) has announced that the yearly late tax payments interest rate is reduced to 29.44% from 29.73% for November 2017 set by the Financial Superintendence of
See MoreGuatemala: Extension of short-term fine, interest and penalty relief for outstanding tax obligations
The tax authority of Guatemala has extended its fine, interest, and penalty relief program for outstanding tax obligations by one month that is to 19 September 2017. Taxpayers who will fulfill their outstanding tax obligations during the one-month
See MoreUS: IRS publishes interest rates for fourth quarter
The Internal Revenue Service on 8 September 2017 announced that interest rates will remain the same for the calendar quarter beginning October 1, 2017. The rates will be four percent for overpayments (three percent in the case of a corporation); one
See MoreUK: HMRC publishes guidance for the corporate offences
HMRC has published guidance on the new corporate criminal offence of failing to prevent the facilitation of tax evasion and the final version has now been published and given statutory effect. The Government believes that relevant bodies should be
See MoreRussia publishes Notice on increased late payment penalty
Recently, the Russian Federal Tax Service (FTS) issued a Notice on the increased late payment penalty from 1 October 2017. The procedure for calculating the penalty for each calendar day of delay in the fulfillment of the obligation to pay tax or
See MoreColombia updates interest rate for late payment
The Financial Supervisory Authority of Colombia published a Regulation 1155 of 2017 concerning the effective monthly interest rate for late payment of income taxes, on 30 August 2017. Late payment of income taxes is subject to 30.22% interest rate
See MoreCosta Rica : MoF increases the interest rate for late payments and refunds
The Ministry of Finance (MoF) has increased the interest rate for late advance tax payments and refunds of overpayments from 11.73% to 12.8%. The rate is effective from 1 October
See MoreMalawi: New tax measures effective from July 2017
On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the
See MoreNigeria: New tax amnesty scheme in force
According to an announcement from the Finance Ministry, a new tax amnesty called the Voluntary Assets and Income Declaration Scheme (VAIDS), entered into force on July 1, 2017 for both individuals and corporations. The amnesty aims to raise tax
See MoreIreland: Revenue assessment in the absence of a return
On 19 June 2017, the Irish Revenue published the Tax and Duty Manual Part 41A-05-02 that has been amended in paragraph 1 in relation to the pursuit of outstanding returns and in paragraph 4 in relation to appeal provisions. According to this
See MoreCanada: Minister announces consultation on changes to the Voluntary Disclosures Program
Although most Canadians pay their tax and expect a responsive and fair tax system, some net high wealth individuals are continuing to find ways to avoid paying the tax they owe, placing an unfair burden on the country. The Canadian Government and
See MoreUS: Interest rates on tax underpayments and overpayments for the third quarter of 2017
The Internal Revenue Service on 9 June 2017 announced that interest rates for tax underpayments and overpayments will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: four percent for overpayments (three percent
See MoreIreland: New Tax-Geared Penalties for Non-Submission of Returns
On 12 June 2017, Irish Revenue published the manual Tax-Geared Penalties for Non-Submission of Returns, that provides guidance as to the application of tax-geared penalties under section 1077E TCA 1997 in circumstances where the taxpayer has
See MoreGuatemala: Tax fines and surcharges terminated
Public Finance Ministry of Guatemala published Governmental Agreement No. 82-2017 on 4 May 2017, which terminated tax fines, penalties and surcharges for three months starting from 20 May 2017. According to the agreement tax fines, penalties and
See MoreNigeria imposes additional 5% interest on tax defaulters from July 1
The Federal Government announced on 22 May 2017 that it would apply an additional 5 per cent charge from 1 July 2017 to companies that do not meet their tax obligations if they are involved in measures to sanction taxpayers and to voluntarily comply
See MoreMalaysia: IRBM proposes to impose 100% penalty for undeclared income and incorrect information
The Malaysian Inland Revenue Board (MIRB) published a media statement on 16 May 2017 regarding clarification of imposing 100% penalty for failure to declare income and correct information which will be implemented with effect from 1 January
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