Korea- proposed changes to the country-by-country reporting requirements
The Ministry of Strategy and Finance of South Korea published a proposal for detailed procedures of the country -by country reporting requirements on 28 December 2016. The proposal requires the provision of a full report on cross-border transactions
See MorePoland issues Decree on mortgage loan limit for 2017
Polish Monitor (M.P. no 2016.1245), issued Decree of the Minister of Finance on 16 December 2016. According to the decree the limit for subtraction of interest expenses on mortgage loans for qualified taxpayers in 2017 is PLN 325,990.Generally,
See MoreNetherlands: Upper house adopts tax plan for 2017
The upper house of the parliament has approved the tax plan 2017 on 20 December
See MorePoland: Amendments regarding TP documentation come into effect
Corporate Income Tax Law amendments gazetted in the Official Journal 1932/2015 regarding transfer pricing (TP) reporting obligations in line with Action 13 of the OECD Base Erosion and Profit Shifting (BEPS) project came into effect on 1 January
See MoreSouth Africa: SARS issues final regulations on country-by-country (CbC) reporting
The South African Revenue Service has issued final regulations on country-by-country (CbC) reporting on 23 December 2016. The regulations specify the changes to the Country-by-Country Reporting Standard for Multinational Enterprises (“MNEs”)
See MorePakistan: FBR Publishes Audit policy 2016
The new Audit Policy 2016, approved by the Federal Board of Revenue (FBR) on 3 January 2017 for selection of taxpayers for audit, would also include those cases in the parametric selection process which were earlier selected for audit last year.
See MoreFrance –Published Finance Law for 2017
In France, the Financial Law 2017 had been published under Law No 2016-1917 on 30 December 2016. On 29 December 2016, the Constitutional Court issued its decision on the comparability of certain provisions of the Financial Law 2017 with the
See MoreIceland: Ministry of Finance publishes regulation on country-by-country reporting
The Ministry of Finance and the Economy published Regulation No. 1166/2016 on the submission of country-by-country reports (CbC) on 22 December 2016. Under the article 3 of the regulation, Iceland’s parent company resident need to submit a CbC
See MoreArgentina: DTA with Mexico expected to enter into force
The Income Tax Treaty of 2015 between Argentina and Mexico was expected to enter into force on 23 August 2017, after completing the ratification procedure. The provisions of the treaty generally follow the OECD Model Tax Convention. The treaty was
See MoreUK signs mutual agreement with Netherlands
According to Decree 2016-0000232006, the competent authority agreement between the UK and the Netherlands signed on 22 December 2016 for the dealing of UK pension regulations carried out by insurance companies based on Article 25(3) of the Double
See MoreColombian Chamber of Representatives and Senate approve tax reform bill
The Colombian Chamber of Representatives and the Senate approved the tax reform bill filed by the government, on 23 December 2016. The Chamber of Representatives and the Senate have passed different versions of bill and the approved texts of the
See MoreBelgium: CbC reporting deadline extended
The Federal Public Service of Belgium declared an extension of the deadline until 30 September 2017 to inform the tax administration that the parent corporation will file a consolidated country by country (CbC) report for the year 2016 in another
See MoreChile: CbC reporting implemented
The Tax Authority of Chile published Resolution 126 on 27th December 2016 to implement country-by-country (CbC) reporting. It requires specific taxpayers to submit an annual report to the tax authority disclosing the level of income, profit or
See MoreIndia: Service charge on restaurant bill not mandatory
The Department of Consumer Affairs on 2 January 2017 said that service charges on a restaurant bill in addition to taxes are optional and the consumer has the discretion to pay a service charge or not. Customers dissatisfied with service at any
See MoreColombia announces deadlines for filing tax returns
According to official gazette of 22 December 2016, a Decree 2105 was published that announces the deadlines for filing tax returns for 2017. The Decree 2105 of 2016 also sets out tax compliance rules and requirements to provide information
See MoreWorld Tax Brief: December 2016
Bulgaria E-filing: The amendments to the Corporate Income Tax Act have been published in the State Gazette on 6th December 2016. Accordingly, a compulsory obligation for electronic filing of corporate income tax returns is announced and the new
See MoreChina published a report of APAs 2015
On 23 December 2016, Chinese State Administration of Taxation published the Advance Pricing Agreement (APA) Report of 2015. This report of 2015 contains statistics of APAs that China concluded from 2005 to 2015. China has concluded 6 bilateral and 6
See MoreArgentina: Special tax regime for small entrepreneurs
Law 27,346 published in the Official Gazette of 31st December 2016 amends the special tax regime for small entrepreneurs and professionals. The special regime is open to individuals, work cooperatives and de facto companies along with up to three
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