Guatemala: Tax fines and surcharges terminated
Public Finance Ministry of Guatemala published Governmental Agreement No. 82-2017 on 4 May 2017, which terminated tax fines, penalties and surcharges for three months starting from 20 May 2017. According to the agreement tax fines, penalties and
See MoreAustralia signs MLI to prevent tax avoidance
Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The Minister for Trade, Tourism and Investment, Mr. Steven Ciobo MP, signed
See MoreIsle of Man signs MLI to prevent tax avoidance
On 7 June 2017, the Treasury Minister of Isle of Man, Mr. Alfred Cannan MHK has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in
See MoreChina announces tax incentives to boost up tech SMEs
On 3 May 2017, China announced measures to encourage research and development (R&D) by tech firms through favorable tax terms. Small and medium sized-enterprises (SME) in the technological sector can deduct an additional 75% of the R&D costs
See MoreUK signs MLI to prevent tax avoidance
On 7 June 2017, United Kingdom has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in Paris. Total 68 countries, including
See MoreIreland signs MLI to prevent tax avoidance
On 7 June 2017, Finance Minister Mr. Michael Noonan T.D. has signed the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) on behalf of
See MoreBahamas: Budget Communication 2017-18
The Bahamas 2017-18 Budget was submitted to the National Assembly on May 31, 2017. The budget included an increase in customs and excise duties and licensing taxes and the introduction of electronic customs procedures. The main changes are as
See MoreSpain: Lower House approves 2017 Budget
Spain's lower house on 1 June 2017 approved the delayed 2017 national budget. The budget was presented on April 4th 2017. There is no significant change on direct taxation. A 10% reduced rate of VAT is expected to apply to specific product supplies
See MoreMozambique provides a draft law that revises the tax rules for oil and mining operations
The Council of Ministers in Mozambique, on 30th of May 2017, approved the proposed changes to the special tax regimes applicable to Petroleum and Mining Operations. The following step is for the draft bill to be sent to Parliament for approval and
See MoreMorocco: House of Representatives approve Finance Bill 2017
On June 6, 2017, the Finance and Economic Development Committee in the House of Representatives approved the second reading of the Finance Bill 2017. The Finance Committee of the House of Councilors opposes Article 8 bis of the Draft Finance Law
See MoreSouth Africa and U.S. sign an agreement on the exchange of country-by-country reports
The competent authorities of South Africa and the U.S. have concluded an arrangement on the exchange of Country-by-Country Reports. On June 5, 2017 the South African Revenue Service (SARS) released the text of the arrangement. According to SARS the
See MoreTax Inspectors Without Borders: Annual Report for 2016/17
The organisation Tax Inspectors Without Borders (TIWB) has issued it Annual Report for 2016/17. The report covers the period from January 2016 to April 2017. TIWB aims to support developing countries in their efforts to raise more domestic tax
See MoreTurkey: Council of Minister proposes transfer pricing provisions
A draft Communique regarding transfer pricing has been published in Turkey. It generally represents measures of the OECD’s base erosion and profit shifting (BEPS) Action 13 on country-by-country reporting and transfer pricing documentation. The
See MoreTransfer Pricing Brief: May 2017
Italy: Requirement-Rule: According to Decree No.50 published on 24 April 2017, the definition of normal value with the concept of arm’s length will be modified to be more aligned with Organisation for Economic Co-operation and Development
See MoreWorld Tax Brief: May 2017
Australia Corporate tax rate: The 2017-18 federal budget has been delivered on 9 May 2017 and the government announced a reduction in the small business tax rate from 28.5% to 27.5% for the 2016–17 income year. The turnover threshold to qualify
See MoreGermany implements legislation that restricts the tax deductibility of related-party royalty payments
The Federal Parliament and the Federal Council on 12 May 2017 and 2 June 2017 have agreed on the implementation of legislation which restricts the tax deductibility of the contributory payments under certain conditions. This royalty limitation rule
See MoreOECD: Terms of reference for peer review of BEPS action 6
On 29 May 2017 the OECD released the document that will form the basis of the peer review of the minimum standard on treaty shopping. This minimum standard arises from Action 6 of the project on base erosion and profit shifting (BEPS). Action 6 is
See MoreOECD: Implementation Guidance on Hard to Value Intangibles
On 23 May 2017 the OECD issued a public discussion draft entitled Implementation Guidance on Hard-to-Value Intangibles. The draft is issued under Action 8 of the project on base erosion and profit shifting (BEPS) and invites comments on the guidance
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