Iceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MoreBulgaria: Multilateral Competent Authority Agreement signs for exchange of CbC reports
Bulgaria has signed the Multilateral Competent Authority Agreement (MCAA) on November 17, 2017 for the exchange of country by country (CbC) reports under action 15 of the OECD’s BEPS
See MoreOECD: 2017 edition of the Model Tax Convention released
On 18 December 2017 the OECD released the 2017 edition of the Model Tax Convention. This edition incorporates measures outlined in the final reports from the action plan on base erosion and profit shifting. The new edition reflects work on BEPS
See MoreOECD: second round of peer reviews on tax dispute resolution mechanisms
On 15 December 2017 the OECD issued the second round of analyses of individual country measures on improving dispute resolution mechanisms. This second batch consists of seven peer review reports and represents more stage 1 evaluations of the
See MoreUK: Withholding tax on payments for intellectual property used in the UK
On 1 December 2017 the UK published a consultation paper on extending royalty withholding tax in relation to connected persons not resident in the UK. Comments are invited from interested parties with a submission deadline of 23 February 2018. It
See MoreIMF: Report comments on economic and fiscal position of Hong Kong SAR
On 29 November 2017 the International Monetary Fund (IMF) published a report on its website following consultations with the Hong Kong Special Administrative Region (SAR) of China under Article IV of the IMF’s articles of agreement. The Hong Kong
See MoreNew Zealand: A tax bill to counter tax avoidance introduces into Parliament
On 6 December 2017, a tax bill to counter tax avoidance has been introduced into New Zealand’s Parliament by multinational companies and Minister of Revenue also published its commentary on the bill. Most provisions would enter into effect July
See MorePortugal: Country-by-country reporting form approved
Portugal’s country-by-country reporting Form 54 has been approved by Order No. 367/2017 on11 December 2017. The form must be submitted electronically every year in respect of fiscal periods starting as from 1 January 2016 within 5 months after the
See MoreKorea passed the budget for 2018
The Government passed the 2018 budget on 6 December 2017. Under the budget, the threshold of the new highest corporate income tax rate of 25% has been increased from KRW 200 billion to KRW 300 billion. A 10% local income tax surcharge is also
See MoreItaly: Updates definition of permanent establishment
The Italian Senate approved the draft Budget Law for 2018 on 30 November 2017. The draft illustrated the definition of the domestic permanent establishment (PE) as per the definition proposed by the OECD in the BEPS Action 7 Final Report. The draft
See MoreFrance: Country-by-country reporting
On 5 December 207, the French tax authorities released a new rule regarding the country-by-country (CbC) reporting obligations provided for by article 223 quinquies C of the French General Tax Code. According to OECD guideline jurisdictions
See MoreItaly: CbC reporting requirements
The Italian Tax Authorities (ITA) issued a Protocol No. 275956 of 28 November 2017, regarding the change in the CBC reporting requirements. The Protocol instructs further implementation rules regarding the Law 208 issued on 28 December
See MoreIMF: Report comments on the economic and fiscal situation of Tanzania
On 12 December 2017 the International Monetary Fund (IMF) issued a report following discussions with Tanzania under Article IV of its articles of agreement. A Policy Support Instrument (PSI) program was approved in 2014 and the IMF report notes
See MoreIMF: Report comments on economic and fiscal situation in Mozambique
On 14 December 2017 the International Monetary Fund (IMF) published a report following consultations with Mozambique under Article IV of the IMF’s articles of agreement. The report notes that fiscal consolidation is essential for the recovery of
See MoreIMF: Report comments on the economic and fiscal situation in Bulgaria
On 14 December the International Monetary Fund (IMF) published on its website a report on the economic and fiscal situation in Bulgaria following consultations under Article IV of the IMF’s articles of agreement. The report notes that a strong
See MoreWTO: Decisions issued by Ministerial Conference
The eleventh Ministerial Conference (MC11) of the World Trade Organization (WTO) closed on 13 December 2017 and decisions were issued on some issues. Fisheries Subsidies The WTO members agreed to pursue negotiations with the objective of reaching
See MoreUK: Scotland introduces changes to income tax rates
On 14 December 2017 Scotland’s Finance Secretary announced the draft Scottish budget for 2018-19. The main points relating to taxation are as follows: The basic rate of income tax has been frozen at 20%, but a new intermediate rate of 21% will
See MoreFrance: Parliament approves the first Amending Finance Bill for 2017
The French Parliament has approved the first Amending Finance Bill for 2017 that was validated by the French constitutional court. The administrative guidelines on temporary surcharge of large companies were released on 8 December 2017. This Bill
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