India: GST Council approves proposal for new, simplified return filing
On 4 May 2018, The Goods and Services Tax (GST) Council accepted a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place The Finance Secretary said
See MoreArgentina: General Resolution 4227/2018 was published in official gazette
The Argentine Tax Authorities (“AFIP”) has published General Resolution 4227/2018 on April 12, 2018 in the official gazette. It is the regulation of the income tax on financial income obtained by beneficiaries abroad. This resolution was issued
See MorePakistan: Finance Minister presents the budget for 2017/2018
On 27 April 2018, the newly-appointed Finance Minister Miftah Ismail presented the 2018/2019 Budget to parliament. The following corporate tax measures are proposed in the Budget: Reduction in corporate tax rates: Reduce the corporate tax rates
See MoreWorld Tax Brief: April 2018
Japan PE rules: On 28 March 2018, Japan’s Diet enacted the tax reform plan for 2018 and changes the domestic PE definition in line with BEPS recommendations. The scope of the agent PE would be extended to effectively include commissionaire
See MoreChina introduces 7 tax cuts
On 25 April 2018, Chinese Ministry of Finance has declared 7 key measures to support SMEs and innovation. The measures include: Enterprises’ new purchase of R&D equipment worth less than RMB 5 million can be deducted for one time before
See MoreKazakhstan: State Revenue Authority announces introduction of TP documentation
The State Revenue Authority declared on April 25, 2018, about the introduction of a three-level method to transfer pricing documentation. The Kazakh President, signed a series of laws, including Law 122-VI on 25 December 2017 regarding transfer
See MoreJersey: Ministry of Treasury presents 2018 Budget to the States Assembly
The Minister for Treasury and Resources, Alan Maclean, has presented the Finance Budget Law 2018 and it will be effective from May 4, 2018. The Government had published the Draft Budget 2018 on October 3, 2017. The measures generally applicable as
See MoreSaudi Arabia: Amendments of Income Tax Law regarding Investment Tax on Natural Gas
Royal Decree No. M/70 dated 28 March 2018 (11-7-1439H) has been issued based on Saudi Arabia’s Council of Ministers’ resolution No. 369 dated 27 March 2018 (10-7-1439H) regarding investments in natural gas. Under the law following changes are
See MoreTransfer Pricing Brief: April 2018
US: Specific TP compliance: A specified national security contractor may submit an amended U.S. federal return and attach an amended Form 8975, prepared in accordance with Notice 2018-31, in order to supersede an already-filed Form 8975. To
See MoreSerbia: National Assembly ratifies the Multilateral Instrument (MLI)
On 19 April 2018, the National Assembly approved the law for the ratification of the multilateral convention to implement tax treaty related measures to prevent BEPS (MLI). The agreement will enable Serbia to implement international tax cooperation
See MoreFrance: Senate approves Multilateral Instrument (MLI)
On 19 April 2018, the Senate approved the multilateral convention to implement tax treaty related measures to prevent BEPS (MLI). The agreement will enable France to implement international tax cooperation initiatives, including the automatic
See MoreMexico: Government declares new decrees regarding Special Economic Zones
Mexico has declared two new decrees that providing for the initiation of two new special economic zones (SEZ) in States of Campeche and Tabasco, in the official Gazette. They are designed for where they are most needed, and to boost productive
See MoreFinland: Parliament adopts a bill aligned with EU Directive on Exchange of Information
On 6 April 2018, Parliament adopted a bill amending the relevant provisions of the Taxation Act in order to clarify the wording of the provisions of Council Directive (EU) 2016/881 of 25 May 2016 on administrative cooperation in the taxation of
See MorePhilippines: Draft corporate tax reform bill submits in the House of Representatives
Corporate tax reform bill (the Bill) was presented to the Philippine House of Representatives on 21st March 2018, which provides for graduated cuts in the corporate income tax (CIT) rate and the modernization of investment incentives, would level
See MoreItaly: Transfer pricing consultation responses published
On 5 April 2018, the Ministry of Economy and Finance published the responses received to the public consultation on transfer pricing legislation launched in February 2018. Comments and proposals are available on the website of the Ministry of
See MoreLuxembourg: Parliament adopts the new IP regime
On 17 April 2018, the Bill on a new IP regime adopted was by the parliament. This will enter into force with retroactive effect as from 1 January 2018. The IP regime introduces a new article 50 ter into the Income Tax Law (ITL) that provides for an
See MoreNew Zealand: Government releases R&D tax incentive discussion document
Government has announced its intention to introduce a research and development tax incentive in April 2019 to help more businesses undertake a greater amount of R&D on 19th April 2018. The Ministry of Business, Innovation and Employment, Inland
See MoreIndia: DIPP publishes notification on the procedure for startups to avail tax benefits
On 11 April 2018, the Department of Industrial Policy and Promotion (DIPP) has issued Notification to outline the procedure of application and criteria for a startup to be eligible to apply for tax relief. The Notification has come into effect from
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