India: Finance Minister presents Budget for 2019-20
On 1 February 2019, Finance minister Piyush Goyal presented the much awaited Union Budget in Lok Sabha. Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States. Some of the main measures
See MoreArgentina releases decree regarding tax reform measures for corporations
On 27 December 2018, Argentina published a Regulatory Decree 1170/2018 in the Official Journal, which entered into force on 28 December 2018. The decree prescribes policy changes to Law 27,430 of 2017, which introduced tax reform measures for 2018.
See MoreDenmark: Supreme Court rules against Ministry of Taxation in landmark Transfer Pricing case
On 31 January 2019, Denmark's Supreme Court issued its decision on a transfer pricing case regarding Microsoft Denmark ApS (Microsoft Denmark) which is a Danish subsidiary of the United States (US) software company Microsoft Corporation. In its
See MoreFrance: Parliament legislates the Finance Act for 2019
The French Finance Act passed its constitutional review for 2019 on 28 December 2018. This follows the approval of the law by Parliament on 20 December 2018. The main measures of the law are summarized as follows: Corporate Income tax rate:
See MoreOECD announces progress made in addressing harmful tax practices
On 29 January 2019 the OECD released a publication entitled “Harmful Tax Practices – 2018 Progress Report on Preferential Regimes”. This contains results to show that jurisdictions are pursuing their commitment to the standard on harmful tax
See MoreOECD: Inclusive Framework issues policy note on digital economy
The Inclusive Framework on base erosion and profit shifting (BEPS) has issued a new Policy Note under action 1 of the action plan on base erosion and profit shifting (BEPS) entitled Addressing the Tax Challenges of the Digitalisation of the Economy.
See MorePanama sign MCAA for the exchange of CbC reporting
On 24 January 2019, the tax authority of Panama signed the Multilateral Competent Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports. The purpose of the CbC MCAA is to set forth rules and procedures as may be necessary for
See MoreChile: IRS clarifies Taxation of Dividends and Interest
Recently, the Internal Revenue Service (IRS) issued two separate Rulings 59 and 2546 to clarify the taxation of dividends and interest by resident and nonresident taxpayer. The two rulings separately discussed in below: Taxation of dividends Ruling
See MoreQatar legislates new Income Tax Law
On 17 January 2019, Qatar's new Income Tax Law (Law 24 of 2018) was published in the Official Gazette and replaced the previous Law 21 of 2009, and is effective from 13 December 2018. The main features of the new law are summarized in below: The
See MoreKazakhstan: New guidelines of TP Documentation and APA
On 24 December 2018, Mr. Alikhan Smailov, the Finance Minister of Kazakhstan approved forms and procedures for filling the Master files and Local files, effective from January 01, 2019. Generally, the rules for Master file and Local file are in line
See MorePakistan: Finance Supplementary (Second Amendment) Bill submits in Parliament
On 23 January 2019, Pakistan’s draft Finance Supplementary (Second Amendment) Bill, 2019 was submitted to the National Assembly. The finance minister clarified that, "This is not a budget, this is a corrective package aimed at addressing various
See MorePeru publishes Resolution on filing Tax Return for 2018
The Peru tax authority (SUNAT) has issued Resolution No. 015-2019/SUNAT, concerning the filing of both individual and corporate tax returns for the 2018 tax year, including the filing deadlines. The deadlines are set from 25 March to 5 April 2019,
See MoreDominican Republic: DGII issues transfer pricing documentation thresholds for 2019
On 17 January 2018, Directorate General of Internal Revenue (DGII) published the Transfer pricing (TP) reporting threshold for 2019. The DGII has issued Notice 8-19, which prescribes related party transaction threshold for transfer pricing reporting
See MoreTurkey legislates Omnibus Law including corporate tax measures
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures: As from 18 January 2019, existing rules on reduced rates for investment
See MoreEU: Report by European Commission on investor residence schemes
On 23 January 2019 the European Commission issued a report on citizenship by investment and citizenship by residence schemes operated by a number of EU Member States. The report looks at current practices and identifies some of the risks from such
See MoreSpain publishes national budget for 2019
The state budget bill (the Budget Bill) for fiscal year 2019 was published on 16 January 2019 in the Spanish Parliament Official Gazette. The Budget Bill, which was adopted by the Spanish Council of Ministers on 11 January 2019, will now follow the
See MorePortugal modifies the corporate tax return Form-22
On 14 January 2019, the Secretary of State for Fiscal Affairs of Portugal has approves the amendments to the Model 22 periodic income statement, its annexes and instructions for
See MoreItaly: Tax authority releases new WHT return form
On 15 January 2019, Italy’s tax authority issued a Protocol 10656/2019 approving the new electronic withholding tax (WHT) return Form-770/2019 along with instructions for fiscal year 2018. The form must be filed by 31 October
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