UK: Research on impact of entrepreneurs’ relief
On 4 December 2017 HMRC published the results of a survey carried out in May 2017 into the impact of the availability of capital gains tax (CGT) entrepreneur’s relief on the behavior and motivation of individuals in the UK who could be eligible
See MoreUK: Consultation on conditionality measures to combat hidden economy
On 8 December 2017 HMRC published a consultation document entitled Tackling the hidden economy: public sector licensing. The document looks at measures that make compliance with tax obligations a condition of obtaining certain licenses and introduce
See MoreRussia: FTS publishes CbC reporting formats for public consultation
The Federal Tax Service (FTS) publishes country-specific reporting (CbC) formats and a report on participation in multinational enterprise groups on its official website. The new forms comply with BEPS Action 13 requirements for CbC and transfer
See MoreMorocco: Parliament adopts draft Budget for 2018
The Ministry of Economy and Finance of Morocco was announced on December 13, 2017 that the parliament adopted the draft Finance Law for 2018. The draft budget 2018 was presented to the Parliament on October 20, 2017. So, the draft measures will
See MoreCanada: Deadline for filing of the CbC report
According to subsection 233.8(6) of the Act, the Country-by Country (CbC) report must generally be submitted with the CRA no later than 12 months after the last day of the fiscal year to which the report relates. That means, a CbC report for the
See MoreWTO: Director General comments on WTO dialogue with business
On 12 December 2017 the Director General of the World Trade Organization (WTO) opened the WTO Business Forum by emphasizing the significance of cooperation between the WTO and business. The WTO is an organization where governments meet to discuss
See MoreRussia: Approves profit-based oil tax regime
On 23 November 2017, the Government approved a plan to introduce a profit-based tax on the oil industry, expected to come into force on January 1, 2019, later than previously thought. Currently, the tax regime for the oil industry stipulates that
See MoreOECD: Consultation document on mandatory disclosure rules
On 11 December 2017 the OECD released a consultation document asking for input from stakeholders on the design of model mandatory disclosure rules. These rules would set out disclosure obligations for promoters and service providers who involved in
See MoreRussia publishes final law on automatic exchange of tax information and documentation requirements
Recently, the Federal Law No. 340-FZ of 27 November 2017, amending the Tax Code in relation to the implementation of the international automatic exchange of financial accounting information and transfer pricing (TP) documentation of multinational
See MoreGreece: Revenue Authority publishes guide on submission of CbC reports
The Public Revenue Authority (AADE) published a guide to frequently asked questions (FAQs) on December 15, 2017 for describing clarifications on the country-by-country (CbC) reporting. This guide explains the step by step process and obligatory
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
See MoreIndia clarifies position on acceptance of the MAP and bilateral APA
On 27 November 2017, the Indian Government has announced that the MAP for transfer pricing disputes and the bilateral advance pricing agreement (APA) process would be available to taxpayers even where Article 9(2) or the equivalent is not present in
See MoreUK: Research on attitudes to tax in the sharing economy
Research commissioned by HMRC on the sharing economy aimed to understand the extent of the sharing economy in terms of income of those participating for profit (known as providers) and the number and characteristics of the providers. The research
See MoreWTO: Director General presents annual report on trade developments
On 4 December 2017 the Director General of the World Trade Organization (WTO) presented to members the annual overview report on trade-related developments. Member countries of the WTO introduced fewer trade-restrictive measures in the year to
See MoreUK: Finance (No 2) Bill 2017
The UK Finance (No 2) Bill 2017 was introduced into Parliament on 28 November 2017 and published on the government’s website on 1 December 2017. This Bill includes some of the changes announced in the autumn budget and sets the levels of tax rates
See MoreTurkey: Govt. publishes new Law 7601 to increase revenues
The Turkish Government published a new Law No. 7601 on 5 December 2017, in the Official Gazette. This Law amends different tax laws for increasing tax revenues, stipulating procedural rules and eliminating some tax or fee applications. According to
See MoreOECD: Further Guidance on CbC Reporting
On 30 November 2017 the Inclusive Framework released further guidance for tax administrations and multinationals in relation to the implementation of Country-by-Country (CbC) Reporting under Action 13 of the action plan on base erosion and profit
See MoreWorld Tax Brief: November 2017
Argentina Main corporate income tax rate: On 31 October 2017, Argentina's Minister of the Treasury, announced a tax reform plan that would gradually reduce the corporate income tax rate for reinvested earnings. The rate would be gradually reduced
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