US: IRS now accepting CbC reports
On 11 August 2017 the US IRS in its latest bulletin of news and information on country by country (CbC) reporting advised that parent entities of U.S. multinational enterprise (MNE) groups with $850 million or more of revenues in a previous annual
See MoreU.S. and Estonia sign an agreement on the exchange of CbC reports
According to an IRS announcement on its website, the competent authorities of the U.S. and Estonia have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreU.S. and Australia sign an agreement on the exchange of CbC reports
According to an IRS announcement on its website, the competent authorities of the U.S. and Australia have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreMalaysia to impose tourism tax from September 2017
The Malaysian government is going ahead with its tourism tax to be imposed from 1 September at a flat rate of MYR10 (USD2.33). Earlier it had been expected that the levy would apply from either July 1 or August 1; that it would be a progressive
See MoreLuxembourg: Government announces new intellectual property tax regime
Luxembourg has announced a new regime that offers a special tax incentive for certain income from intellectual property rights. On 7 August 2017, a bill of law proposing the introduction of a new Luxembourg intellectual property (IP) tax regime was
See MoreItaly: Deadline for 2016 Tax Return extended
The Decree of 26 July 2017 from the President of the Italian Council of Ministers was published in the Official Gazette on 28 July 2017. According to the Decree, the deadline to submit the annual tax return (corporate income tax (IRES), regional tax
See MoreGreece: Law 4484/2017 regarding TP documentation requirements publishes
The Law 4484/2017 entitled "Adaptation of Greek Legislation to the provisions of Directive (EU) 2016/881 and other provisions" was published in the Government Gazette on August 1, 2017. It harmonizes Greek legislation with the provisions of Council
See MoreBrazil publishes amended regulation on CbC reporting
Normative Instruction 1,722/2017 published in Brazil’s Official Gazette on 17th July 2017 amends Normative Instruction 1,681/2016 relating to guidance on CbC reporting. According to NI 1,722/2017, transitional provisions apply if a legal entity
See MoreIMF report comments on economic position of Japan
The IMF issued a report on Japan’s economic position on 31 July 2017 following the conclusion of discussions under Article IV of the IMF’s articles of association. The report notes that Japan’s economy is growing above potential with positive
See MoreUK: Changes to non-domiciled rules in Finance Bill (No 2) 2017
Changes to the UK non-domiciled rules that were excluded from the Finance Bill 2017 are to be included in the Finance Bill (No 2) 2017. The Bill is to be published and considered by parliament in September 2017 following the summer recess. Updated
See MoreChina plans to boost up foreign investment
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. On 28 July 2017, the decision was made at a State Council executive meeting presided over by Premier Li
See MoreRussia: New GAAR provisions in the Tax Code
The Russian parliament on 5 July 2017 approved a draft law (no. 529775-6) introducing a new general anti-avoidance rule (GAAR) into the Tax Code. The new law introduces a new Article 54.1 containing a definition of the limitations on the rights
See MoreRomania: Ordinance on mandatory electronic tax return filing published
Romania has published in the Official Journal of 2 August 2017- Regulation No 2326/2017, according to which tax returns will have to be submitted electronically to the National Agency for Fiscal Administration. Tax returns to be submitted
See MoreNigeria: Government clarifies 27 new industries and products to enjoy tax holiday under pioneer status
The Federal Government gave clarifications on August 9, 2017 regarding businesses that would qualify to enjoy pioneer status under the extra 27 new industries and products for inclusion in the list of “pioneer industries” and “pioneer
See MoreIndia: Tribunal decision on foreign exchange fluctuation gain or loss and arm’s length pricing
The Income-tax Appellate Tribunal in the case of ACIT v. Rajratna Metal Industries Ltd. held that a foreign exchange fluctuation gain/loss is an operating item and is not to be excluded for the purpose of computing the arm’s length price
See MoreUK: Draft guidance on corporate tax loss relief rules
On 31 July 2017 HMRC issued for public consultation draft guidance in relation to the reform to corporate tax loss relief rules. An amended draft of the relevant legislation on corporation tax loss relief was published on 13 July 2017 and this is to
See MoreUK: Updated draft guidance on corporate interest restriction
On 4 August 2017 HMRC issued for public consultation updated draft guidance in relation to the corporate interest restriction rules to be included in the Finance Bill (No 2) 2017. The latest draft guidance amends and updates the initial draft
See MoreSouth Africa: SARS releases draft taxation amendment bill for public comment
The National Treasury and the South African Revenue Service (SARS) published on 19 July 2017 for public comment the 2017 Draft Taxation Laws Amendment Bill (TLAB) and the 2017 Draft Tax Administration Laws Amendment Bill (TALAB). Together with the
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