Saudi Arabia: GAZT approves the transfer Pricing Law
On 15 February 2019, the Board of Directors of General Authority of Zakat and Tax (GAZT) of Saudi published a resolution approving transfer pricing Bylaws as well as an additional FAQs document. The law consists of 26 articles, divided into 12
See MoreDominican Republic: DGII updates transfer pricing brochure
On 7 February 2019, The Dominican Republic’s Directorate General of Internal Revenue (DGII) published online brochure to update guidance on transfer pricing. The brochure makes a number of following changes on transfer pricing: Reporting
See MoreSweden: Proposal for the extension of the hybrid match rules submits for comments
On 1 February 2019, the Ministry of Finance has sent a memorandum on referral with a proposal to extend the so-called hybrid rules. The purpose of the rules is to prevent differences in countries legislation being used in cross-border arrangements
See MoreBelgium updates TP reporting penalties
On 8 February 2019, the Belgian Federal Public Service (SPF) Finance published Circular Letter No. 2019/C/14 regarding penalties due if a taxpayer fails to fulfill its transfer pricing (TP) reporting obligations. The Circular Letter is an annex to
See MorePortugal legislates law on automatic exchange of financial information
The Assembly of the Republic of Portugal adopted Legislative Decree 17/2019 on 14 February 2019. The law amends the current implementation of the rules governing the automatic exchange of information in tax matters under Council Directive 2014/107 /
See MoreKenya simplifies the taxation of non-tax profits distributed as dividends
On 8 February 2019, the Kenya Revenue Authority (KRA) published a notice clarifying the new measure introduced by the Finance Act, 2018. The Act introduced a new corporate rate on untaxed gains or profits from which dividends are distributed with
See MoreOECD: Consultation document on tax challenges to the digital economy
On 13 February 2019 the OECD’s Inclusive Framework published a consultation document on issues relating to the tax challenges of digitalisation of the economy. This follows the publication on 29 January 2019 of a Policy Note and the agreement of
See MoreColombia: DIAN publishes transfer pricing return and other forms for 2019
On 15 January 2019, Directorate of Taxes and National Customs (DIAN) of Colombia published Administrative Regulation 000004 of 2019 to provide the following form for filing a 2019 tax return: Informative transfer pricing return (Form 120);
See MoreBrazil: RFB updates TP rules on import transaction and commodities
On 29 January 2019, the Brazilian Federal Revenue Department (RFB) issued Normative Instruction (NI) 1870/2019 amending NI 1312/2012 effective as of calendar year 2019. The amendments are mainly related to import transaction and commodities and some
See MorePortugal legislates the Budget Law for 2019
On December 31, 2018, Portugal published 2019 budget law (No.71/2018) in the official gazette and generally applies as from 1 January 2019. The budget law includes changes to income tax law and other taxes. The budget law include the following
See MoreUK: Consultation on stamp duty land tax surcharge for nonresidents
The UK government issued a consultation document on 11 February 2019 in relation to a Stamp Duty Land Tax (SDLT) surcharge on non-UK residents who purchase residential properties in England and Northern Ireland. This surcharge would apply where
See MoreSpain introduces law on digital service tax
On January 25, 2019, a bill on the digital service tax was published in the law sheet of the Spanish legislature. If adopted, it is expected that the bill will be applied in the second half of 2019. The digital services tax would apply to taxpayers
See MoreCroatia: Finance Minister declares related party interest rate for 2019
The Croatian Minister of Finance, referring to National Gazette 118/2018 of 27 December 2018, has declared to reduce the interest rate on loans between related parties from 4.55% to 3.96% per annum. The reduction of so called the arm’s length
See MoreIMF discussion note looks at tax rises necessary to achieve SDGs
An IMF staff discussion note issued on 25 January 2019 entitled “Fiscal Policy and Development: Human, Social, and Physical Investments for the SDGs” examines the tax rises needed in emerging economies and less developed countries to make the
See MoreWorld Tax Brief: February 2019
Colombia Main corporate tax rate: On 28 December 2018, Colombia enacted the Tax reform bill for 2019. The Tax Reform reduces the corporate income tax (CIT) rate from 33% in 2018 to 32% for 2020, 31% for 2021 and 30% for 2022 and onwards. The 4%
See MoreUK: Date of Spring Statement Announced
The Spring Statement is to be announced on 13 March 2019. The Spring Statement is a response by the UK government to the economic forecast by the Office for Budget Responsibility and gives the government a chance to comment on the direction of the
See MoreBelgium: Parliament approves new restriction on interest deduction
On 31 January 2019, the parliament of Belgium approved legislation implementing the 30% of Earnings before interest, tax, depreciation and amortization (EBITDA) restriction on interest deduction to 1 January 2019. The restriction is according to the
See MoreHong Kong: IRD plans to close voluntary filing of CbC report from 1 April 2019
On 1 February 2019, Hong Kong Inland Revenue Department (IRD) announced that effective from 1 April 2019, the department will not accept voluntary filing of a CbC Return for an accounting period ended on or before 31 March 2018. Under section 58E(2)
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