China: Tax reforms for 2018
China’s thirteenth National People’s Congress and the Chinese People’s Political Consultative Conference are holding meetings during 3 to 20 March, 2018. A number of regulatory and tax reforms have been announced. The tax reduction for 2018
See MoreSouth Africa: Revenue services announces for temporary use of old filing rules
The South African Revenue Service will temporarily permit taxpayers to report information on controlled foreign corporations (CFCs) under the old filing rules replaced in February. SARS replaced the old reporting schedule in February, which was
See MoreOECD: Tax disclosure rules for advisors and intermediaries
On 9 March 2018 the OECD has issued model disclosure rules requiring lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they set up for their clients to avoid reporting requirements
See MoreOECD: Third round of peer reviews on dispute resolution mechanisms
On 12 March 2018 the OECD released the third round of peer reviews relating to improving tax dispute resolution mechanisms to make them more timely, relevant and effective. Action 14 of the action plan on base erosion and profit shifting (BEPS) was
See MoreIndia: The deadline for multinationals to submit a master file and CbC report is 31 March
The due date for multinationals in India to furnish a country-by-country (CbC) report and masterfile for the accounting year 2016-17 is 31 March 2018. The master file must be submitted on Form 3CEAA. Part A of the form is required for all
See MoreIndia: CbC reporting changes made in Finance Bill 2018 as passed by the Lok Sabha
On 14 March 2018, the lower house of parliament (Lok Sabha) has approved the Finance Bill 2018 with modifications. One of the main changes includes by the bill is changes to the country-by-country (CbC) reporting and Master file requirements. The
See MoreQatar: New VAT regime will come from January 1, 2019
As a Gulf Cooperation Council (GCC) member state, Qatar is expected to introduce a harmonized VAT regime with a standard rate of 5% VAT from January 1, 2019. The introduction of VAT will be a positive step for the country as Qatari firms and
See MoreAustralia: Implementing the OECD Hybrid Mismatch Rules
The Australian Government announced in the 2016-17 and 2017-18 Budgets that it would implement the Organisation for Economic Co operation and Development’s (OECD) rules aimed at eliminating double non-taxation benefits from hybrid mismatch
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreBrazil releases Private Ruling regarding deduction of payments for certain Intra-group services
Brazil has recently released Private Ruling 1001 of 9 January 2018 regarding the deduction of certain cross-border payments to a foreign subsidiary, including strategic decision support, information management, risk management and management of the
See MoreUAE: New deadline for registration extended till April 30
The Federal Tax Authority (FTA) has made an announcement to advise businesses to take benefit from the FTA decision to waive administrative penalties for businesses until April 30, 2018, clarifying that the decision only covers late registration
See MoreLuxembourg publishes list of jurisdictions for exchanging CbC reports
On 20 February 2018, the Luxembourg Government published the Grand Ducal Regulation of 23 February 2018 containing the list of countries considered to exchange Country-by-Country (CbC) reports. The list includes 52 jurisdictions in respect of the
See MoreHong Kong introduces CbC reporting portal
On 5 March 2018, Hong Kong government announced that it has launched its country-by-country reporting portal. Hong Kong Ultimate Parent Entities of Reportable Groups (HK UPEs) can now file CbC Returns for accounting periods beginning between 1
See MoreHong Kong: Finance Secretary of SARS presents the Budget for 2018/19
On 28 February 2018, the Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po presented the Budget proposal for the country’s tax year beginning 1 April 2018. Major proposals with respect to tax and business
See MoreSouth Africa: The tax incentive for R & D is expected soon
On 2 March 2018, the Department of Science and Technology (“DST”) attended a meeting with the newly appointed Minister of Science and Technology (Ms Mmamoloko Kubayi-Ngubane) to discuss the tax incentives for research and development. A task
See MoreUS: IRS publishes interest rate for the second quarter of 2018
On 7 March 2018, The Internal Revenue Service announced that interest rates for overpaid and underpaid increased for the calendar quarter beginning April 1, 2018. The rates are 5% for both overpayments and underpayments by individuals, and 4% and 5%
See MoreBulgaria: E-filing is mandatory from 2018
The Bulgarian National Revenue Agency has declared that all declarations under the Corporate Income Tax Act (CITA), for which the filing obligation arises after December 31, 2017, are only submitted electronically. This is also applicable for annual
See MoreMalaysia: MIRB updates the form require to collect information for TP transactions
The Malaysian tax office (MIRB) has recently updated the form used by the tax authority to gather information from certain taxpayers in connection with their cross-border transactions to conduct a transfer pricing risk assessment. Certain taxpayers
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