7 more countries sign tax co-operation agreement to enable BEPS Action 13
According to a press release of 27 January 2017, published by the OECD, as part of continuing efforts to boost transparency by multinational enterprises (MNEs), Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius and the Russian Federation have
See MoreIndia announces GAAR will be effective from April 1, 2017
On 27 January 2017, the CBDT has issued Circular No. 7 of 2017 and provided important clarifications on the implementation of GAAR which are to come into force from 1 April 2017. The Circular provides clarifications, considering the comments of the
See MoreFinland: E-services rule to reduce VAT refund fraud
The Finnish government is going to add e-service rule in value added tax system from February 1 to mitigate the VAT refund fraud. Taxpayers who are registered for value-added tax must use the MyTax e-service when providing their bank account
See MoreSouth Africa: SARS issues tax exemption guide for public benefit organization
The South African Revenue Service (SARS) has issued a tax exemption guide on the income tax exemption for a public benefit organization (PBO) carrying on a public benefit activity (PBA). The guide provides general guidance on approval and taxation
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
See MoreGermany: Government plans to limit the royalty deductions as from 2018
The Federal Ministry of Finance recently approved a draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill focused on foreign IP boxes incompatible with the OECD nexus approach, and to make their use
See MoreNigeria: FIRS issues new TP declaration and disclosure forms
The Federal Inland Revenue Service (FIRS) of Nigeria published new transfer pricing (TP) forms (TP Declaration Form and TP Disclosure Form). This is aimed at improving disclosure and transparency by taxpayers in their TP Returns, and providing FIRS
See MoreIndia: Union Budget 2017 to be presented on February 1
A senior government official said on 19 January 2017, the Indian Government will present the Union Budget for 2017-18 on February 1, for the financial year starting on 1 April 2017. The first part of the budget session of parliament will start on
See MoreUS: IRS launches tax filing season for 2017
The US Internal Revenue Service (IRS) launched the 2017 tax filing season on 23 January 2017. Taxpayers have until April 18, 2017, to file their 2016 tax year returns and pay any taxes due. The deadline is later this year than the usual April 15,
See MoreEcuador introduces new TP regulations to exports
The Internal Revenue Service of Ecuador has issued a Resolution that was published in the official gazette on 30 December 2016. The Resolution launches transfer pricing (TP) regulations applicable to exports of bananas, oil, petrol, gold, silver,
See MoreAustralia releases guidance on related-party marketing hubs
On 16 January 2017, the Australian Taxation Office (ATO) issued a Practical Compliance Guideline which sets out the ATO's compliance approach to transfer pricing issues related to the location and relocation of certain business activities and
See MoreSweden: Government plans excise duty on certain electronic products
Recently, the Swedish Government proposed a new legislation regarding tax on chemicals in certain consumer products. Accordingly, the following procedures are proposed: (i) Products subject to excise duty are defined using the tariff classification
See MoreOman: CIT rate may hike in 2017 Budget
On 1 January 2017, the Ministry of Finance of Oman issued a statement on the State’s General Budget for the Fiscal Year (FY) 2017. The budget sets forth prospects for revenue collection from tax and other similar sources. CIT laws are expected to
See MoreIndia: CBDT extends deadline for the dispute resolution scheme
The Central Board of Direct Taxes (CBDT) has issued a Notification (No. 124/2016 of 29 December 2016) in order to extend the deadline for the Direct Tax Dispute Resolution Scheme, 2016 to 31 January 2017. The Dispute Resolution Scheme, 2016 was
See MoreMexico provides guidance on electronic receipts
The tax administration (Servicio de Administración Tributaria) of Mexico has been issued guidance regarding tax matters in January 2017. The guidelines set standards for compliance with the rule for electronic or digitized tax revenues. A tax
See MoreGermany: Approves the draft bill on the limitation of the deduction of royalties
The German Government has approved the draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill generally is based on a draft law that was published by the federal ministry of finance on 19 December
See MoreAustralia releases Q&A of CbC reporting
The Australian Taxation Office (ATO) released a guidance in the form of questions and answers (Q&As) in respect of compliance with country-by-country (CbC) reporting requirements. The guidance reflects the transitional administrative practice of
See MoreColombia: Tax administrative summary of tax reform 2016
According to law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016, which introduces the following major changes to the tax administration, tax procedures and penalties: Tax administration The tax reform introduces
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