Puerto Rico clarifies withholding tax on payments for services rendered
The Department of Treasury issued Bulletin 17-02 on 3 February 2017 regarding payments received for services. These payments for services are subject to the withholding of sales and use tax at a rate of 7%. The provisions are effective immediately
See MoreSwitzerland: Tax Administration announces safe harbor inter-company interest rates for 2017
The Swiss Federal Tax Administration (SFTA) published safe harbor interest rates on intra-group loans in Swiss Franc as well as in foreign currencies. On 13 February 2017, SFTA released a circular in relation to safe haven interest rates. According
See MoreColombia: Tax reform 2016 and Transfer Pricing Updates
In accordance with law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016, introduces the following main changes to the transfer pricing regime. According to article 260-3 of the Tax Code (TC), as amended by the tax
See MoreAustria: Updated the guidance on tax incentives for start-up companies
The Ministry of Finance updated guidance on tax incentives for start-up companies on 14 February 2017. The incentives for start-up companies are granted if the following requirements are met: A new company has been set up; The company derives
See MoreUK VAT: Guidance for businesses supplying digital services to private consumers
On 9 February 2017, HM Treasury published a guidance on "VAT: businesses supplying digital services to private consumers". The guidance results from the fact that, since 1 January 2015, the reverse charge mechanism has applied with respect to
See MoreIsrael: Tax incentives on capital investment in hi-tech industry introduced
An amendment to the Law for the Encouragement of Capital Investments has been published by Israel on 29th December 2016, which was part of the changes made in the framework of the 2017-2018 Law on Economic Arrangements. Corporate income tax (CIT)
See MoreTurkey: Possibility of R&D and designing expenses deduction boosted
The regulation regarding the implementation and control of R&D and designing support was published in the Official Gazette on 14th February 2017, which amends the previous regulation. The Regulation boosts the opportunity of expenses incurred by
See MoreGreece: Online application for filing tonnage tax returns of category A vessels issued
The Public Revenue Authority has published a press release regarding new online application for filing tonnage tax returns of category A vessels on 14th February 2017. The Director of the Public Revenue Authority is projected to issue a decision
See MoreFinland: Tax administration issues an updated version of the guidance on withholding taxes
An updated version of the guidance on withholding tax on dividends, interest and royalties paid to non-residents has recently been published by the Finnish Tax Administration. According to updated version, foreign corporate entities and foreign
See MoreZambia: Finance Minister presents national budget for 2017
The Minister of Finance has presented national budget for 2017 to the National Assembly on 11th November 2016. The budget of 2017 highlights some important issues which are given below: Direct tax PAYE threshold increased from K3,000
See MoreAustralia: Alerts on tax incentives for R&D
The Australian Taxation Office (ATO) and Department of Industry, Innovation and Science (DIIS) have released two new taxpayer alerts as a warning to those not being careful enough in their claims or seeking to deliberately exploit the Research &
See MoreUK: Supporting mid-sized business: maintaining and growing UK plc
HM Revenue and Customs (HMRC) published a corporate report entitled "Supporting mid-sized business: maintaining and growing UK plc", on 10 February 2017 and it provides directors or owners of medium-sized businesses and those that advise them with
See MoreIsrael: Transfer pricing amendments has been proposed
The Parliament approved the bill regarding country-by-country (CbC) reporting on 1st February 2017. It must be published in the collection of laws for becoming law. This bill will become effective as from 1st March 2017. It was submitted to the
See MoreSlovak Republic: Bill on CbC reporting approved
The Parliament approved the bill regarding country-by-country (CbC) reporting on 1st February 2017. It must be published in the Collection of Laws for becoming law. This bill will become effective as from 1st March 2017. It was submitted to the
See MoreAustralia: DPT Bill includes updated transfer pricing guidelines
On 9 February 2017, the Australian Government introduced legislation into the Parliament to implement the new Diverted Profits Tax (DPT), which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted
See MoreBulgaria: Amendments to regulations on Excise Duties and Tax Warehouses Act gazetted
The amendments in the regulations for the application of the Excise Duties and Tax Warehouses Act have been published on 7th February 2017 in the State Gazette. The major amendments have been effective from the same day of its publication and the
See MoreUS: IRS releases its ‘dirty dozen’ list of tax scams for 2017
The Internal Revenue Service yesterday warned taxpayers to be alert to unscrupulous tax return preparers touting inflated tax refunds. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for 2017. The “Dirty
See MoreSouth Africa: SARS issues rulings on employees’ tax and VAT treatment of non-executive directors
The South African Revenue Service (SARS) issued Binding General Ruling (Income Tax) 40 and Binding General Ruling (VAT) 41 on 10 February 2017. Binding General Ruling (Income Tax) 40 clarifies the employees’ tax consequences of income earned by
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