Guatemala- List of companies active in Export and Maquila activities – eligible to continue 10-year income tax exemption period issued
The Ministry of Economy of Guatemala issued on 28 April 2016, Ministerial Agreement No. 162-2016, which contains the list of export and maquila companies that are eligible to continue the 10-year income tax exemption period which was granted by
See MorePeru-New transfer pricing declaration forms
The tax authority (SUNAT) in Peru on 30 April 2016 published two new transfer pricing-related forms (Form No. 3530 & Form No. 3560). Form No. 3560 modifies and replaces the prior version of the electronic form No 1630. These new forms are to be
See MorePortugal: State Budget 2016 approved
On 30 March 2016, the State Budget 2016 (Law 7-A/2016) of Portugal has been promulgated by the President of the Portuguese Republic and published in the official journal Diário da República. Additionally, on 5 February 2016, further budget
See MoreAustralia: Amended the Transfer Pricing Rules as per 2015 OECD Transfer Pricing Recommendations
Australia's transfer pricing legislation currently specifies that it be interpreted to achieve consistency with the OECD transfer pricing guidelines as last updated in 2010. The OECD's final report on Action Items 8-10 of the G20/OECD BEPS Action
See MoreAustralia: Reducing the corporate income tax rate
On 3 May 2016, the government of Australia announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Currently, there is a small business corporate tax rate which is less than the
See MoreFrance- amortization base of 140% further extended by 1 year
The French Ministry of Finance and Public Accounts has declared that the tax measure letting companies to use an amortization base of 140% on certain industrial investments will be further extended by 1 year. Accordingly for investments in
See MoreDenmark: Plans for the introduction of alternative dispute resolution for TP cases
The Minister of Taxation announced on 2 May 2016, for transfer pricing cases they are planning for the introduction of alternative dispute resolution (ADR) system. The introduction of ADR is considered essential in order to assurance that transfer
See MoreSouth Africa: SARS introduced certain changes to the Income Tax Return for Companies (ITR14)
The South African Revenue Service (SARS) introduced certain changes to the Income Tax Return for Companies (ITR14) on 18 April 2016. Changes include the expansion of information required in relation to transfer pricing transactions. ITR14 increasing
See MoreSweden Proposes Implementation of BEPS 13
The Swedish Tax Agency (STA) has proposed to implement transfer pricing documentation and Country-by-Country (CbC) Reporting. As per the proposal, the Master File reporting obligations will be applicable to MNEs that have more than 250 employees and
See MoreTransfer Pricing Brief: April 2016
Portugal: General rule for CbC reporting requirement: Portugal has introduced Country-by-Country (CbC) reporting requirement for domestic entities with consolidated group revenue of €750 million or more for an accounting period. The CbC report
See MoreGuernsey: The amended Statement released on taxation of banking businesses
The amended Statement of Practice C22 on taxation of banking businesses was released on 28 April 2016. The company standard rate of income tax on company profits is 0% but a 10% tax rate applies to certain banking profits. In particular, under the
See MorePanama-Deadline for filing income and real estate tax returns extended
In a Press release of 29 April 2016 the tax authorities of Panama announced that the deadline to file income tax returns and real estate tax returns will further be extended to 3 May
See MoreIMF report comments on economic situation of Bahrain
The IMF issued a report on 26 April 2016 following consultations with Bahrain under Article IV of its articles of agreement. Bahrain has been affected by the decline in oil prices and the fiscal deficit is projected to remain high over the medium
See MoreIMF report comments on the economic situation of Hungary
The IMF released a report on 22 April 2016 following consultations with Hungary under Article IV of the IMF’s articles of agreement. Hungary has been experiencing robust economic growth in the past few years and output expanded by 2.9% in 2015.
See MoreUK: Enterprise Investment Scheme statistics
The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two important tax advantaged venture capital schemes in the UK. In addition to these two schemes there are other tax advantaged schemes such as the tax
See MoreECJ: Advocate General rules on conditions for VAT exemption on intra community supply
The Advocate General of the European Court of Justice (ECJ) ruled on 6 April 2016 in the case Josef Plöckl v Finanzamt Schrobenhausen. The case had been referred to the ECJ for a preliminary ruling on the following question: Do article 22(8), the
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreCzech Republic: Senate approves criminal code amendment
The Senate has approved an amendment on 27th April 2016 to the Criminal Code to the effect that even the act of preparing for tax evasion is a criminal offense. The amendment must be signed by the President for becoming law. The objective of this
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