Puerto Rico proposes transfer pricing rules
The Department of Treasury has released proposed regulations on 19 November 2016 regarding section 1040.09 of the Puerto Rico Internal Revenue Code of 2011. The proposal highlights US transfer pricing rules and guidelines from the Organization for
See MoreMexico: Miscellaneous Tax Resolution (Annex 15) for 2017 published
Annex 15 to the Miscellaneous Tax Resolution for 2017 has been published in the Official Gazette on 12th January 2017 regarding new automobile tax tariffs for
See MoreSingapore: Detailed guidance on MAP for DTAs
The Inland Revenue Authority of Singapore introduced new guidance on the mutual agreement procedure (MAP) on 12 January 2017. The guidance has provided detail procedures for the MAP. According to new guidance, the MAP will be available to those
See MoreChina declares tax exemption for oil and gas industry
On 29 December 2016, the Ministry of Finance together with the General Administration of Customs and the State Administration of Taxation published two notices concerning imports of goods and equipment. According to this notice, imports of goods and
See MoreMontenegro: Tax debt payment plan announced
The Law on Tax Debt Payment Plan has entered into force and been published in Official Gazette on 31st December 2016. On the basis of the Law, a tax debt may be paid back in 60 monthly installments, if at least 10% of the total debt is repaid in
See MoreBolivia publishes budget for 2017
The General Budget for 2017 was published in the Official Gazette on 28 November 2016. The Budget exempts from corporate income tax interest paid to creditors of public debt issued by security titles at foreign capital markets; and installments made
See MoreColombia introduces new turnover tax withholding requirements
According to regulation DDI-052377-2016 of Bogota's Tax Administration a new turnover tax withholding requirements has launched and it effective as from first January 2017. The new regulation provides the entities that have to act as turnover tax
See MoreColombia introduces special self-withholdings
According to Decree 2201-2016, Colombia has introduced additional special self-withholdings which are applicable as of first January 2017. It will replace the CREE self-withholdings that were abrogated under the most recent tax reform. In article 2
See MoreSlovenia: Publishes advance pricing agreement rules
Details on the introduction of Advance Pricing Arrangements (APAs) are now available in the Official Gazette on 28 December 2016. Accordingly, the following rules will apply from January 2017: (i) The application of APA must be addressed to the
See MoreChief prosecutor: Colombia’s tax reform fails to tackle tax evasion
On 2 January 2017, the chief prosecutor of Colombia slammed a tax reform claiming the latest tax system is unsuccessful to tackle the mass tax evasion. Mr. Nestor Humberto Martinez, the Prosecutor General sent a letter to the Minister for
See MoreAustria-EU: Further details of tax changes
The Austrian Ministry of Finance on 2 January 2017, published a report on the tax changes that are applicable from 2017. In addition to the measures already described, further changes regarding 'EU measures' are summarised below: Beneficial
See MoreCosta Rica: Supreme Court issues base salary for 2017
The Supreme Court of Justice released Circular No.230-2016 on 10 January 2017 regarding base salary for 2017. According to the Circular, with effect from 1 January 2017 the base salary is CRC 426,200. The base salary is applicable to compute certain
See MoreCosta Rica: Legislative Assembly approves corporate flat tax
The National Legislative Assembly on 9 January 2017, approved the Bill no 19818 to retain the registration flat tax on companies. According to Bill, companies, as well as any branch of a company which are registered in the Register of Legal
See MoreIreland publishes VAT notes for guidance
Irish Revenue issued notes for guidance on VAT changes established by Finance Act 2016, on 28 December 2016. The amendments provide that the turnover method is the primary method of apportionment but, where that does not correctly reflect the
See MoreUS: Trump comments on import tariffs
President-elect Donald Trump has repeated his intention to raise import tariffs on US multinational companies that move their production abroad and then sell products back into the United States. He has given his opinion during a press conference on
See MoreMalta: IRD issues Guidelines on use of Mutual Agreement Procedure
The Inland Revenue Department of Malta issued guidelines for the use of the Mutual Agreement Procedure under the provisions of Article 96(2) of the Income Tax Act (ITA), on 15 December 2016. The procedure permits the Malta Competent Authority to
See MoreColombia introduced dividend tax
According to law 1819 of 2016, Colombia introduced a dividend tax on profits derived as of 1 January 2017, summary as follows: (i) Taxable dividends are subject to 35% final withholding tax and 5% final withholding tax may apply on non-taxable
See MoreGermany: Announces reduction of energy tax for manufacturing companies
The Ministry of Finance issued a press release on 11 January 2017, specifying that be eligible manufacturing companies may apply a percentage of the tax cap on their 2017 electricity and energy tax due because energy consumption reduction goals were
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