India legislates Finance (No. 2) Act 2019
On 1 August 2019, India has published the Finance (No. 2) Act 2019 in the Official Gazette, which was approved by the president. The measures of the Act are in line with those presented as part of the Union Budget for 2019-20. Corporate tax
See MoreQatar publishes ministerial decision about CbCR in the official Gazette
On 17 June 2019, Qatar’s Ministry of Finance published Ministerial Decision No. 16 in the official Gazette implementing new obligations of country-by-country reporting (CbCR) requirement from 2018. The decision mainly clarifies about eligible
See MoreSouth Korea: MOEF proposes tax revision bill for 2019
On 25 July 2019, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed 2019 Tax Revision Bill to raise tax credit rate for corporate facility investments, R&D. The bill mainly focuses on boosting the
See MoreLithuania implements EU Directive on Dispute Resolution
On 11 July 2019, Lithuania has published Law No. XIII-2310 in the Official Gazette, which includes measures for the implementation Council Directive (EU) 2017/1852 of 10 October 2017. This includes rules to ensure effective resolution of
See MoreMalta updates NID Guidelines
On 11 July 2019, the Maltese Commissioner for Revenue has issued updated guidelines regarding the Notional Interest Deduction (NID) rules. The updated guidelines explains a number of factors including the determination of the reference rate, the
See MoreOECD: Bosnia and Herzegovina joins the inclusive framework on BEPS
On 10 July 2019 the OECD announced that Bosnia and Herzegovina has joined the Inclusive Framework on base erosion and profit shifting (BEPS). This means that a total of 131 countries and jurisdictions are taking part in the Inclusive Framework.
See MoreSouth Africa publishes draft taxation amendment bills 2019 for public comment
On 21 July 2019, the South African Revenue Service (SARS) and the National Treasury has published 2019 Draft Taxation Laws Amendment Bill (Draft TLAB) and the 2019 Draft Tax Administration Laws Amendment Bill (Draft TALAB) for public
See MoreGreece: Government announces a wide range of Tax Cuts
Following the recent victory in the countries general election, the new Greek Prime Minister has announced that the government wants to introduce a wide range of tax cuts in order to boost the economy after several years of lack of funding and
See MoreMalaysia: IRBM releases guidelines on restrictions to the deductibility of interest
On 5 July 2019, the Inland Revenue Board of Malaysia has published new guidance on restrictions to the deductibility of interest expenses. The restriction is provided under Section 140C of the Income Tax Act 1967 (hereinafter referred to as the
See MoreRussia reduces the interest rate from June 2019
Recently, the Board of Directors of the Bank of Russia decided to lower its key (interest) rate from 7.75% to 7.50% with effect from 17 June 2019. The key rate has an effect on the interest penalties, which increase together with the increased
See MoreAustria implements EU Directive on Dispute Resolution
On 22 July 2019, Austria has published the EU Financial Adjustment Act 2019 in the Official Gazette, which includes measures for the implementation Council Directive (EU) 2017/1852 of 10 October 2017. This includes rules to ensure effective
See MoreCosta Rica: MOF publishes draft resolution on advance pricing agreements (APA)
On 2 July 2019, the Ministry of Finance released a draft resolution providing rules on advance pricing agreements (APA) under the OECD transfer pricing guidelines. The resolution outlined the application procedures for approval, refusal, renewal
See MoreHungary: Parliament passes budget for 2020
On 12 July 2019, the Hungarian Lawmakers approved the 2020 budget. The budget targets revenue of 21,426.0 billion forints and expenditures of 21,793.0 billion forints, producing a deficit of 367.0 billion forints. Highlighted features of the
See MorePortugal approves amendments to the TP rules
On 19 July 2019, the Portuguese parliament approved Law No. 180/2019, which includes amendments to the country's transfer pricing (TP) rules. The new law changes the following rules: Abolishing the hierarchy in the selection of the transfer
See MoreAustralia issues final PCG and ruling on hybrid mismatch rules
The Australian Taxation Office has issued Practical Compliance Guideline (PCG) 2019/6 and Law Companion Ruling (LCR) 2019/3, related to the concept of structure arrangements in relation to Australia's new hybrid mismatch rules.
See MoreIreland introduces EU Directive on Dispute Resolution
Ireland has issued Statutory Instrument (S.I.) No. 306/2019 of 5 July 2019, that includes regulations for the purpose of giving effect to Council Directive (EU) 2017/1852 of 10 October 2017 on dispute resolution. The Directive
See MoreCosta Rica: Tax authority issues guidance on transfer pricing rules
On 26 June 2019, Costa Rican tax authority published the Resolution N° 41818-H in the Official Gazette that changes Income Tax Law regulation including transfer pricing obligations. The new Regulation defines persons as related persons who are
See MoreMalta introduces EU Directive on Dispute Resolution
On 12 July 2019, Malta has published regulations in the Official Gazette implementing Directive of European Union Council Directive (EU) 2017/1852 of 10 October 2017 on tax dispute resolution mechanisms into domestic law. The regulations came
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