Canada: CRA delays implementation of advantage rules
The Canada Revenue Agency (CRA) announced that the proposed implementation date for applying the advantage tax rules to investment management fees will be delayed until January 1, 2019. The rule could tax investment management fees paid outside of
See MoreMalta: Budget for 2018
On 9th October 2017, the Minister for Finance, Edward Scicluna presented the Budget for 2018. In this budget no new direct or indirect taxes were introduced, existing ones were left untouched. Major issues of budget for 2018 are following:
See MorePhilippines: Tax reform bill expected to be approved before year end
According to Filipino tax experts, the tax reform program of the tax administration may be passed into law before this year ends after it got the Senate's approval. The Tax Reform for Acceleration and Inclusion Act (TRAIN) Bill is the first tax
See MoreIreland: Budget for 2018
On 10 October 2017, the Irish government presented details of the Budget 2018. This budget delivers the Government’s long standing target of balancing the books in structural terms next year by reaching the Medium Term Budgetary Objective better
See MoreCzech Republic: CbC reporting requirements implementation
The Law No. 305/2017 was published on September 20, 2017 in the official gazette for implementing EU Directive 2016/881 on the exchange of country-by-country (CbC) reporting information among EU member states. The closing date is October 31, 2017
See MoreSlovak Republic: Government approves draft amendments to Income Tax Act
The government approved a bill amending the Income Tax Act on August 16, 2017. A draft amendment of the income tax act highlights the existing measures for the protection against tax fraud, extended of the rules for the protection against aggressive
See MoreChina: Draft of tobacco leaf tax law submitted to NPC for review
On 28 August 2017, the Law of the People's Republic of China on Tobacco Leaf Tax (Draft) was submitted to the 29th Session of the 12th Standing Committee of the NPC with the current tax rate of 20% to remain unchanged. According to the Third Plenum
See MoreIndia: CBDT releases CbC reporting and Master file documentation rules for public comment
The Central Board of Direct Taxes (CBDT) published a draft guideline for framing Rules in respect of Country-by-Country reporting and furnishing of master file on 6 October 2017. The comments and suggestions on the draft rules can be submitted by 16
See MoreZambia: Budget for 2018
Finance Minister of Zambia presented the 2018 National Budget for the year 1 January 2018 to 31 December 2018 to the National Assembly on 29th September 2017. Budget for 2018, which lays out the various expenditure and revenue measures aimed at
See MoreArgentina: AFIP announces a new portal for taxpayers
The Federal Public Revenue Administration (AFIP) launched a new portal service, in which taxpayer will find information about the fiscal situation and the personal data related to the agency. In order to access this portal, people have to enter with
See MoreCyprus: Tax department announces the commencement of CbC reporting notification
On 09 October 2017, the Cyprus Tax Department informed that the submission of notification for country by country reporting for the year 2016 has started. The process will be performed through the Government Gateway Portal ‘Ariadni’. The
See MoreNigeria: New application guidelines issues on pioneer status tax incentive
The Nigeria Investment Promotion Commission (NIPC) issued pioneer status incentive application guidelines (NIPC Application Guidelines) for potential investors in the country. This application guidelines effects from August 1, 2017. It gives
See MoreUAE: FTA discloses online VAT registration deadlines
The Federal Tax Authority (FTA) has announced an online VAT registration systems for businesses, which is scheduled on January 1, 2018. Also, government prepares to introduce the 5% levy on January 1, 2018. The FTA website will simplify the
See MoreKazakhstan: New Tax Code submits to Parliament
The First Vice-Minister of National Economy, Ruslan Dalenov, submitted the draft of the new tax code to the finance and budget committee of the lower house of the Kazakh parliament (the Mazhilis) on September 21, 2017 for consideration. It was
See MoreUS: IRS appeals its tax court loss in the amazon transfer pricing case
On 29 September 2017, the Internal Revenue Service filed an appeal against March Tax Court ruling concerning Amazon’s cost-sharing agreement buy-in payment. The case is important because it is expected to provide fundamental guidance on the
See MoreU.S. signs agreements on the exchange of CbC reports with five countries
According to an IRS announcement on its website, it has signed separate agreements with the Czech Republic, Finland, Greece, Italy, and Sweden to exchange country-by-country reports on multinationals. Country-by-Country reporting data will be
See MoreUS: IRS issues guidance for tax credit for expanding research activities
The Internal Revenue Service has issued guidance to Large Business & International (LB&I) Division examiners regarding the examination of the credit for increasing research activities under IRC Section 41 (“Research Credit”) claimed by
See MoreJersey: Draft Budget 2018 Published
The Government published the Draft Budget 2018 on October 3, 2017. This budget constructs the package of measures agreed in the Medium Term Financial Plan (MTFP), combining savings, efficiencies and revenue raising measures to enable investment in
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