Luxembourg updates list of jurisdictions for exchanging CbC reports
On 27 January 2020, Luxembourg Ministry of Finance published Grand-Ducal Regulation of 24 January 2020 amending Grand-Ducal Regulation of 13 February 2018. The Regulation updates the list of jurisdictions for exchanging Country-by-Country (CbC)
See MorePuerto Rico amends income tax law for deduction of intercompany charges
Recently, Puerto Rico has amended Section 1033.17(a)(17) of the Puerto Rican Internal Revenue Code of 2011 regarding intercompany expense allocation. Previously there was a disallowance of 51% of intercompany charges. According to the amendment,
See MoreOECD: Statement by the Inclusive Framework on Tax Challenges of the Digital Economy
A statement by the Inclusive Framework on base erosion and profit shifting (BEPS) released on 31 January 2020 noted that the international community will continue working on a long-term consensus-based solution to the tax challenges of the digital
See MoreGreece: Public Revenue Authority publishes frequently asked question on CbC Report
On 23 January 2020, the Public Revenue Authority released frequently asked question (FAQ) document in English providing the elaborate description of country-by-country (CbC) reporting, including the format of CbC report, local filing obligations,
See MoreBosnia and Herzegovina: Government adopts Law on Profit Tax
On 16 January 2020, Government adopted the amendment in Law on Profit Tax. The Law proposed to exclude leasing companies from the interest deduction limitations provisions. On the other hand, this Law stated that income statements are not necessary
See MoreCzech Republic: Government publishes final draft Bill of DST in Parliament
On 22 January 2020, the final draft Bill regarding the digital service tax (DST) was published in the Parliament. This Bill proposed to introduce a single digital tax of 7% for companies with a global revenue thresholds of EUR 750 million and
See MorePanama introduces CbC registration process via AEOI portal
The FATCA & AEOI Portal of Panama's Directorate General of Revenue (DGI) is now accepting registration for Country-by-Country (CbC) report presentation and notification purposes, as well as for FATCA and CRS purposes. The CbC reporting
See MoreUkraine: Parliament adopts draft law on amendments to the Tax Code
On 16 January 2020, the Ukrainian Parliament adopted Law No 1210 on amendments to the Tax Code of Ukraine with regard to improvement of tax administration, elimination of technical and logical discrepancies in tax legislation. The important
See MoreDenmark publishes Law and Executive Order to implement DAC6 reporting requirement
On 27 December 2019 and on 31 December 2019 Denmark published Law and Executive Order, simultaneously, for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning arrangements (DAC6). This
See MoreIceland: MLI enters into force
On 1 January 2020, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Iceland. On 26 September 2019, Iceland deposited its instrument of ratification for
See MoreDenmark: National Tax Court publishes a decision on the scope of controlled transaction
On 3 January 2020, the National Tax Court published a decision regarding a Case dealing with controlled transactions that "transactions" also include a provision where there is a capital reduction in a company, which is carried out by a reduction
See MoreFrance: Finance Minister announces suspension of DST collection for a year
On 22 January 2020, the Finance Minister declared that French government has agreed to suspend collection of its digital services tax (DST) until December 2020.
See MoreSouth Africa: President signs five revenue related Bills into Law
On 21 January 2020, the National Assembly released a Media Statement, which provides that on 13 January 2020, President, Cyril Ramaphosa, signed into law five different revenue related bills. These bills, which have now been promulgated include the
See MoreFrance and the US agree deal on digital tax
Following talks with the US on taxation of digital companies France has agreed to stop delay collection of its planned digital tax, although the liability for the tax will still accrue. France is planning to impose a 3% digital services tax on
See MoreZambia: Parliament enacts Tax Amendment Act 2020
On 27 December 2019, Zambian Parliament has enacted the Tax Amendment Act 2020 regarding the decree of the National Budget 2020. Income tax amendment is included in Act No. 15 of 2019 which is effective from 1 January 2020. The amendments regarding
See MoreDominican Republic: DGII issues transfer pricing documentation thresholds for 2020
On January 15, 2020, Directorate General of Internal Revenue (DGII) published the Transfer pricing (TP) reporting threshold for 2020. The related party transaction threshold for transfer pricing reporting purposes in 2020 is DOP11,552,402. The
See MorePoland publishes decree deferring new withholding tax requirement to 1 July 2020
On 30 December 2019, a decree was published in the Journal of Laws of the Republic of Poland, which further postponed the application of the most important change to the new withholding tax system (WHT). According to the decree, withholding
See MoreCanada: Reminder for the CbC reporting form submission process
On 9 January 2020, Government announced that as from 1st June 2020, Canadian ultimate parent entities that are corporations must file the RC4649 electronically using EFILE or Web Access Code (WAC). It will be available through CRA-T2-certified
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