India: CBDT signed first bilateral APA with US
On 5 January 2018, the Indian Central Board of Direct Taxes (CBDT) signed the first bilateral advance pricing agreement (APA) with the United States. The CBDT has also indicated that there are many more bilateral APAs with the United States
See MoreMalaysia enacts Finance (No. 2) Act 2017
The Finance (No. 2) Act 2017 has been published in the Gazette on 29 December 2017, effective as of 1 January 2018. The Act includes certain measures of the 2018 Budget. The law introduces new rules requiring companies to inform the tax authority of
See MoreIndia: CBDT relaxed minimum alternative tax provisions for companies
The Central Board of Direct Taxes (CBDT) issued a press release stating that with effect from Assessment Year (AY) 2018-19, in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the
See MoreBrazil publishes provisional measure on special tax regime
Brazil's provisional measure 795/2017 was turned into Law 13.586 / 2017, as published in the Official Journal of 29th December 2017. Provisional Measure 795/2017, initially released on 18th August 2017, provides for the tax treatment of exploration
See MoreCroatia: Closing date of CbC report submission extends for first year
A notice regarding the submission of Country-by-Country (CbC) reports has been announced on 16 January 2017 by the Tax Administration. The authority announced that CbC reports submission deadline for the 2016 reporting fiscal year was extended to
See MoreUS: IRS releases directives on transfer pricing examinations
On 12 January 2018, the IRS Large Business and International (LB&I) division publicly released a set of five LB&I directives as guidance with respect for examinations of transfer pricing issues. Interim Instructions on Issuance of
See MoreAustralia: Final guideline on cross-border related-party financing arrangements
The Australian Taxation Office (ATO) has published the final Practical Compliance Guideline PCG 2017/4 on its compliance approach to cross-border related financing arrangements. The guidance explains how taxpayers can price related party loans to
See MoreUS: IRS updates information concerning country-by-country (CbC) reporting
On 18 January 2018, the IRS issued a release announcing updates and information regarding country-by-country (CbC) reporting requirements in the United States. Under the update list, IRS publishes new content on Country-by-Country (CbC) reporting
See MoreVietnam considers special tax for sweet drinks
The Ministry of Finance is proposing to levy a special consumption tax of 10% on sweet drinks to combat child and adult obesity rates. It is part of a ministry proposal to revise five tax laws, including a value-added tax (VAT), special consumption
See MoreUS: Government signs joint statement on exchange of country-by-country tax reports with France
On January 12, the IRS announced on its website that the US and French competent authorities would like to sign a joint statement to spontaneously exchange CbC reports submitted by their respective taxpayers. The Competent Authorities desire to
See MorePakistan: Government has withdrawn sales tax and customs duty on cotton imports
On 5 January 2018, the Economic Coordination Committee (ECC) of the Cabinet approved withdrawal of sales tax and customs duty on import of cotton effective from 8 January 2018. The ECC also granted approval for issuance of GoP Sovereign Guarantee
See MoreHong Kong signs AEOI agreement with France
According to an announcement published on 15 January 2018, Hong Kong has signed an agreement with France on the automatic exchange of financial account information in tax matters (AEOI). The Multilateral Convention on Mutual Administrative
See MoreUS: IRS issues additional guidance for computing the “transition tax” on foreign earnings
On 19 January 2018, the Treasury Department and the Internal Revenue Service issued additional guidance (Notice 2018-13) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax
See MoreSweden publishes CbC reporting threshold rules
The Swedish Tax Agency published a guidance on companies' country-by-country reporting (CbC) obligations with respect to short and extended tax years, and company divestments and restructurings on 15 January 2018. The guidance provides following
See MoreUK: Research on knowledge and use of VAT partial exemption
HMRC commissioned a telephone survey of almost two thousand VAT registered businesses representing 17 different industry sectors. The aim was to explore their knowledge and use of VAT partial exemption and to gain information on rates of VAT
See MoreUK: Research on small producers and importers of soft drinks
The introduction of an industrial levy on the production and import of sugary drinks was announced in the 2016 Budget and is to come into force in April 2018. In connection with the planned levy on sugary drinks HMRC commissioned research on small
See MoreIMF report recommends further reforms in Ethiopia
On 17 January 2018 the International Monetary Fund (IMF) issued a report following the conclusion of consultations with Ethiopia under article IV of the IMF’s articles of agreement. Ethiopia’s average annual GDP growth has been around 10% in
See MoreJamaica: TAJ revised the income tax return forms and due date
Tax Administration Jamaica wishes to advise that the deadline to file Final Income Tax Returns forms for the year of assessment 2017 has been extended until 15 March 2018. TAJ also stated that the revisions are improvements which will allow the
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