OECD: Tax Inspectors Without Borders discuss improving tax audit capacities
On 3 November 2017 a discussion was held at the OECD on sharing experiences and improving best practices for tax audit. The results of the discussion are to be implemented in the programs of Tax Inspectors Without Borders (TIWB). TIWB was launched
See MoreTransfer Pricing Brief: October 2017
Zambia: Compliance-Corporate residence: On 29 September 2017, the Budget for 2018 was presented to the National Assembly by the Minister of Finance. The Minister proposes to revise the definition of residence for corporate tax purposes by
See MoreWorld Tax Brief: October 2017
Costa Rica Main corporate tax rate: Costa Rica Publishes Corporate Income new income tax brackets for the 2017-2018 tax year on 27 September 2017. Although the brackets are adjusted, the rates remain the same (30%). Consequently, small
See MoreMorocco: Draft Budget for 2018
The draft budget 2018 was presented to the Parliament on October 20, 2017. This draft Law is available in French language. The Economic and Finance Minister, Mr. Mohamed Boussaid, held a press conference regarding the Finance Bill 2018 on October
See MoreTaiwan: The Ministry of Finance publishes the CFC implementation rules
The Ministry of Finance has announced the implementation of CFC (controlled foreign company) rules on September 20, 2017. The main features of the CFC rules are summarized below: CFC definitions: Under the rules, a foreign company located in a
See MoreIndia: CBDT publishes rules for CbC reporting and Master File rule
On 1 November 2017, the Central Board of Direct Taxes (CBDT) has notified rules in respect of Country-by-Country reporting and furnishing of Master File. The significant features of the Country-By-Country Report and Master File rules are: The
See MoreBulgaria: NRA approves CbC reporting format and process
The Executive Director of the National Revenue Agency (NRA) approved the country by country reporting format and procedures on October 31, 2017, by Order No. ЗЦУ-1410. According to NRA, the ultimate parent entity, who is a resident for tax
See MoreBrazil: Government changes tax rules on the oil and gas tax industry
Brazil has published the National Congress Act 53 of 10th October 2017 in the Official Gazette for extending the Provisional Measure (PM) 795/2017 of 18th August 2017. Provisional Measure (PM) 795/2017 provided for the tax treatment of oil
See MorePakistan: FBR extends last date for filing tax returns up to November 15
The Federal Board of Revenue (FBR) has issued Circular No. 08 for extension in date of filing of income tax returns to 15 November 2017 from 31 October 2017 for salary persons and business individuals. Similarly, the date of filing of income tax
See MoreIndia: CBDT publishes the Final Rules for CbC reporting and the furnishing of the master file
On 31 October 2017, the Central Board of Direct Taxes (CBDT) published the Final Rules for country by country (CbC) reporting and the furnishing of the master file. The Final Rule contain a few administrative changes and clarifications. However, the
See MoreNorway: Government publishes tax proposal in Budget 2018
On 12 October 2017, the Norwegian Government published its proposal for the 2018 Fiscal Budget. The following tax measures are proposed in the Budget. The government has proposed to reduce the general corporate tax rate from 24% to 23% with
See MoreUS: IRS reminds tax preparers to renew PTIN
The Internal Revenue Service, on 26 October 2017, reminded the nation’s more than 727,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2018. All current PTINs will expire Dec. 31,
See MoreMalaysia introduces tax exemption on payment paid for offshore services
The Income Tax (Exemption) (No. 9) Order 2017 (Exemption Order) was published in the Federal Gazette on 24 October 2017. The Exemption Order excludes non-residents from payment of income tax in respect of certain categories of income derived from
See MoreUS: Senate approves multi-trillion -dollar budget
On October 19, 2017, the Senate approved a $ 1 trillion budget that Donald Trump has described as "the first step toward massive tax cuts" - a largely symbolic move that enables Republicans to pass the US tax code without a single Democratic
See MoreGreece: VAT compliant receipts to fight fraud
The Government has announced a monthly lottery on the basis of VAT compliant receipts issued to consumers for trying to reduce VAT fraud. From the last of October, every single VAT receipt issued in the country will display a unique number, which
See MorePoland: Draft bill amendment regarding tax deductibility of intra-group charges
Poland’s Public Finance Commission of the Lower Chamber of Parliament has debated and passed noteworthy changes of the current draft bill on 24th October 2017. Under the draft bill issued by the Government in July, tax deductibility of various
See MoreEl Salvador: Tax authority issues tax havens list for 2018
The Tax Administration of El Salvador issued an annual guide (Resolution No. DG-001/2017) on 28 September 2017. The guidelines set out a revised list of countries, states or territories that are considered to be preferential tax regimes, low or
See MorePoland: Decree on information regarding transfer pricing documentation
A decree on information to be included in statutory transfer pricing documentation concerning taxpayer transactions with related parties entered into force on 3 October 2017. It lays down a detailed content that must be included in the transfer
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