U.S. and Brazil sign an agreement on the exchange of country-by-country reports
According to an IRS announcement on its website, the competent authorities of U.S. and the Brazil have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreU.S. and Belgium sign an agreement on the exchange of country-by-country reports
According to an IRS announcement on its website, the competent authorities of U.S. and the Belgium have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreArgentina: New Regulations ‘General Resolution 4094-E’ enters into force
The Federal Tax Authority (FTA), on July 18, 2017, published the General Resolution 4094-E on the Official Gazette. This Resolution had been introduced into income tax in 2013. The time when the 2013 tax reform abolished the capital gains tax
See MoreUK: HMRC publishes statistics on creative industries tax relief
On 20 July 2017 HMRC published updated statistics on claims for creative industries tax relief. The statistics include data for film tax relief, high end television tax relief, animation tax relief and video games tax relief, children’s television
See MoreUK: Impact of video games tax relief
Research has been conducted on behalf of HMRC to look at the impact of video games tax relief (VGTR) on the production of culturally British and European video games. The survey was conducted by holding qualitative in-depth interviews with 51 video
See MoreIMF issues report on economic position of Vietnam
On 5 June 2017 the IMF issued a report following the completion of discussions with Vietnam under Article IV of the IMF’s articles of agreement. The report notes that Vietnam’s economy has been performing well with growth of 6.2% in 2016 and
See MoreUK: Revised timetable for introduction of digital tax system
Following feedback from parliament including the Treasury Select Committee, business and professional bodies the UK government is delaying the introduction of a compulsory digital tax system for certain businesses and landlords. The system called
See MoreUK: HMRC wins case on loans from Employee Benefit Trust
On 6 July 2017 the Supreme Court ruled in favour of HMRC in a case involving payments from an employee benefit trust. Rangers Football Club (RFC) made payments to players and officials through an Employee Benefit Trust in the form of loans. This
See MorePhilippines: Department of Finance certifies tax reform bill
The Department of Finance (DoF) declared that, the proposed second package of the Comprehensive Tax Reform Program (CTRP) will be submitted to the Congress by the fourth quarter of the year. According to the DoF government’s plan to introduce a
See MoreIMF report comments on Nicaragua’s fiscal position
On 22 June 2017 the Executive Board of the IMF concluded consultations with Nicaragua under Article IV of the IMF’s articles of agreement and a report has been issued. The report notes that Nicaragua’s economic performance in 2016 was robust
See MoreOECD: Meeting of Inclusive Framework on BEPS
On 22 June 2017 the third meeting of the inclusive framework on base erosion and profit shifting (BEPS) took place in the Netherlands with representatives of 83 countries and jurisdictions and 12 international and regional organizations. The
See MoreAustralia: Treasury Laws Amendment Act 2017 received Royal Assent
On 22 June 2017, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent. Amends the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments
See MoreIreland: Interaction of PAYE and Self Assessment Procedures
On 12 June 2017 the Irish Revenue published the amended Part 42-04-13 of the Income Tax, Capital Gains Tax and Corporation Tax Manual. The amendments reflect the changes to the income thresholds which are applied in determining whether an
See MoreBangladesh: Budget 2017-18
On 1 June 2017, the Finance Minister Mr. Abul Maal Abdul Muhith presented the annual national budget of an outlay of TK 4 trillion for the fiscal year 2017-18. In the proposed budget, the finance minister has targeted a GDP growth rate of 7.4 per
See MoreGreece: Reform Law 4472/2017 published
The Government published Law 4472 on 19th of May 2017 in the Official Gazette. It includes several reform measures concerning the medium-term fiscal targets for 2018-2021 and tax cuts for legal entities. Therefore, the corporate income tax (CIT)
See MoreSouth Africa: SARS introduces improvements to the dispute management process
On 15 May 2017 the South African Revenue Service (SARS) introduced important changes and improvements to its current dispute management process as part of its ongoing commitment to delivering a better service to taxpayers. The following changes
See MoreGreece: Parliament adopts a draft bill amending Income Tax Code and VAT Code
The Parliament has adopted a draft bill on 11th of April 2017, which contains some amendments on income tax code and VAT code. The Corporate Income Tax payment needs to be completed by six installments instead of eight. Note that, the first
See MorePakistan: FBR publishes a guideline on the mechanism of ADR
Recently, the Federal Board of Revenue (FBR) has issued a guideline on the mechanism of ADR. The FBR has motivated taxpayers to resolve their issues through the Alternate Dispute Resolution (ADR) mechanism, which will help taxpayers from unnecessary
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