Argentina: Tax Authority publishes Law 27541 for implementing tax reform 2020
On 23rd December 2019, Argentina published Law 27541 regarding Social Solidarity and Productive Reactivation in the Official Gazette, which contains measures on corporate income tax, personal income tax, dividend withholding tax etc. The Law was
See MoreGermany gazettes a law implementing EU directive on tax dispute resolution mechanism
On 12 December 2019, the German Official Gazette published a law implementing EU directive on tax dispute resolution providing a uniform mechanism to address tax treaty disputes among EU member states that meets the BEPS Action 14 minimum
See MoreGermany: Federal Ministry of Finance publishes a draft law with significant changes to TP rules
On 10 December 2019, Germany published a draft law implementing EU anti-tax avoidance directive. The Draft Law includes significant changes to the German transfer pricing rules. The following proposed changes have been taken place under the
See MoreLithuania: Parliament approves higher corporate income tax for banks
On 18 December 2019, Lithuanian lawmakers passed higher corporate tax for banks from January 2020. Higher corporate tax rate of 20% will apply to bank profit exceeding 2 million euros. Banks, like other legal entities in Lithuania, are now taxed at
See MoreFrance: Parliament adopts Finance Bill 2020
On 19 December 2019, The French parliament adopted the Finance Bill for the year 2020 but it is still require to review by the constitutional court. Provisions include in the Finance Bill are given below: Corporate Tax rate The draft Finance
See MoreIndia: President approves the tax amendment bill 2019
On 11 December 2019, the President of India passed the Taxation Laws (Amendment) Bill, 2019 which significantly reduced the corporate income tax rate for certain Indian companies. The main measures of the bill; Currently, domestic companies
See MoreJapan: Government announces tax reform plans for 2020
On 12 December 2019, the Japanese government announced tax reform plans for 2020 providing new tax incentives to promote investment. The tax reform includes incentives to invest in 5G wireless technology, including a 15% tax deduction for
See MoreOECD: Fiscal challenges of ageing populations for central and local government
On 4 December 2019 the OECD released a Working Paper entitled Population ageing and sub-central governments: long-term fiscal challenges and tax policy reform options. This looks at the taxation policy options for central and local governments in
See MoreOECD: Working Paper looks at tax autonomy of local government
An OECD Working Paper entitled Twenty years of tax autonomy across levels of government: measurement and applications was released on 4 December 2019. The paper notes that if a local or regional government can set its own tax bases, tax rates or
See MoreOECD: Report on Transfer Pricing in Brazil
On 18 December 2019 the OECD issued a report entitled Transfer Pricing in Brazil: Towards Convergence with the OECD Standard. This examines the differences between Brazil’s transfer pricing rules and the OECD transfer pricing guidelines with a
See MoreLuxembourg: Parliament approves budget law for 2020
On 19 December 2019, Luxembourg Parliament approved 2020 budget law which was presented by Luxembourg’s Finance Minister on 14 October 2019. According to the budget law, the advance tax rulings issued by the Luxembourg tax authorities before 1
See MoreEstonia: President signs a Law to ratify BEPS MLI
On 13 December 2019, Estonian President has signed a law for ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). On 4 December 2019, the Parliament ratified the MLI. Estonia must now deposit
See MoreOECD: Global Revenue Statistics Database
A publication issued by the OECD on 19 December 2019 explains the current scope of the Global Revenue Statistics Database. The database represents the largest public source of tax revenue data, and in 2019 with the addition of more African
See MoreUkraine: SFS explains about foreign exchange differences for transfer pricing purposes
Recently, the Ukraine State Fiscal Service (SFS) has explained about treatment of foreign exchange differences if controlled transactions meet the transfer pricing thresholds. Transactions are classified as controlled transactions if the annual
See MoreSOUTH KOREA: National Assembly approves Multilateral Instrument (MLI)
On 10 December 2019, South Korea's National Assembly has approved multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (MLI). After the ratification process, South Korea will need to deposit
See MoreNetherlands approves Tax Plan 2020
The Dutch Ministry of Finance has announced that the Senate has approved the 2020 Tax Plan on 17 December 2019; however the Dutch Government published the 2020 budget proposals on 17 September 2019. Some of the key changes from 1 January 2020
See MoreArgentina: AFIP declares further extensions to TP filing deadlines
On 16 December 2019, the Tax Authority (AFIP) announced further extensions to timeline to transfer pricing (TP) filing returns for the financial years ending on December 31, 2018. Previously, under General Resolution 4538/2019 of 30 July 2019
See MoreThailand: 15% withholding tax on interest payment
On 6 December 2019, Thailand has published Ministerial Regulation No. 353 in the Official Gazette regarding withholding tax (WHT) on interest payments to a resident mutual fund that required deducting 15% WHT. The WHT amount should remit to the
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