Finland: Ministry of Finance officially submits its budget proposal for the year 2019
On 9 August 2018, the Ministry of Finance officially submitted its budget proposal for next year 2019. The budget introduced changes to the CFC definition and applicable exemptions, including reducing the control threshold for a company that
See MoreNigeria: Areas where CCAs may conflict with domestic law
The Government has observed almost six years of significant efforts to align its domestic tax laws and regulations with international initiatives on modernization of its tax principles and enhancement of transparency and disclosure requirements.
See MoreGreece: Revenue Authority issues a Circular on the VAT deduction
The Public Revenue Authority has issued Circular 1155 of 1 August 2018 regarding the deduction of input VAT incurred before a late VAT registration. It follows from the combination of the provisions of Article 36 of the VAT Code and Article 10 of
See MoreBelgium: Ministry of Finance publishes decree on transfer pricing documentation penalties
On 2 August 2018, the Belgian Ministry of Finance published the Royal Decree of 29 June 2018 on administrative penalties for transfer pricing documentation. Taxpayers who do not meet the reporting and registration requirements for transfer pricing
See MoreUK: Statistics on transfer pricing and diverted profits tax
On 1 August 2018 HMRC released a document showing the latest statistics relating to transfer pricing and the diverted profits tax (DPT). The transfer pricing rules and the DPT are seen by HMRC as an important part of the range of measures in place
See MoreWTO: Momentum of World Trade Slowing in Third Quarter of 2018
The World Trade Organisation (WTO) issued its latest World Trade Outlook Indicator (WTOI) on 9 August 2018. This suggests that trade growth will be easing in the coming months, with a WTOI reading of 100.3 which is below the previous value of 101.8
See MoreWTO: Director General Comments on World Trade Report
At a meeting of the Trade Policy Review Body on 25 July 2018 the WTO’s Director General commented on the Trade Monitoring Report issued earlier in July 2018. The report covers the period from mid-October 2017 to mid-May 2018. The Director General
See MorePeru: Ministry of Finance publishes Legislative Decree on deductions for royalties and service fees
Peru's Ministry of Finance published Legislative Decree No. 1369 on 2 August 2018 regarding amendments in relation to deductions for royalties and service fees paid to non-residents. The amendment provides that royalties and service fees paid to
See MoreWTO Issues World Trade Statistical Review 2018
On 31 July 2018 the World Trade Organisation (WTO) issued its World Trade Statistical Review 2018. This looks at developments in world trade and analyses trade in goods and services. The review shows that in 2017 there was stronger growth in world
See MoreGhana changes several Tax Acts
On 1 August 2018, The Parliament of Ghana published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment)
See MoreColombia issues resolution on Local file and master file submission
CbC reporting requirement-Timing: On 30 July 2018, Resolution 40 of 26 July 2018 was published in the Official Journal. Accordingly, if a constituent entity is required to submit a specific transfer pricing form (form 120), the CbCR notification
See MoreVenezuela grants income tax exemption for hydrocarbon production activities
Venezuela has published Decree No. 3.569 of 1 August 2018 on August 2, 2018 in the Official Gazette. This Decree, removed income tax liability and give an exemption from the territorial and extraterritorial income obtained by Petróleos de Venezuela
See MoreCroatia: Parliament publishes incentive regime for R&D projects
The Parliament has published the Law on State Aid for Research and Development Projects on July 18, 2018. This Act provides for the implementation of state aid measures for R&D projects. This Law was entered into force on the eighth day after
See MorePeru: Published Amendments to the Transfer Pricing Provision in the Official Gazette
Peru published the Legislative Decree No. 1369 (the Decree) on 2 August 2018 in the Official Gazette. The degree amends the transfer pricing provision of the Income Tax Law in order to be aligned with the BEPS project. The main amendments to the
See MoreJamaica: TAJ publishes practice note on final version of transfer pricing agreement
Tax Administration Jamaica (TAJ) recently published the final version of a Transfer Pricing Agreement (TPA) Practice Note. The purpose of the Practice Note is to provide taxpayers and tax officials with guidance on transfer pricing agreements in
See MoreAustralia: ATO issues draft schedule concerning cross border related party financing arrangements
On 1 August 2018, the Australian Taxation Office (ATO) issued a draft Schedule 2 to PCG 2017/4 for public consultation. This guidance addresses the ATO’s compliance approach to taxation issues associated with cross border related party
See MoreAustralia: Improving the integrity of the thin capitalization rules
The Australian Government announced that it will implement two changes to improve the integrity of Australia’s thin capitalization rules in the 2018-19 Budget. The changes are: requiring entities to align the value of their assets for thin
See MoreWorld Tax Brief: August 2018
Austria CFC rule: On 11 July 2018, the Federal Council of Austria adopted the text of the Annual Tax Act 2018 as approved by the National Council (lower house) on 4 July. For the first time, Austria has introduced a comprehensive CFC regime.
See More