Canada: Tentative date for federal budget 2017 launched
The Finance Canada have dropped a fairly big hint on when Finance Minister will deliver the Liberal government’s sophomore budget. Currently, there are no clear clues found about the changes that will occur in the federal budget. The Federal
See MoreGreece: Judgment on SOL provision for taxpayer’s refund claim publishes
The Council of State/Supreme Administrative Court published its decision (No. 425/2017) related to the statute of limitations (SOL) provision for the taxpayer’s refund claim. In accordance with the Court, the taxpayer’s claim for refund of the
See MoreCzech Republic: Tax audits focused on transfer pricing increases
The number of tax audits focused on transfer pricing in the Czech Republic and the resulting tax adjustments have increased rapidly because of Czech Tax Administration’s systematic risk assessments. These risk assessments are successively used to
See MoreGreece: Draft bill amending Income Tax Code and other provisions submits
A draft bill was submitted to the parliament on 8th March 2017. When adopted, the draft bill presents an amendment to the provision of article 52 of the Income Tax Code about the tax treatment of a transfer of assets of the transferring company in
See MoreUS: IRS urges taxpayers to protect individual tax data
The Internal Revenue Service on March 9, 2017 reminded taxpayers to be cautious and protect personal, financial and tax information, particularly at tax time. The IRS urges taxpayers to be safe online and reminds them to take steps to help protect
See MoreAndorra approves draft bill on exchange of information upon request and spontaneous exchange
The government pronounced that it had approved a draft bill on exchange of information upon request and spontaneous exchange of information, on 8 March 2017. The text contains all the legal changes regarding exchange of fiscal information as per the
See MoreUS: IRS publication 17 helps with 2016 Taxes
Recently the Internal Revenue Service has released “publication 17” which is helpful for 2016 taxpayers. Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting
See MoreIndia: GST Council approves draft CGST and IGST Bills
The GST Council approved the draft Central Goods and Services Tax (CGST) Bill and Integrated Goods and Services Tax (IGST) Bill on 4 March 2017. Some of the significant points of the CGST and IGST Bills are summarised below: A State-wise single
See MoreUS: Tax refunds totaling $1 Billion for 2013 non-filers
The Internal Revenue Service announced on March 1, 2017 that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. In cases where a
See MoreUS: IRS issues revised guide on foreign tax credits (FTCs) for individual
The US Internal Revenue Service (IRS) has released a revised version of its tax guide on foreign tax credits (FTCs) for use by individuals when preparing their 2016 tax returns. The guide provides information on how to choose to take the FTC or the
See MoreAndorra’s Government submits draft legislation for introducing tax crimes to Criminal Code
On 1 March 2016, the government of Andorra submitted draft legislation to the General Council (the country’s parliament), to introduce tax crimes into the Andorran Criminal Code for the first time. Until now, the only tax-related crime was the
See MoreIndia: Related-party Relationship Upheld by The Tribunal
Recently, the Chennai Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: Hospira Healthcare India Private Limited v. DCIT (ITA No. 821/Mds/2016 - AY 2011-12), held that under a provision of India’s tax law, “influence”
See MoreArgentina: DJAS and DAPE systems eliminated
The General Resolution No. 4008-E was published on 6th March 2017 in the Argentine Official Gazette. According to that resolution, Argentina has abolished the Early Declaration System for Services (DJAS) and the Early Declaration for Payments Abroad
See MoreSingapore, Belgium Competent authority agreement on automatic exchange of information signed
The Competent Authority Agreement on Automatic Exchange of Information (2017) between Singapore and Belgium was signed on 10 March 2017. The agreement provides details of what types information will be exchanged and when, in accordance with OECD
See MoreAustria: Approves draft bill on reduced air travel tax rates
The government approved a draft bill amending the air travel tax law on 7 March 2017. The draft bill provides for reduced air travel tax rates. Accordingly, the rates will be reduced from EUR 7 to EUR 3.50 for short distance flights, from EUR 15 to
See MoreTurkey: Communiqués on Law regarding R&D incentives publishes
The General Communiqués (Communiqué Nos. 7 and 8) regarding research and development (R&D) incentives were published on 8th March 2017 in the Official Gazette. The Communiqués Nos. 7 and 8 amend General Communiqué Nos. 4 and 6 on Law No.
See MoreTurkey: Tax amendments gazetted
The Law No. 6824 was published in the official gazette on 8th March 2017 that amend a number of laws. Under the Law, a compliant taxpayer is defined as a taxpayer not having tax debts or not including tax penalties over the amount of TRY 1,000. The
See MoreCanada: Guidance about CbC reporting
The Canada Revenue Agency (CRA) has released a Guide ‘RC4651’ on 2nd March 2017 regarding Country-By-Country Reporting (CbCR) in Canada, which is only available in electronic format. This is a new filing obligation for multinational enterprise
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