India: CBDT publishes notification for taxation of foreign company held as resident in India as per POEM
On 22 June 2018, the Central Board of Direct Taxes (CBDT) has issued a final Notification No. 29/2018, dealing with special transitional provisions for a foreign company said to be a resident in India on account of Place of Effective Management
See MoreNorway: MoF sets a late payment interest rate for July to December 2018
The Ministry of Finance (Mof) has published a regulation to set the late interest rate for the second half of 2018 (from 1st July 2018 to 31st December 2018). The interest rate is set at 8.50% from 1st July 2018 to 31st December 2018, which is
See MoreHong Kong: Legislative council passes the transfer pricing legislation
On 4 July 2018, the Legislative Council adopted the new transfer pricing regime ((Amendment) (No. 6) Bill 2017 (the “BEPS Bill”)). During the legislative process, some changes were made to the initial bill. Remarkable changes are the possible
See MoreTurkey: General Communiqué No. 500 has been gazetted
The General Communiqué No. 500 has published on July 6, 2018, regarding Tax Procedure Law in the Official Gazette. It was entered into force on the similar day of its publication. According to the temporary article 31 of the Tax Procedure Law (or
See MoreNigeria: Cabinet approves MCAA on financial account information
The Cabinet has approved the Multilateral Competent Authority Agreement (MCAA) On July 4, 2018, regarding the automatic exchange of Financial Account Information. It was signed on August 17, 2017. It provides exchange of information in accordance
See MoreOECD: Discussion Draft on Transfer Pricing for Financial Transactions
On 3 July 2018 the OECD released a discussion draft on financial transactions in relation to BEPS actions 8 to 10 (ensuring that transfer pricing outcomes are in line with value creation). This has been issued as part of the follow-up work on the
See MoreColombia: New resolution for CbC reporting
On 21 June 2018, the Colombian National Tax Authority (DIAN) issued a draft resolution concerning the obligation to notify country-by-country (CbC) reporting responsibilities. Resident taxpayers are required to file informative transfer pricing
See MoreNigeria: FIRS Issues guidelines for CbC reporting regulations
The Federal Inland Revenue Service (FIRS) has published the guidelines of Country by Country (CbC) Reporting Regulations on July 3, 2018. These Guidelines are issued to provide guidance to the general public and in particular, Multinational
See MoreRussia publishes Order on CbC report automatic exchange
On 26 June 2018, Russia has approved the Order of the Federal Tax Service of 30 May 2018 No. MMV-7-17 / 359 regarding the States and Territories list with which Russia will automatically exchange Country-by-Country (CbC)
See MoreTransfer Pricing Brief: July 2018
Sweden Restriction on interest deduction: On 14 June 2018, the Parliament passed a bill regarding a general provision limiting the deductibility of net interest expense to 30% of earnings before interest, tax, depreciation and amortization
See MoreThailand: Government submits the draft transfer pricing law to the National Legislative Assembly
On 5 June 2018, the Government submitted the draft of law amending the Revenue Code on transfer pricing to the National Legislative Assembly for approval. The draft law clarifies that taxpayers who meet the income threshold must prepare and submit
See MoreIndia: HC decides on principles for admissibility of transfer pricing appeals
On 25 June 2018, the Karnataka High Court (HC) announced the decision in the case of Softbrands India Private Limited v. DCIT (TS-475-HC-2018(KAR)-TP). The ruling sets forth some significant principles relating to admissibility of appeals by HCs
See MoreWorld Tax Brief: July 2018
Bangladesh Main corporate tax rate: On 28 June 2018, the Parliament passed the national budget for fiscal year 2018-2019. The corporate tax rate has been reduced to 40% from 42.50% for non-publicly traded banks, insurance and financial
See MoreBulgaria: NRA publishes 2018 handbook on corporate income tax
The National Revenue Agency (NRA) published a 2018 Handbook on June 28, 2018, regarding corporate income tax with revenue administration document. The Handbook is a useful tool for all NRA customers who want to know the nature, scope and features of
See MoreUAE signs MLI to implement tax treaty regarding BEPS measures
The UAE Ambassador to Peru, Mohammad Yousef Al Awadi, has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS). The signing took place at the 5th plenary meeting of the
See MorePeru: President authorizes to sign the MLI
On 21 June 2018, the President of Peru authorized the Minister of Economy and Finance to sign the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting. On 7 December 2016, Peru became a member
See MoreLithuania increases the penalties for tax evasion
On 17 May 2018, the Parliament passed amendments to the tax law, which increase the penalties for tax evasion. Under the amendments, if the tax authorities identify income that the taxpayer cannot justify at the time of inspection, the taxpayer will
See MoreBangladesh: Parliament passes budget for FY 2018-19
On 28 June 2018, the Parliament of Bangladesh has passed the Tk 464,573 crore national budget for 2018-19 fiscal year. Finance Minister AMA Muhith moved the Appropriations Bill, 2018 seeking a budgetary allocation of Taka 571833,82,92,000 which was
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