Romania enacts EU mandatory disclosure regime (DAC6)
On 28 January 2020, the Government of Romania has published Ordinance no. 5 of 28 January 2020 in the Official Gazette for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning
See MoreBulgaria: Finance Ministry publishes an Order to incentive purposes
On 30 January 2020, the Finance Ministry published Order No. ZMF-89 of 30 January 2020 regarding lists the municipalities with unemployment rates, which is used to provide tax incentives for manufacturing companies including complete corporate
See MoreVenezuela: Government publishes decrees regarding tax reform
On 29 January 2020, three decrees were published in the Official Gazette for introducing a new tax code, amending the VAT Law and customs Law. It was approved by the Constituent Assembly on the similar day. Withholding taxes due One of three
See MoreIreland: Tax Revenue publishes e-Brief No. 029/20 on “main benefit test” under DAC6 legislation
On 4 February 2020, the Tax Revenue published a manual, entitled “e-Brief No. 029/20”, relating to the “main benefit test. The manual has been updated to include a reference to the EU mandatory disclosure regime (DAC6), which comes into force
See MoreTransfer Pricing Brief: February 2020
FinlandRequirements-Rule: On 30 December 2019, Finnish President approved the Law 1559/2019 for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reporting requirements for cross-border tax planning arrangements.
See MoreUkraine: National Bank reduces the interest rate from January 2020
On 30 January 2020, the National Bank of Ukraine decided to reduce its key policy rate from 13.5% to 11% per annum with effect from 31 January 2020. The interest rate has a tax effect on the late tax payment interest and
See MoreThailand declares tax incentive for machinery investment
Thailand has published Royal Decree No. 690, which allows 50% deduction for investments in machinery between 1 September 2019 and 31 May 2020, with following conditions: The machinery is located in ThailandThe machinery has to be
See MoreEcuador: SRI publishes Resolution regarding temporary corporate income tax
On 29 January 2020, the Internal Revenue Service (SRI) published an Administrative Resolution in the Supplement of the Official Registry 131, which specifies the procedure for filing the tax return and the annual payment of the temporary tax for
See MoreItaly issues updated tax return forms with instructions for 2020
On 31 January 2020, the Italian Revenue Agency released instructions on procedure to comply with income tax return filing obligations during 2020. The Italian tax authority said the following changes have been incorporated into returns this year:
See MorePortugal: Draft bill to implement ATAD1 and ATAD2
On 30 January 2020, a draft bill was presented to the Parliament for the execution of the hybrid mismatch rules of the EU Anti-Tax Avoidance Directive and the Directive as amended (ATAD1 and ATAD2). This consists of measures to counter hybrid
See MoreOECD: consultation document on the review of CbC Reporting
On 6 February 2020 the OECD issued a consultation document inviting comments from interested parties on the review of the minimum standard on country by country (CbC) reporting under Action 13 of the project on base erosion and profit shifting
See MorePanama extends CbC reporting deadline and notification again
On 31 January 2020, Directorate General of Revenue of Panama has issued Resolution No. 201-1035 in the official gazette, which extends the deadline for filing the Country by Country Report (CbC) and the Notification as well. The Resolution
See MoreFrance: Tax authority publishes guidelines on the new provisions on abuse of law
On 31 January 2020, the tax authority published guidelines regarding the application of the new general anti-abuse rules (GAAR). This guide provides an extension of Article 6 of the EU Anti-Tax Avoidance Directive 2016/1164. It may also apply in
See MoreUK: Press Release on Diverted Profits Tax and Compliance Facility
An HMRC press release of 27 January 2020 noted that more than GBP 5 billion in extra tax has collected from large multinational companies since 2015 owing to the introduction of the diverted profits tax (DPT). The DPT was introduced in the UK
See MoreSaudi Arabia deposits MLI ratification instrument
On 23 January 2020, Saudi Arabia has deposited its ratification instrument for the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to Prevent Base Erosion and Profit Shifting, which was signed on 18 September 2018. Saudi
See MoreCyprus deposits MLI ratification instrument
The OECD announced that Cyprus deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 23 January 2020. Cyprus also submitted its MLI
See MoreIndia: Finance Minister presents Union Budget for 2020-2021
On 1st February 2020, Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. The budget includes the following key tax proposals: Abolishment of dividend distribution tax The budget proposes
See MoreUK: Statistics on Transfer Pricing and Diverted Profits Tax
On 27 January 2020 HMRC published statistics relating to transfer pricing and the diverted profits tax. HMRC had 441 full time equivalent staff working on international tax issues involving multinational groups in 2018/19, including transfer
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