Argentina: General Resolution 4130-E publishes in Official Gazette
The Federal Tax Administration (FTA), on September 20, 2017, published the General Resolution 4130-E in the Official Gazette. It establishes the country-by-country (CbC) guiding framework in Argentina and is applicable to ultimate parent entities of
See MoreGuernsey: The Beneficial Ownership of Legal Persons Law enacted
The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 came into force on 15 August 2017. The Law establishes the Office of the Registrar of Beneficial Ownership of Legal Persons, sets out the powers and functions of the Registrar, and
See MoreNicaragua: Transfer pricing legislations are in effect as of 30 June 2017
The transfer pricing rules are in effect as of 30 June 2017 which was enacted by the Nicaraguan Congress through Law No. 822 of 2012. Law No. 822, enacted on 12 December 2012, contains the Nicaraguan transfer pricing rules that were intended to
See MoreMalaysia: IRBM publishes sample notification letters for CbC reporting
The Inland Revenue Board of Malaysia (IBRM) has recently published two different sample notification letters for entities subject to the country-by-country (CbC) reporting notification requirement. Two separate sample notifications letters have been
See MoreLuxembourg: Tax authority publishes circular on mutual agreement procedure
To set out the procedures for the implementation of the mutual agreement procedure (MAP), on 28 August 2017, the Director of Taxes published Circular L.G. Conv. D.I. No. 60. The MAP intends to eliminate legal and economic double taxation. The MAP
See MoreSpain: Tax authority publishes new form for reporting related-party transactions
On 30 August 2017, a new Form 232 is published through a Gazette Order that updates certain existing reporting obligations in connection to related-party transactions and transactions involving parties located in countries or territories identified
See MoreOECD: Request for input on tax challenges of digital economy
On 22 September 2017 the OECD issued a request for input on work relating to the tax challenges of the digital economy. The OECD is requesting public comments on important issues relating to tax challenges raised by digitalization and potential
See MoreNetherlands: Tax plan for 2018
The Dutch government has presented the tax plan for 2018 on 19th September 2017. If adopted, these proposals will be entered into force on 1st January 2018. 2018 tax plan contains various other amendments on a variety of topic and these are given
See MoreMozambique: Transfer pricing regulations approved
The Council of Ministers approved transfer pricing regulations on September 12, 2017 that present the methods for the assessment of the transfer pricing transactions between related entities. It allows amendments to the taxable profit by the tax
See MorePuerto Rico: Guidance on due dates extension for specific tax return and payment obligations
Treasury Department (PRTD) has published a guide Information Bulletin 17-17 on Circular Letter (CL) 17-13, which has deferred the due dates for particular tax returns and payment accountabilities due to the exceptional circumstances stated by the
See MoreLithuania: Approves country-by-country reporting rules
On 31 May 2017, the Lithuanian Tax Administrator has approved (Order No VA–47) the reporting rules for the multinational enterprise also known as country by country (CbC) reporting rules. These rules came into force as of 5 June 2017. Under this
See MoreVenezuela: New reduced VAT rate for electronic purchases
The National Integrated Service of Customs and Tax Administration (SENIAT) declared that as of September 27, 2017, the standard value added tax (VAT) rate in case of electronic purchases will be reduced by 3% or 5%. In the General Assembly of
See MoreMexico presented budget proposal and tax reform for 2018
The Minister of Finance submitted the budget for 2018 to the Congress for its approval on 8th September 2017. The Proposed Budget includes the Federal Revenue Law (Revenue Law), General Economic Policy Guidelines and the Federal Spending Budget
See MoreThailand: New tax, legal requirements for representative offices of foreign companies
According to new Thai rule, a foreign company’s representative office in Thailand is no longer obliged to obtain a foreign business license from the Department of Business Development. Though, the representative office is still subject to other
See MoreItaly: New anti-avoidance measures under the “allowance for corporate equity”
In Italy, a new decree which was published in the official gazette on 11 August 2017 modifies the existing anti-avoidance rules under the “allowance for corporate equity” regime in such a way that duplications of the tax benefit within a group
See MoreAustralia: Eligibility for the lower company tax rate
On 18 September 2017, the Australian Government released draft tax legislation for consultation to clarify that passive investment companies cannot access the lower company tax rate for small businesses. The Minister for Revenue and Financial
See MoreColombia issues draft decree on transfer pricing regulations
The Ministry of Finance and Public Credit of Colombia issued a draft decree 1625 of 2016 concerning transfer pricing documentation for public consultation on 11 August 2017. The major issues in the proposed decree are business restructuring rules,
See MoreEcuador updates withholding tax rates
On 24 August 2017, the Internal Revenue Service (IRS) of Ecuador issued Resolution No. NAC-DGERCGC17-00000440 to amend previous Regulation N° NAC-DGERCGC14-00000787 for establishing the income tax withholding rates with effect from 22 August
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