Colombia changes rules of amortization of intangible assets
Colombian National Tax Authority (DIAN) has published a ruling regarding the application of amortization of intangible assets. In accordance with ruling, amortization method of an intangible must be decided based on the accounting rules, as long as
See MoreBelgian tax authority declared CbC reporting notification deadline
According to Belgian law enterprises that meet the country-by-country (CbC) thresholds requirement will have to provide the first CbC reporting notifications to the tax authorities by 30 September 2017. For this first year’s notification, an
See MoreSlovenia publishes detailed guidelines on CbC reporting
The Ministry of Finance (MoF) on 26 July 2017, issued detailed guidelines for Country-by-Country (CbC) reporting. The guidelines also include the form and instructions for submitting the CbC reporting notification and require the following essential
See MoreLatvia: Parliament passes new corporate tax law
The Latvian parliament passed a new corporate tax law on 28 July 2017. The law will enter into force on 1 January 2018. Unlike the current corporate income tax (CIT) regime, the proposed CIT regime is based on a cash-flow taxation model, which
See MoreIndonesia updates Form DGT-1 for non-resident taxpayers
Indonesian tax authority issued a Regulation PER-10/PJ/2017 that commences a new “certificate of domicile” standard for non-resident taxpayers and it is effective from 1 August 2017. According to the new Regulation, there are 2 types of
See MoreUK: HMRC confirms CbC reporting format for multinationals
On 15 August 2017, HM Revenue & Customs (HMRC) released guidance confirming the format and method of filing country-by-country (CbC) reports that are due in the UK. The UK follows the CbC reporting requirements of the Organisation for Economic
See MoreBulgaria: CbC reporting legislation adopted through significant changes to TSSPC
A Law on Amendment and Supplementation of the Tax and Social Security Procedure Code (TSSPC) was published in issue 63/04.08.2017 of the State Gazette. The country-by-country reporting (“CbCR”) legislation introduced by the Directive is
See MoreIMF report and selected issues paper looks at tax issues in China
On 15 August 2017 the IMF issued a report and selected issues paper following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China is continuing its transition to more sustainable growth with
See MoreUK: HMRC reveals details of employment remuneration tax avoidance schemes
HMRC has published details of tax avoidance schemes that are being used by employers, agencies and other intermediaries to avoid payment of income tax and national insurance contributions. These and other types of tax avoidance scheme are published
See MoreUK: HMRC to continue risk-based approach to PAYE filing penalties
HMRC notes in the August 2017 issue of its Employer Bulletin that it has reviewed the use of the risk-based approach to PAYE penalties for late filing and has decided to continue the same approach in the tax year from 6 April 2017. Late filing
See MoreMalta amendments fringe benefits rules
On 8 August 2017, the Minister for Finance (MoF) made amendments to Fringe Benefits Rules and Inland Revenue Department published a guide to provide explanations and instructions on the application of the Fringe Benefits Rules (SL 123.55). It
See MoreBelgium adopts draft bill to implement EU directives on automatic exchange of information
The Belgian parliament adopted the draft bill to implement the EU Directive 2014/107/EU for mandatory automatic exchange of information, on 20 July 2017 and the bill was published in the Belgian Official Gazette, on 11 August 2017. The Bill
See MoreBelgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreMalawi: New tax measures effective from July 2017
On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the
See MoreSaudi Arabia: Decree amending appeal procedure
Saudi Arabia issued Royal Decree No. M/113 of 25 July 2017 amending the country's income tax law with regard to penalties and appeals procedures. According to the Decree, the General Authority of Zakat and Tax is expressly given the power to impose
See MoreKorea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreLatvia: State Revenue Service announces CbC reporting regulations
The Latvian State Revenue Service (SRS) on 08 August 2017 announced the Country-by-Country (CbC) reporting regulations, which were approved by the Latvian Cabinet in July following an amendment to the Law on Taxes and Duties to require CbC reports.
See MorePakistan implements documentation and CbC reporting requirements
In Pakistan until 2016, no transfer pricing documentation was required under the Income Tax Ordinance (ITO). However, with effect from 1 July 2016, the Government has approved the new legislation to effectively implement the Country-by-Country
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