OECD: Extended deadline for comments on draft toolkit on comparables
The deadline has been extended for comments to be submitted on the draft toolkit issued by the Platform for Collaboration on Tax dealing with the ways developing countries can overcome the problem of a lack of comparable data for transfer pricing
See MoreDominican Republic: Publishes new processes for filing corporate income tax return
The Dominican tax authorities issued new guidance that is intended to improve tax filing procedures for the annual corporate income tax return and appendices. The tax agency (DGII) published General Notice No.12-17, in an effort to improve the tax
See MoreUK: Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017
The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364) were made on 13 March 2017 and came into force on 14 March 2017. The Regulations amend the Corporation Tax Act 2010 c. 4 provisions regarding the 45% tax on
See MoreUK: Capital Gains Tax (Annual Exempt Amount) Order 2017
On 13 March 2017, the Capital Gains Tax (Annual Exempt Amount) Order 2017 (S.I. 2017/377) was made and for tax year 2017-18, the annual capital gains tax exemption is GBP 11,300 for
See MoreIrish Revenue publishes Guidance for 2016 Pay and File self-assessment returns
On 15 March 2017, Irish Revenue published the Guide to Completing 2016 Pay & File Self-Assessment Returns which aims to assist individuals taxed under the self-assessment system in filing their 2016
See MoreSaudi Arabia- Regulations for implementation of Zakat issued
The Tax Authority of Saudi Arabia issued the Regulations for implementation of Zakat under Ministerial Resolution No. 2082 of 28 February 2017 (01/06/1438H) on 9 March 2017, The regulations applies to all commercial activities established for
See MoreRussia: Clarifies the taxation of CFC profits in determining the corporate tax base of a consolidated tax group
The Ministry of Finance (MoF) on 3 March 2017, published Guidance Letter No. 03-12-11/3/5790 of 3 February 2017, clarifying the taxation of CFC profits in determining the corporate tax base of a consolidated tax group (CTG). According to article
See MoreRussia: Publishes the draft procedure on multilateral APAs
The Russian Finance Ministry on 3 March 2017, published a draft Procedure outlining the process for handling multilateral Advanced Pricing Agreements (APAs). The Procedure is intended to enable a taxpayer to conclude an APA in relation to a foreign
See MoreCanada: Tentative date for federal budget 2017 launched
The Finance Canada have dropped a fairly big hint on when Finance Minister will deliver the Liberal government’s sophomore budget. Currently, there are no clear clues found about the changes that will occur in the federal budget. The Federal
See MoreGreece: Judgment on SOL provision for taxpayer’s refund claim publishes
The Council of State/Supreme Administrative Court published its decision (No. 425/2017) related to the statute of limitations (SOL) provision for the taxpayer’s refund claim. In accordance with the Court, the taxpayer’s claim for refund of the
See MoreCzech Republic: Tax audits focused on transfer pricing increases
The number of tax audits focused on transfer pricing in the Czech Republic and the resulting tax adjustments have increased rapidly because of Czech Tax Administration’s systematic risk assessments. These risk assessments are successively used to
See MoreGreece: Draft bill amending Income Tax Code and other provisions submits
A draft bill was submitted to the parliament on 8th March 2017. When adopted, the draft bill presents an amendment to the provision of article 52 of the Income Tax Code about the tax treatment of a transfer of assets of the transferring company in
See MoreUS: IRS urges taxpayers to protect individual tax data
The Internal Revenue Service on March 9, 2017 reminded taxpayers to be cautious and protect personal, financial and tax information, particularly at tax time. The IRS urges taxpayers to be safe online and reminds them to take steps to help protect
See MoreAndorra approves draft bill on exchange of information upon request and spontaneous exchange
The government pronounced that it had approved a draft bill on exchange of information upon request and spontaneous exchange of information, on 8 March 2017. The text contains all the legal changes regarding exchange of fiscal information as per the
See MoreUS: IRS publication 17 helps with 2016 Taxes
Recently the Internal Revenue Service has released “publication 17” which is helpful for 2016 taxpayers. Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting
See MoreIndia: GST Council approves draft CGST and IGST Bills
The GST Council approved the draft Central Goods and Services Tax (CGST) Bill and Integrated Goods and Services Tax (IGST) Bill on 4 March 2017. Some of the significant points of the CGST and IGST Bills are summarised below: A State-wise single
See MoreUS: Tax refunds totaling $1 Billion for 2013 non-filers
The Internal Revenue Service announced on March 1, 2017 that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. In cases where a
See MoreUS: IRS issues revised guide on foreign tax credits (FTCs) for individual
The US Internal Revenue Service (IRS) has released a revised version of its tax guide on foreign tax credits (FTCs) for use by individuals when preparing their 2016 tax returns. The guide provides information on how to choose to take the FTC or the
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