India: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreIndia: Payments to Belgian entities not taxable as fees for technical services
Recently, the Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: ITO v. Cadila Health Care Ltd 78, decided that the payments made to Belgian entities are not taxable as “Fees for Technical Services (FTS)” in view of Most
See MoreUK: New tax changes of Finance Bill 2017
On Monday 20 March 2017, the Government of UK published Finance Bill 2016-17. Finance Bill 2017 continues the government’s crackdown on tax avoidance, helps tackle childhood obesity, and improves the fairness of the tax system while modernising
See MoreNigeria: Proposal in tax policy measures published
The Economic Growth and Recovery Plan for 2017 to 2020 has been published on 7th March 2017 by the Ministry of Budget and Economic Planning. It made a proposal on VAT rate in case of luxury goods increases to 15% from 5% and it will effect from
See MoreNetherlands amendments to bill on country-by-country reporting
The State Secretary for Finance has submitted an amended bill to the lower house of the parliament regarding country-by-country reporting on 21 March 2017. The bill implementing Council Directive (EU) 2016/881 of 25 May 2016 amending Directive
See MoreRussia: Proposes health tax on tobacco products
The Ministry of Health announced a proposal on 16 March 2017, to impose a health tax on tobacco products, based on the recommendations of the Public Chamber of the Russian Federation following discussions of the new anti-smoking strategy. Currently,
See MoreBelgium publishes investment allowance rates for 2017
According to Official Gazette of 14 March 2017, the rates of the investment allowance for the tax year 2017 (assessment year 2018) are following: Type of investment Rate of allowance (%) Companies Individuals Patents; environmentally friendly
See MoreNorway proposes new corporate residency rules
The Finance Minister opened a public hearing regarding the corporate tax residency rules under section 2-2 of the Tax Law (Skatteloven) on 16 March 2017. There is no definition of residence is available now in the Norwegian tax legislation for legal
See MoreTurkey: Announcement of unilateral APA signed
The Tax Administration of Turkey declared an announcement on 20th March 2017 that it had signed a new unilateral Advance Pricing Agreement (APA) on 1st March 2017. The APA is prepared on the basis of article 13 of Corporate Tax Law No.
See MoreUkraine: State Fiscal Service clarifies usage of information for transfer pricing purposes
The State Fiscal Service (SFS) recently published Guidance Letter No. 517/Г/99-99-12-03-07-14 of 16 January 2017, the State Fiscal Service (SFS) clarified which sources of information should be used for transfer pricing purposes according to the
See MoreUkraine: State Fiscal Service clarifies procedure for transfer pricing adjustments
The State Fiscal Service (SFS) on 4 January 2017 issued Guidance Letter No. 29/6/99-99-15-02-02-15 clarifying the procedure for transfer pricing adjustments by corporate income taxpayers that are required to file quarterly returns. According to tax
See MoreUS: IRS announces overpayment and underpayment interest rates for quarter beginning 1 April 2017
The IRS has announced on 7 March 2017 that the interest rates for the second quarter beginning 1 April 2017, will bet 4 percent for overpayments i.e. tax refunds (3 percent in the case of a corporation), 4 percent for underpayments i.e. tax
See MoreNetherlands: Decree establishing market interest rates for interest-free liabilities
Decree No. 2017-22042 of 7 March 2017 establishing the market interest rates for interest-free liabilities have been published in official gazette No. 15371 on 17 March 2017. The Decree updates and replaces the Decree No. BLKB2015/1650M of 10
See MoreBolivia increases income tax on financial sector
The Chamber of Deputies approved an increase of 3% (increase from 22% to 25%) to the income tax on the profits of companies in the financial sector on 16 March 2017. The increase will be applicable on the profits generated as from
See MoreItaly-Ministerial Decree implementing Country-by-Country Reporting issued
The Italian Ministry of Finance issued a Decree on 8 March 2017 providing detailed information regarding the application of CbC reporting rules. The Decree is in accordance with an EU Directive of 25 May 2016 requiring all EU Member States to
See MoreUK: Penalties Relating to Offshore Matters and Offshore Transfers (Additional Information) Regulations 2017
The Penalties Relating to Offshore Matters and Offshore Transfers (Additional Information) Regulations 2017 (S.I. 2017/345) were made on 9 March 2017 and that stipulate the additional information that is required to be furnished when requesting
See MoreUK: Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017
On 9 March 2017, the Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017 (S.I. 2017/334) were made. These Regulations come into force on 1st April 2017. It specify the maximum
See MoreVietnam: Recently released a new transfer pricing decree
Vietnam’s Government has recently released a Transfer Pricing (“TP”) Decree No. 20/2017/ND-CP on 24 February 2017, provided that tax administration applicable to enterprises having controlled transactions’ (Decree 20), which will take effect
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