Uganda: Minister of Finance presents tax reform bills to Parliament
On 28 March 2019, Mr. Matia Kasaija, the Minister of Finance, Planning and Economic Development (Minister of Finance) of Uganda presents a number of tax reforms amendment bills to the Ugandan parliament and are currently under consideration. The
See MoreUS: JCT releases overview of the limitation on the deduction of business interest
On 28 March 2019, the U.S. Joint Committee on Taxation (JCT) published an overview of the limitation on the deduction of business interest expense under Section 163(j) of the Internal Revenue Code as introduced by the Tax Cuts and Jobs Act. The new
See MoreZambia: Tax Appeals Tribunals decision on arm’s length arrangements between related parties
Recently, the Tax Appeals Tribunal (TAT) issued a decision for the Zambia Revenue Authority (“ZRA”) in the case of: Nestlé Zambia Trading Limited v. Zambia Revenue Authority TAT 03, regarding transfer prices used with respect to its
See MoreNicaragua publishes tax law for 2019
On 28 February 2019, Nicaragua issued tax amend law No.987 in the Official Gazette including notices of the amendment of applicable withholding tax rates. Major changes are summarized in below: Establishing the changes in the alternative
See MoreGermany updates Guidance on CbC reporting requirements
The German Ministry of Finance issued an updated version of the Application Decree on the General Tax Code on 5 April 2019. The updated version provides for guidance on the application of section 138a of the General Tax Code (GTC) by the tax
See MoreIndia: CBDT publishes new deadline for CbC Report Local Filing for U.S. MNEs
On 8 April 2019, the Central Board of Direct Taxes(CBDT) has issued Circular 7/2019 regarding the constituent entities of U.S. MNEs are required to submit Country-by-Country (CbC) reports in India by 30 April 2019. The circular notes that
See MoreWorld Tax Brief: April 2019
Greece Main corporate tax rates: On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046/2019 and E.2047/2019) for reducing corporate tax rates and dividend tax rates. Accordingly the standard corporate tax rate in
See MoreAustralia issues draft ruling on thin capitalization
On 5 April 2019, the Australian Taxation Office (ATO) released a draft ruling TR 2019/D2 with respect to the requirements for the application of the arm’s-length debt test (ALDT) in the thin capitalization rules. The draft ruling proposes that
See MoreThailand launches tax amnesty plan for SME sector
The Revenue Department of Thailand announced an opportunity for SMEs to re-submit correct tax returns without penalty and surcharge, that covers outstanding corporate income tax, value added tax, specific business tax, withholding tax, and stamp
See MorePeru: SUNAT simplifies the scope of the CFC rules
On 19 March 2019, the Peru tax authority (SUNAT) issued a guidance (No. 011-2019-SUNAT/7T0000) regarding the determination of expenses and loss offsetting under the controlled foreign company (CFC) rules. The guidance clarified that:
See MoreAustralia: Federal Budget 2019-20
On 2 April 2019, the Australian Government announced its 2019-20 Budget. The Government is lowering taxes for working Australians and backing small and medium‑size business, while ensuring all taxpayers, including big business and multinationals,
See MoreThailand repeals tax incentives under ROH, IHQ and ITC regime
On 26 March 2019, the Thai Cabinet approved three Royal Decrees cancelling all tax incentives provided under the Regional operating headquarters (2010) regime (ROH), International headquarters regime (including Treasury Centres) (IHQ),
See MoreIndonesia: MoF amends the rules for corporate tax holiday
The Minister of Finance (MoF) of Indonesia published a revised tax holiday policy through Regulation No.150/PMK.010/2018 (PMK-150). PMK-150 rules that are nurturing investment in Indonesia, the new regulation reduces the minimum investment
See MoreDenmark approves deadlines for preparing, submitting transfer pricing documentation
Recently, the Danish parliament adopted an important amendment of the Tax Control Act (L 13 Forslag til Skattekontrollov of October 4, 2017) that is in force from January 1, 2019 with regard to transfer pricing documentation. The purpose of the
See MoreChina approves new foreign investment law
On 15 March 2019, the National People’s Congress of China has approved the Foreign Investment Law. According to the Foreign Investment Law Chinese subsidiaries of foreign parents will be treated in the same manner as Chinese-owned
See MoreUruguay extends CbC Reporting deadline to 30 April 2019
According to Resolution No. 860/2019 of 27 March 2019, Uruguay's Directorate General of Taxation has extended the deadline for the submission of Country-by-Country Report (CbCR) to 30 April 2019 in respect of the reporting fiscal year ending 31
See MoreTransfer Pricing Brief: April 2019
FinlandRestriction on interest deduction: On 7 March 2019, the Finnish tax administration published new guidelines on the rules on interest deduction restrictions, which were amended to comply with EU Anti-Tax Avoidance Directive (ATAD), and
See MoreRussia presents a draft bill for the income tax return for small taxpayers
On 21 March 2019, the Russian government announced a bill to amend the income tax return for small taxpayers. The bill requires legal entities with at least 10 employees to file an electronic income tax return and proof of paid insurance from 1
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