US: Court of Appeals Withdraws Opinion in Altera case
On 8 August 2018 the US Court of Appeals (Ninth Circuit) announced that it was withdrawing its opinion of 24 July 2018 in the Altera Corp case, concerning the treatment of stock based compensation by related parties in a cost sharing arrangement
See MoreBulgaria: Council of Ministers approves draft Bill for amending income tax
The Council of Ministers approved a draft bill on October 10, 2018 and it have issued by the Finance Minister, Vladislav Goranov, on the Bulgarian Council of Ministers approved the draft bill issued by the Minister of Finance on 30 August 2018. The
See MoreUK: Online VAT pilot for Making Tax Digital
On 16 October HMRC announced that it has begun a new pilot scheme in connection with the Making Tax Digital (MTD) programme. The online value added tax (VAT) pilot will include around half a million businesses in the UK. This follows the first
See MoreUK: Report notes the effects of creative industries tax relief
A report issued on 9 October 2018 commissioned by the British Film Institute and entitled “Screen Business: how tax incentives help power economic growth across the UK” looks at the effect of tax relief on the film, television and video
See MorePakistan: SECP publishes requirements for companies to maintain record of all related party transactions
On 2 October 2018, the Securities and Exchange Commission of Pakistan (SECP) has issued SRO 1194(I)/2018 to introduce Companies (Related Party Transactions and Maintenance of Related Records) Regulations, 2018. These Regulations are applicable on
See MoreOECD: Global Forum publishes more peer review reports
On 15 October 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published a further seven peer review reports. These reports relate to Austria, Aruba, Bahrain, Brazil, St Kitts and Nevis, Singapore and the
See MorePhilippines: House of Representatives approves corporate tax reform bill
On 10 September 2018, the House of Representatives approved the Tax Reform for Attracting Better and Higher Quality Opportunities (Trabaho) bill 8083 (the Bill). Under the bill, the corporate tax rate will be gradually reduced by 2% every 2 years
See MoreEU: Progress on tax on digital companies
The head of tax for the European Commission has said in an interview on 10 October 2018 that details of a new tax on large technology companies could be agreed by the end of the year. Currently corporate income tax systems in the EU are based on
See MoreUK: Amendments to tax treaty with Serbia
The UK-Serbia bilateral tax treaty has been updated as a result of changes made under the OECD’s multilateral instrument (MLI) for inclusion into bilateral treaties of tax treaty related provisions from the recommendations on base erosion and
See MoreUK: Revisions to double tax agreement with Slovenia
The UK's bilateral double tax treaty with Slovenia has been updated as a result of changes made under the OECD’s multilateral instrument (MLI) for inclusion into bilateral treaties of tax treaty related provisions from the action plan on base
See MoreOECD releases 2017 global mutual agreement procedure statistics
On 10 October 2018 the OECD released the mutual agreement procedure (MAP) statistics for 2017. Under Action 14 of the action plan on base erosion and profit shifting (BEPS) recommendations were made on improving the effectiveness and timeliness of
See MoreIMF report considers the fiscal position of Japan
On 4 October 2018 the IMF released a report following the conclusion of talks with Japan under Article IV of the IMF’s articles of agreement. The IMF notes that Japan’s economy is growing above its potential but there are more downside risks
See MoreKazakhstan: tax amnesty for small business
On 5 October 2018 a tax amnesty was announced for small and medium enterprises (SMEs). The amnesty is expected to be implemented in 2019. Under the amnesty no fine or penalty is to be applied if the SME pays its tax due in full. Another measure
See MoreFinland publishes a bill on the new interest deduction limitation rules
On 28 September 2018, the government issued a bill on its final proposal to amend national rules on the deductibility of interest expenses under the EU Anti-Tax Avoidance Directive (2016/1164 / EU). According to proposal, the deductibility of net
See MoreDominican Republic joins BEPS inclusive framework
On 8 October 2018, the OECD announced that The Dominican Republic joined the Inclusive Framework on BEPS. As a member of the Inclusive Framework on BEPS, Dominican Republic will monitor implementation of the following four BEPS minimum standards:
See MoreIreland announces Budget for 2019
On 9 October 2018, the Budget for 2019 was presented to Parliament by the Minister of Finance. The summary of 2019 Budget measures are following: Corporate Tax Film Relief The scheme provides relief in the form of a corporation tax credit related to
See MoreNorway: Finance Minister presents National Budget 2019
The Minister of Finance, Siv Jensen, presented the draft National Budget 2019 on October 8, 2018 to the Parliament. The presentation of the budget will be followed by a cycle of parliamentary hearings and debates on the budget, which will last until
See MoreDenmark submits a bill to the parliament to transpose the EU Anti-Tax Avoidance Directives into Danish tax law
On 3 October 2018, the Danish Minister of Taxation submitted a bill to the parliament to transpose the EU Anti-Tax Avoidance Directives (ATAD 1 and ATAD 2) into Danish tax law. The proposals include the extension of the existing hybrid mismatch
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