Denmark: Tax authority publishes press release on CbC reporting
The Danish tax administration circulated a press release (No. 17-1975627) on country-by-country (CbC) reporting on 21 December 2017. The press release instructs the Danish companies (multinational group with a turnover of DKK 5.6 billion) to file a
See MoreMalta adopts new regulations concerning CbC reporting
On 6 December 2017, the Finance ministry adopted the Regulations concerning the cooperation with other countries on tax issues. It introduces the idea of "beneficial owner" who is an individual owns or controls the customer. For an entity, the
See MoreIMF report comments on the economic position of Nigeria
On 22 December 2017 the International Monetary Fund (IMF) issued a report on Nigeria following consultations under Article IV of the IMF’s articles of agreement. Economic activity expanded at an annual rate of 1.4% in the third quarter of 2017,
See MoreUK: Draft VAT Notice and Legislation on Making Tax Digital
On 18 December 2017 HMRC published draft VAT regulations, a draft explanatory memorandum and draft VAT Notice, for consultation. The regulations relate to the introduction of Making Tax Digital (MTD). Comments from interested parties are invited by
See MoreIMF report looks at the UK economy
On 20 December 2017 the International Monetary Fund (IMF) published on its website a report following consultations with the UK under Article IV of the IMF’s articles of agreement. The IMF report notes that owing to the aging population in the UK
See MoreWorld Bank: Project to improve tax collection in Latvia
A press release of 18 December 2017 announced that the World Bank is to assist Latvia’s tax administration to increase tax collection by improving revenue mobilization and reducing compliance costs. The project is partly financed by the European
See MoreAustralia: New guidance on DPT
On 18 December 2017, the Australian Taxation Office (ATO) published a draft law companion guideline (LCG) 2017/D7 on Diverted profits tax (DPT) for public consultation. The draft Guideline addresses Schedule 1 to the Treasury Laws Amendment Act 2017
See MoreNetherlands: MoF publishes an overview of tax changes for 2018
The Ministry of Finance (MoF) provides an overview of the most important tax changes as of January 1, 2018, which were approved by parliament on 19th December 2017. It concerns changes in the field of income tax, payroll tax, gift and inheritance
See MoreGreece: Capital gains tax on immovable property suspends for another year
The government on December 20, 2017, announced that it was adding an amendment to a tabled draft justice ministry bill to extend the suspension of the tax measure. Previously, it had been announced that it would take effect in 2018. The current
See MorePortugal: Cabinet approves the Budget for 2018
On 27 November 2017, the Portuguese cabinet approved the Budget proposal for
See MoreChina: New guidance of CbC reporting
On 19 December 2017, China’s tax authority issued a public notice No. 46 clarifying country-by-country (CbC) reporting matters, that illustrate certain provisions of country-by-country (CbC) reporting will not apply for the CbC report for
See MoreOECD: Tax Talk Summarizes Progress on Tax Topics
On 15 December 2017 the OECD gave an online Tax Talk to summarize the progress made on the various ongoing tax initiatives. Harmful Tax Practices Peer review reports on the exchange of tax rulings were published in December 2017. More than 10,000
See MoreChile: Tax authority publishes list of Jurisdictions with preferential tax regime
The Internal Revenue Service (Servicio de Impuestos Internos - SII) of Chile published a Resolution No. 124 of December 19, 2017 regarding list of jurisdictions that are considered to have a preferential tax regime or zero or low taxation. The list
See MoreJapan issues tax reform plan for 2018
The ruling Liberal Democratic Party of Japan accepted a tax reform package on 14 December 2017. Based on the draft, a tax reform bill (The Bill) will be drafted. The bill will be submitted to Parliament and is expected to enter into force by the end
See MoreZambia: MoF approves amendments in transfer pricing regulation
The Minister of Finance (MoF) is set to approve changes in transfer pricing rules, including procedures for the valuation of the transfer pricing transactions between related entities and allow for taxable income adjustments and documentation
See MoreLatvia changes taxable base for social security contributions in 2018
The Cabinet of Ministers of Latvia has adopted a regulation amending the ceiling of the taxable base cap for social security contributions. Under this Regulation, the annual taxable base (income) cap per employee for social security contributions is
See MoreDenmark publishes updated threshold tables for corporate tax purposes for 2018
Rrecently, the Danish Ministry of Taxation has published updated threshold tables for corporate tax purposes for 2018. For corporate tax purposes, the only change is an increase in the carried forward loss offset limit from DKK 8.025 million to DKK
See MoreIrish Revenue extends CbC reporting deadline
Ireland’s Country-By-Country (CbC) Reporting filing obligations are contained in Section 891H of the Taxes Consolidation Act 1997 and the Taxes (Country-by-Country Reporting) Regulations 2016. The first CbC Reports are due to be filed by relevant
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