Sweden transposes EU Directive on Dispute Resolution
On 19 June 2019, a law proposal that implements the EU Tax Dispute Resolution Directive (2017/1852) was presented to the parliament to be transposed into Swedish legislation. If passed, the law will enter into force on November 1,
See MoreBolivia issues resolution for tax certificates procedure
On 29 June 2019, Bolivian National Tax Service issued Resolution No. 101900000011 in the official website introducing procedure and requirement for certificates of tax residence, tax debt, and foreign accreditation. The resolution clarifies the
See MoreBangladesh enacts Budget for 2019-20
On 30 June 2019, Parliament passed the Tk 5,23,190 crore national budget for 2019-20 fiscal year. The proposals were enacted by the Finance Act, 2019 (the Act) and became effective as of 1 July 2019. The summary of key amendments introduced by
See MoreNetherlands: Cabinet submits new bill against tax avoidance
The Dutch government published a legislative proposal engaging rules to counter hybrid mismatches into the Dutch corporate income tax act pursuant to the EU Anti-Tax Avoidance Directive as agreed upon in May 2017 (ATAD2). ATAD2 would address tax
See MoreTransfer Pricing Brief: July 2019
PanamaCbC reporting requirement-General rule: On 27 May 2019, Panama introduced Country-by-Country (CbC) reporting requirements for MNE’s whose consolidated group revenue exceeds €750 million. Timing: The CbC report must be filed no
See MoreBrazil publishes new tax incentive regulation for oil and gas sector
On 17 June 2019, the Minister of Mines and Energy signed Regulation No 252, which regulates the process of setting priority projects in the oil, gas and biofuel sectors for issuing incentive debentures. The regulation will help unlock investment in
See MoreIndia presents Finance Bill for 2019/20
On 5 July 2019, the Finance Minister presented the Finance Bill of the newly formed government for financial year (FY) 2019-20. The bill proposed changes to the tax laws starting 1 April 2019. The proposed key amendments includes: The rate of
See MoreWorld Tax Brief: July 2019
SloveniaCorporate income tax rate: On 18 June 2019, the Ministry of Finance proposed changes to corporation tax rates. As a result, the CIT rate increased by one percentage point from 19% to 20% from 2020 onwards. In addition, a minimum
See MoreCroatia: Parliament passes EU directive on tax dispute resolution
On 16 June 2019, the Croatian parliament passed a draft bill to implement the EU Directive on Tax Dispute Resolution (2017/1852). The Directive contains provisions on the effective resolution of disputes concerning the interpretation and
See MoreEcuador releases advance tax refund procedure for FY 2018
On 4 June 2019, the Ecuadorian Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC19-0000022 dated 30 May 2019 concerning refund procedures for overpaid advance income tax in financial year (FY) 2018. According to the resolution,
See MoreUK: OTS proposes changes to Inheritance Tax
Following a review of Inheritance Tax the UK’s Office of Tax Simplification (OTS) has proposed that the seven-year period within which lifetime gifts are potentially liable to the Inheritance Tax should be reduced to five years. Executors of
See MoreOman introduces tax incentives for tourism investments
Recently, Oman has introduced a tax incentive for every new investor looking to build a tourism project in Musandam. According to the new regulation, investors are exempted from customs duties for building materials, tools and equipment
See MoreUK: Consultation on tax dispute resolution
On 2 July 2019 the UK government published for consultation draft Regulations to implement EU Council Directive 2017/1852 on tax dispute resolution mechanisms. Under the draft Regulations a stronger system of dispute resolution would be introduced
See MoreQatar: GTA issues additional CbC reporting obligations
On 16 June 2019, Qatar's General Tax Authority (GTA) has issued a notice prescribing further updates and clarifications for the Country-by-Country (CbC) reporting obligations in Qatar. Key points of CbC reporting obligations are as follows:
See MoreMalta: Commissioner for revenue issues updated MAP guidelines
Earlier the month of June 2019, the Maltese Commissioner for Revenue issued guidance under the provisions of article 96(2) of the Income Tax Act, Chapter 123 of the Laws of Malta (the ‘ITA’) on the use of Mutual Agreement Procedure
See MoreFrance publishes interest rate for shareholder loan for FY ends between June and September 2019
Recently, France has published interest rates for entities whose financial year ended between 30 June 2019 and 29 September 2019 , which are used to determine the deductibility of interest payments to shareholders. The portion of interest payments
See MoreSlovenia proposes to change the PIT & CIT rates
On 18 June 2019, the Ministry of Finance proposed changes to personal income tax (PIT) and corporate income tax (CIT) rates, which are expected to be introduced in 2020. The proposed measures are: Individual tax: An increase in the
See MoreIndia deposits ratification instrument for MLI
On 25 June 2019, India has deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). According to Article 34, Paragraph 2 of the MLI, with
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