Finland: Ministry of Finance declares their commitment to exchange CbC reports
Finland is committed to the exchange of the country-by-country (CbC) report. On March 8, 2017, an official Gazette was published by the Ministry of Finance. The Gazette states that the government is willing to comply with the Multilateral Competent
See MoreIndia signs fifth bilateral advance pricing agreement with Japan
On 6 March 2017, India has signed a bilateral advance pricing agreement with the Indian subsidiary of a Japanese company, India's Central Board of Direct Taxes (CBDT) has announced. With this agreement, India and Japan have concluded five bilateral
See MoreBrazil declare targeting plan for tax inspections in 2017
The tax authorities declared the aim plan for tax inspections in 2017 on 2nd March 2017. According to the tax plan focus will be given to following specific topics, taxation of CFC profits tax planning involving company reorganizations and
See MoreTaiwan explains deductibility of interest on tax payments and penalties
The tax bureau of Gao Xiong of the Ministry of Finance issued a declaration that interest on the recovery of tax payables due to the incorrect declaration of costs, expenses or losses and interest on tax payments due to the rejection in an
See MoreSweden approves the new legislation on transfer pricing documentation and CbC reporting
Sweden's parliament on 1 March 2017, adopted the government’s proposal on transfer pricing documentation and country-by-country reporting. The adoption amounts to the ratification of OECD’s guidelines for transfer pricing documentation and
See MoreUK: Budget proposals for 2017/18
The UK budget proposals announced on 8 March 2017 contained a number of tax changes including the following: Making tax digital The introduction of the new system of mandatory online tax returns for unincorporated businesses and landlords with
See MoreRussia: Clarifications on carry-forward of CFC losses
The Ministry of Finance (MoF) issued Guidance Letter No. 03-04-05/5577(2 February 2017), clarifying the issue of losses incurred by a controlled foreign company (CFC) on 7 March 2017. The Ministry of Finance identified that, under Article 25.15,
See MoreUK: Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017
SI 2017/277 sets 1 April 2017 and tax years commencing on or after 6 April 2016 for the coming into force of FA 2016, Sch. 22. The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017 appoints the days on which FA 2016, Sch. 22 comes
See MoreAustralia releases guidance on IRP agreements
The Australian Taxation Office (ATO) released guidance on providing international related-party agreements (IRPA) as part of Part B of the local file for country-by-country reporting (CbCR), on 3 March 2017. The taxpayer is required to provide
See MoreIsle of Man enacts Budget for 2017-18
The parliament of Isle of Man approved the measures of Budget for 2017-18 were enacted by way of: Income Tax (Rates of Income Tax) (Resident Non-Corporate Taxpayers) Order 2017; Income Tax (Resident Individuals) (Income Tax Cap) Order 2017;
See MoreAustralia: Fringe benefits change and tax offsets
The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted
See MoreChina: Up to 12% profits are deductible for charitable donations
The Standing Committee of the People's Congress of China passed the decision on the amendment to article 9 of the Enterprise Income Tax Law regarding the deductibility of charitable donations, on 24 February 2017. In accordance with the amendment,
See MoreGermany: Ministry of Finance publishes guidance on application of OECD’s Common Reporting Standard
The German Ministry of Finance on 3 March 2017, published official guidance (1 February 2017), on the application of the OECD's Common Reporting Standard concerning the automatic exchange of information and application of the Germany-United States
See MoreSouth Africa: National Treasury consults on sugar tax amendments
Proposed changes to the tax on sugar-sweetened beverages (SSBs) were introduced in the recently announced 2017-18 Budget. The South African National Treasury has issued a list of questions and answers on the changes to the proposed tax. The National
See MoreBelgium: Federal Public Service publishes information on reporting format
The Federal Public Service for Finance of Belgium published guidance on the reporting format as well as examples of frequent scenarios with respect to the Common Reporting Standard for the automatic exchange of financial account information in
See MoreEcuador publishes income tax refund process
The Internal Revenue Service (SRI) of Ecuador published Resolution NAC-DGERCGC17-00000121 in the Official Gazette, on 20 February 2017. The Resolution establishes the process to request a tax refund of the income tax paid in excess. The key
See MoreGhana: Proposes the Budget for 2017
The Minister of Finance presented the Budget for 2017 to Parliament on 2 March 2017. The following tax measures are proposed in the Budget: Capital gains tax (CGT): Exemption from CGT on gains realised from the sale of securities listed on the
See MoreTransfer Pricing Brief: February 2017
Ukraine: Controlled transaction: As per the amended Tax Code effective from 1 January 2017, a transaction is considered controlled if the annual income of the taxpayer within the reporting period exceeds UAH 150 million, and the sum of the
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