Ireland: Finance Minister publishes draft law regarding mandatory disclosure rules
On 17 October 2019, the Finance Minister published draft legislation as part of Finance Bill 2019 for the implementation of European Union (EU) Directive 2018/822 regarding mandatory disclosure and exchange of cross-border tax arrangements (DAC6)
See MoreChile: Finance Ministry and Finance Committee modifies tax reform packages
On 5 November 2019, the Finance Ministry and Senate Finance Committee made an announcement that they have come up with an agreement regarding important changes on tax reform package, which was approved by the Chamber of Deputies on 23 August 2019.
See MoreTransfer Pricing Brief: November 2019
SloveniaMain corporate income tax rate: Slovenia increased the corporate income tax rate from 19% to 20% with minimum tax rate 7% under the amendments of corporate income tax act. Special rules for hybrid instruments or entities: Slovenian
See MoreSpain launches a public consultation on DAC6 reporting requirements
On 21 October 2019, the Spanish Ministry of Finance has launched a public consultation on the draft regulation approving the model forms to be used in the context of the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on
See MoreVietnam clarifies the tax implications of interest income
On 24 October 2019, the Tax Authority issued an official letter (No. 80503 / CT-TTHT) explaining the tax implications of interest income on term loans. The letter clarifies that loan interest earned in Vietnam is subject to withholding tax. The
See MoreBosnia and Herzegovina signs MLI to implement tax treaty related BEPS measures
On 30 October 2019, Bosnia and Herzegovina signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). The countries involved in the Inclusive Framework are working towards implementation of the BEPS
See MoreDominican Republic: Executive Branch submits 2020 draft budget bill to the National Congress
On 1st October 2019, the Executive Branch sent 2020 draft budget bill to the National Congress the 2020 draft budget bill for its knowledge, discussion and approval. The bill proposes measures to extend the rules on interest deduction and
See MoreLuxembourg: Finance Minister presents draft budget law for 2020
On 14 October 2019, Pierre Gramegna, Luxembourg's Finance Minister, presented draft budget law 2020 to the Parliament. According to this law, advance tax rulings issued before 1 January 2015 will be automatically invalid as from the end of the
See MoreUkraine: National Bank reduces the interest rate from October 2019
On 24 October 2019, the National Bank of Ukraine decided to lower its key policy rate from 16.5% to 15.5% per annum with effect from 25 October 2019. The interest rate has a tax effect on the late tax payment interest and
See MoreUS: Treasury department issues regulations removing documentation requirements
On 31 October 2019, the US treasury department issued final regulations (TD 9880), repealing section 385, which sets out minimum documentation requirements that must normally be met in order for certain related-party interests in a corporation to
See MoreAustria: The upper house approves the tax on digital advertising
On 10 October 2019, the upper house of Austria's Parliament passed a digital advertising tax bill. The bill was approved by the Austrian lower house of Parliament on 19 September 2019. The Bill includes the following changes: Under the Digital
See MoreCyprus plans to implement EU Directive on mandatory disclosure rules by the end 2019
On 16 September 2019, the Cyprus Tax Department announced that the legislation implementing the EU Directive 2018/822 on mandatory disclosure requirements will be introduced before the end of 2019. The announcement confirmed that, for arrangements
See MorePeru extends capital gains tax exemption until 2022
On 24 October 2019, Peru issued Urgent Decree 005-2019 in the official gazette modifying Legislative Decree No. 30341. The Decree extends the exemption from tax on income from the sale of certain securities. The following values will be benefited
See MoreSouth Africa: Finance Ministry introduces Taxation Laws Amendment Bill 2019
On 30 October 2019, Finance Minister introduced Taxation Laws Amendment Bill 2019 (i.e. B18) in the National Assembly. This draft Bill amends the definition of rental income under section 25BB of the Income Tax Act, 1962. Under this Bill, rental
See MoreTurkey publishes General Communiqué on deferred interest rate
On 25 October 2019, the Revenue Administration of Turkey has published General Communiqué (Series: C, Serial No: 4) in the official gazette reducing the annual deferred interest rate on public receivables. The deferred interest rate for the
See MoreRussia reduces the Interest rate from October 2019
On 25 October 2019, the Russian Central Bank announced the decision to reduce the key rate from 7% to 6.5% with effect from 28 October 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
See MoreSlovenia approves amendments to the Corporate Income Tax Act
On 23 October 2019, the Slovenian government adopted amendments to the Corporate Income Tax Act. The amendments are following: The Corporate income tax is increased from 19% to 20%;A minimum corporate tax at a rate of 7% is introduced which
See MoreCyprus launches a public consultation regarding DAC6 to transpose into local law
On 22 October 2019, the Cypriot tax authorities launched a public consultation on draft legislation to implement DAC6 into local Cypriot law. The consultation is due to run until November 12, 2019. The draft legislation will then be subject to the
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