China updates foreign tax credit rules
The State Administration of Taxation of China has published Circular 84 of 28 December 2017 regarding the determination of foreign tax credits. According to foreign tax credit rules, resident companies and permanent establishments of non-resident
See MoreEU Finance Ministers to review tax haven blacklist
It is reported that the EU Economic and Finance Ministers (ECOFIN) will at their meeting on 23 January 2018 remove some countries from the EU’s blacklist of tax havens following commitments made by the countries to improve their tax policy. It has
See MoreUK: Increase in average length of tax investigations of large companies
It was reported on 15 January 2018 that recent figures from HMRC indicated an increase in the length of time taken to conduct tax investigations of large companies in the UK. In the year to 31 March 2017 the average length of time for investigations
See MoreWorld Bank presents proposals for improving tax collection in the Dominican Republic
A report issued by the World Bank on 17 January 2018 entitled Gearing up for a More Efficient Tax System in the Dominican Republic presents proposals for raising the level of tax collection. The report notes that tax is lost to a greater extent than
See MoreIMF report comments on the economic position of Croatia
On 16 January 2018 the International Monetary Fund (IMF) published a report following the conclusion of consultations with Croatia under article IV of the IMF’s articles of agreement. Croatia experienced its third year of positive economic growth
See MorePanama signs agreement for exchange of financial account information
On 15 January 2018 Panama signed the CRS Multilateral Competent Authority Agreement (CRS MCAA), the agreement for implementing the automatic exchange of financial account information under the Multilateral Convention on Mutual Administrative
See MoreThailand: Cabinet approves draft Transfer Pricing Act
On 3 January 2018, the Thai Cabinet approved the draft transfer pricing act following a public hearing held in July 2017 on the first draft Act that was approved in principle in May 2015. Subject to a legislative procedure and announcement, the
See MoreArgentina: AFIP publishes a Resolution to amend rules on capital gains tax of nonresidents
The Argentine Tax Authorities (“AFIP”) published General Resolution No 4190/2018 (“GR 4190”) on January 12, 2018 in the Official Gazette and issued it on January 11, 2018. As a result of the recent tax reform enacted through Law 27,430, a
See MorePhilippines: DoF releases the second package of the tax reform bill
The Philippines Department of Finance (DOF) released the second package of the tax reform on 9 January 2018, as part of the country's broader Comprehensive Tax Reform Program (CTRP). Under the Package Two, the DOF aims to lower the CIT rate from 30%
See MoreIMF report comments on economic position of Tanzania
On 10 January 2018 the International Monetary Fund (IMF) completed the final review of Tanzania’s economic performance under a program supported by the Policy Support Instrument (PSI). Recently Tanzania’s economy has had a mixed performance and
See MoreColombia issues regulations on CbC reporting notification requirement
The tax authority of Colombia (DIAN) published Decree 2120 of 15 December 2017 concerning the obligation for taxpayers to inform the tax authorities whether they are required to file the Country-by-Country (CbC) report. The CbC report filing
See MorePortugal: Requirements for the preparation and exchange of Country-by-Country Reports published
On 21 December 2017, Portuguese Orders number 383-A/ 2017 and 383-B/2017 were published in the Official Gazette. Order number 383-A/2017 approved form 55 containing the CbC report. Form 55 must be submitted electronically on an annual basis and
See MoreSpain amends the CbC reporting rules to align with EU Directive
On 30 December 2017, Royal Decree 1074/2017 amending the corporate tax rules and other provisions was published in the Official Journal. Royal Decree 1074/2017 amends, among other things, the Spanish CbCR rules in order to better align them with EU
See MoreHong Kong publishes a bill to implement transfer pricing documentation
On 29 December 2017, Inland Revenue (Amendment) (No. 6) Bill 2017 published in order to sets out rules on transfer pricing documentation including country-by-country reporting, and contains other measures to implement the minimum standards under
See MoreUS: IRS issues guidance for computing the “transition tax” on foreign earnings
On 29 December 2017, the Treasury Department and the Internal Revenue Service issued Notice 2018-07, which provides guidance for computing the “transition tax” under recent tax legislation enacted on Dec. 22, 2017. In general, newly-issued
See MoreUS: The Nation’s tax season will begin 29 January 2018
On January 4, 2018, the Internal Revenue Service announced that tax collection will begin on Monday, January 29, 2018, and taxpayers are reminded of certain tax credits that the refunds will not be available until the end of February. The IRS will
See MoreItaly: Approves budget Law for 2018
The Italian Budget Law for 2018 (Law no. 205 of 27 December 2017) published on 29 December 2017 and entered into force on 1 January 2018. Some of its most significant corporate tax measures are summarized below: Dividends: Dividends from
See MoreTaiwan: MoF increases dividends withholding tax rate
Taiwan's Ministry of Finance (MoF) has stated that, the withholding tax rate on dividends paid to nonresidents is increased from 20% to 21%. The withholding tax rate effects from 1st January 2018. Ministry of Finance further said that this standard
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