Portugal: Extended the import VAT reverse charge relief to all goods from 1 March 2018
Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. The system was introduced for a restricted list of goods, including cereals, wools and olive oil. It enables approved companies to postpone the cash payment
See MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreRussia introduces VAT on B2B foreign digital services from 2019
From 1 January 2019, Russia will introduce new value added tax (VAT) rules with respect to business-to-business (B2B) supplies of e-services provided to Russian customers. Russia introduced VAT liabilities on offshore providers of electronic
See MoreIncreased VAT Rate in South Africa from 1 April 2018
Beginning on 1st April 2018, the value added tax (VAT) rate is scheduled to increase to 15% from previous 14%. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply
See MoreIndia cuts the tariff on sugar exports to zero percent
On 21 March 2018, the government issued an official order stating that the government has abolished tariffs on exporting sugar from the current 20 percent to zero percent. The duty cut has been made to boost overseas sales, the release said. “In
See MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreItaly: launches public consultation regarding implementation measures for transfer pricing provisions
The Italian Ministry of Economy and Finance launched a public consultation on the implementation measures associated with the application of domestic transfer pricing provisions on 21 February 2018. The main purpose of the Draft Decree (supported by
See MoreKorea: Imposed limitation on expense deductions relating to hybrid financial instruments
The 2018 Tax Reform introduces a limitation on deductible expenses relating to hybrid mismatch arrangements as a commitment to implement the hybrid mismatch rules recommended by the Organisation for Economic Co-operation and Development’s. The
See MoreKorea: Increased noncompliance penalties on transfer pricing documentation requirement
Korea has increased noncompliance penalties on transfer pricing documentation requirement. Taxpayers who fail to file a Combined Report of International Transactions (CRIT) or file false information are subject to penalties of KRW10 million
See MorePoland extends the deadline for Transfer Pricing documentation
The Ministry of Finance (MoF) released the Regulation of the Minister of Finance of 14 March 2018 regarding the extension of the deadline for taxpayers to comply with certain transfer pricing documentation obligations on 15th March 2018 in the
See MoreColombia: New income tax return form for 2017
The Colombian national tax authority (DIAN) published a new income tax return form 110 for tax year 2017. The tax payers are obliged to file their income tax return electronically using form 110. DIAN has also published a revised informative
See MoreSingapore: New transfer pricing rules
Singapore Inland Revenue Authority published transfer pricing documentation rules and transfer pricing guidelines in February 2018. The major expansions of the transfer pricing rules are as follows: The arm’s length principle is aligned with
See MoreBrazil changes R&D tax incentives
Brazil released the National Congress Act No. 8 of 14 March 2018 in the Official Journal. The Act extends by 60 Days of Provisional Measure No. 810 of 8 December 2017. This act changes the tax incentive for IT companies investing in research and
See MoreKorea: Important changes in tax rules
The Korean Ministry of Strategy and Finance released amendments to the tax law on 13 February 2018. Key changes are following: The withholding tax rate will increase from 17% to 19% on the amount of compensation paid to hiring foreign entities.
See MoreDominican Republic: DGII modifies the income tax returns for legal entities
With effect from 21 September 2017, the Dominican Tax Administration (DGII) has requested all companies and entities, such as trusts, mutual funds and similar entities, to identify their respective ultimate beneficial owners pursuant to Law 155-07
See MoreOECD: Further guidance on attribution of profits to permanent establishments
On 22 March 2018 the OECD issued a report entitled “Additional Guidance on the Attribution of Profits to Permanent Establishments, BEPS Action 7”. This latest guidance follows the issue of a discussion draft on 22 June 2017 containing guidance
See MoreSlovenia deposited its instrument of ratification of the MLI
The OECD announced on 22 March 2018 that the multilateral monvention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI) will first enter into force on 1 July 2018, following Slovenia’s deposit of the fifth
See MoreSweden proposes a draft bill regarding corporate income tax changes
On 21 March 2018, the Ministry for Finance presented a proposal regarding new legislation within the corporate sector. The proposal comprises new rules on re interest deductions, financial leasing and a reduced corporate tax rate. The proposal is
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