Colombia: New tax penalties regime
The National Tax Authority (DIAN) pronounced on the following issues related to tax penalties, in particular the application of the principles of proportionality, harmfulness, gradualness and favorability, on 17 March 2017. Article 640 of the Tax
See MoreColombia: Procedure to request for amending tax returns
According to the decision 20960 of 2017, the Tax Court pronounced on the rules that must be followed by the National Tax Authority (DIAN) when analyzing taxpayers' requests for amending tax returns. Taxpayers may apply for amendment to a tax return
See MoreOman: Treatment of withholding tax on dividends
On 20 March 2017, the Capital Market Authority of Oman issued Circular E/3/2017 clarifying the application of withholding tax on dividends recently introduced by way of Royal Decree 9 of 26 February 2017. The circular clarifies that the withholding
See MoreCanada: The Province Budget 2017-18 for Saskatchewan issued
The Minister of Finance has presented the province’s fiscal 2017–18 budget for Saskatchewan on 22nd March 2017. This budget meets the challenge the Government of Saskatchewan is facing by controlling and reducing spending, modernizing and
See MoreUS: IRS releases annual report on advance pricing and mutual agreement program for 2016
The IRS has issued its annual report on advance pricing agreements (APAs) and the Advance Pricing and Mutual Agreement (APMA) Program (formerly the Advance Pricing Agreement (APA) Program). The report was issued as IRS Announcement 2017-3 dated 27
See MoreIndonesia: New regulation on exchange of information
The Indonesian Minister of Finance issued Regulation No. 39/PMK.03/2017 of 3 March 2017 on the exchange of information as required under the international agreements entered into by the government including tax agreements, tax information exchange
See MoreIceland updates regulation on CbC reporting
The Ministry of Finance and Economic Affairs issued Regulation No. 245/2017 amending Regulation No. 1166/2016 regarding country-by-country (CbC) reporting on 24 March 2017. The amendment aligns the wording of article 4 of the model provision related
See MoreEcuador: 5 years tax exemption for savings and credit cooperatives
The National Assembly of Ecuador announced a project that contains a tax incentive in the Organic Law for the Restructuring of Debts of Public Banks and National Financial Sector, on 20 March 2017. In accordance with the project, entities resulting
See MoreGhana: Gazetted four tax amendment acts
The government published the gazette notification on 15 March 2017 regarding the following various tax amendment Acts: (i)Income Tax (Amendment) Bill 2017: modified the Income Tax Act 2015 by exempting gains realised on the sale of the securities of
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MorePakistan: FBR issues rules for common reporting standard
The Federal Board of Revenue issued SRO 166(I)/2017 on 15 March 2017, amending the Income Tax Rules 2002 by inserting Rules 78A to 78J to implement the Common Reporting Standard for financial institutions for the automatic exchange of information
See MoreColombia: DIAN pronounces withholding tax on pensions
According to a ruling 2140 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the cases where pensions are subject to withholding tax. Article 17 of Law 1819 of 2016 amended article 383 of the Tax Code that provides the withholding
See MoreUK: Withholding tax exemption on interest for debt traded on a MTF
At Spring Budget 2017, the government of United Kingdom announced its intention to introduce an exemption from withholding tax on interest for debt traded on Multilateral Trading Facilities (MTF), in order to make UK wholesale debt markets (that
See MoreUAE: Information regarding proposed VAT regime reveals
The Finance Ministry (MoF) presented a value added tax (VAT) briefing session for advisors on 21st March 2017. The session expected to send a message to the market that VAT is approaching and businesses must start to prepare immediately. The
See MoreColombia: New tax benefits for small business
On 1 March 2017, the Colombian National Tax Authority (DIAN) issued Ruling 900479 of 2017 providing guidelines on the new rules on tax benefits applicable to small enterprises as from 1 January 2017. Article 4 of Law 1429 of 2010 provided that new
See MoreSpain: Ministry of finance and public administration approve new CIT prepayment forms
Ministerial Order HFP/227/2017 of 13 March 2017 was gazette on 15 March 2017. The order approves the model 202 to make payments fractionated on account of the tax and the tax on the income of non-resident permanent establishments and entities in
See MoreCanada: The Federal Budget 2017 announced
The Canadian government presented the 2017 federal budget on 22nd March 2017 in Ottawa. The main highlighting points of this budget are given below: The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years
See MoreCosta Rica: Legislative Assembly approves the bill to restore registration flat tax
The Costa Rican Legislative Assembly on 17 March 2017 approved the bill which restores the registration flat tax on companies. The bill, which intends to restore the registration flat tax on companies, had been declared unconstitutional on 28
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