Sweden publishes draft law to implement DAC6 reporting requirement
On 6 December 2019, the Swedish Ministry of Finance has published draft law on implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning arrangements (DAC6). This includes measures to require
See MorePeru: SUNAT issues report on interest deduction limitations
On 29 November 2019, the Peruvian Tax Administration (SUNAT) has published Report No. 171-2019-SUNAT/7T0000 on its website regarding exception for the taxpayers engaged in public infrastructure projects, public services and applied research and
See MoreGreece: Parliament adopts tax reform measures
On 6th December 2019, Greek Parliament approved tax reform bill (Law 4646/2019), which contains several measures regarding corporate income tax, personal income tax, withholding tax rates, the participation exemption for capital gains
See MoreNigeria: House of Representatives passes Finance Bill 2019
On 28 November 2019, the House of Representatives passed the Finance Bill 2019. It was passed its third reading by the National Assembly on 21 November 2019. Major proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate
See MoreIreland: Revenue publishes eBrief No. 202/19 regarding capital loss treatment
On 5th December 2019, the Irish Revenue Commissioners published eBrief No. 202/19 regarding guidance on the treatment of allowable losses for Capital Gains Tax (CGT) purposes. Under the eBrief No. 202/19, Tax and Duty Manual Part 19-02-05 has been
See MoreBulgaria: Government publishes Law on Amendments to the Corporate Income Tax Act
On 6 December 2019, Law on Amendments to the Corporate Income Tax Act was published in the Official Gazette and it was adopted by the National Assembly on 21st November 2019. Similar amendments in Controlled Foreign Company (CFC) and transfer
See MoreRussia updates CFC notification form
On 18 November 2019, the Russian Federal Tax Service published updated controlled foreign company (CFC) notification form with e-filing instruction. This form applies from 1 January
See MoreRussia: Tax Dispute Resolution Peer Review
On 28 November 2019 the OECD published a stage 1 peer review report on the Russian Federation’s compliance with the minimum standard on tax dispute resolution under Action 14 of the project on base erosion and profit shifting (BEPS). The
See MoreIndonesia expands tax incentives for more corporate sectors
On 12 November 2019, the government issued Regulation No. 78 Year 2019 which expanded the tax incentive program for more business sectors. The regulation entered into force on 13 December 2019. The regulation provides income tax facilities for
See MoreWorld Tax Brief: December 2019
DenmarkPE rules: On 6 November 2019, the Danish Minister of Taxation published a bill L.48 on international taxation. The bill proposed to change the domestic PE definition in order to align with the new definition in Article 5. CFC rules:
See MoreGeorgia adopts updated OECD transfer pricing guidelines
On 2 December 2019, the Ministry of Finance issued Decree No. 366 amending the country's transfer pricing legislation. The new decree updates the reference to the 2010 OECD transfer pricing guideline, providing that the 2017 version should
See MoreChina: Tax dispute resolution peer review report
On 28 November 2019 the OECD published a stage 1 peer review report commenting on China’s compliance with the minimum standard on tax dispute resolution under Action 14 of the project on base erosion and profit shifting (BEPS). The
See MoreEcuador: Tax Policy Committee issues Resolution on tax incentives for micro and Small business
On 26 November 2019, the Tax Policy Committee published Resolution CPT-RES-2019-005 regarding the application of tax incentives in case of micro and small enterprises, which entered into force on the similar day of its publication in the Official
See MoreBrazil: Tax Dispute Resolution Peer Review Report
On 28 November 2019 the OECD published a stage 1 peer review report on Brazil’s compliance with the minimum standard on tax dispute resolution under Action 14 of the project on base erosion and profit shifting (BEPS). The peer review report
See MoreTransfer Pricing Brief: December 2019
DenmarkDocumentation-Deadlines: On 6 November 2019, the Danish Minister of Taxation published Bill no. L 48 on international taxation. Accordingly, transfer pricing documentation must be submitted to the tax authorities no later than 60 days
See MoreUS: IRS and treasury issue final regulations on the foreign tax credit
On 2 December 2019, the Internal Revenue Service issued final regulations on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign
See MoreLithuania: Parliament adopts draft bill to increase tax rate and threshold for corporate
In October 2019, the Lithuanian parliament adopted two draft bills that would increase the threshold for cash accounting and increase the corporate tax rate. The bill no. XIIIP-4115 which contains amendments to increase threshold for using cash
See MoreIndia: Parliament passes Taxation Laws (Amendment) Bill, 2019
On 5 December 2019, the upper house of parliament passed the Taxation Laws (Amendment) Bill, 2019. The bill was passed by the Lok Sabha (Lower house) on 2 December 2019. The bill repeals The Taxation Laws (Amendment) Ordinance, 2019. The bill also
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