Taiwan: Ministry of Finance issues amendment to guidelines on enterprise income tax audit
Ministry of Finance issued an amendment to the guidelines on Enterprise Income Tax Audit (EITAG) on 4 January 2017. According to the amended guideline income tax returns of enterprises of 2016 are required to be submitted before 31 May 2017. The
See MoreNigeria: Finance Ministry issues amended regulation to reinstate WHT rate
The Finance Minister of Nigeria has issued amended regulations to increase the withholding tax (WHT) rate from 2.5% to 5% for all aspects of building, construction, and related activities (excluding survey, design and deliveries). The Regulation
See MoreCyprus: Tax incentives for investors in small and medium sized innovative enterprises
The Cyprus parliament has recently approved an amendment law in relation to the tax relief for investors in qualifying small and medium-sized innovative enterprises which is entered into force on 1 January 2017. According to approved law which adds
See MoreCosta Rica: Government introduces law against tax fraud
Costa Rica enacted a law against tax fraud which was approved on 12 December 2016 and published in the Official Gazette on 20 December 2016. The new law is important for better administration and collection of taxes, and for combating tax
See MoreAzerbaijan: Published Amendments to Tax Code relatinged to withholding tax regime
In Azerbaijan, Law No. 454-VQD of 16 December 2016 (the Law) introducing certain amendments to the Tax Code has been published in the Official Gazette No. 287 (7431) on 25 December 2016. The Law introduces certain amendments to the withholding tax
See MoreItaly-published FTT return model
The Tax Authority of Italy, as the approval to the new financial transaction tax (FTT) return model published Protocol No.2169 on 4th of January 2017. The FTT return will be applicable from 1st February 2017 and will have to be filed electronically
See MoreAzerbaijan-Published amendments to the Tax Code related to Transfer Pricing rules
The new amendments to the Azerbaijani Tax Code were published on 25 December 2016. The amendments introduced new Transfer Pricing provisions to the Tax Code. These amendments are effective from 1 January 2017. According to the new rules taxes may
See MoreTurkey: General Communiqué No. 11 on CIT Law gazetted
General Communiqué No. 11 regarding the Corporate Income Tax Law (Law No. 5520) was gazetted on 31st December 2016 and amends General Communiqué No. 1. The measure entered into force on the day of its publication. The Communiqué gives
See MoreTurkey: Bilateral APA signed
The Revenue Administration stated on 30th December 2016 that it had signed a new bilateral advance pricing agreement and this agreement is based on article 13 of Corporate Income Tax Law No.
See MoreTransfer Pricing Brief: December 2016
Norway: BEPS related compliance General rule for Country by Country (CbC) reporting: Norway has introduced Country-by-Country (CbC) reporting requirement for domestic entities with an annual consolidated group revenue of NOK 6.5 billion
See MoreLuxembourg: Tax authorities issued transfer pricing circular
The Luxembourg tax authorities issued a new circular addressing the tax treatment of companies engaged in intra-group financing transactions. On 27 December 2016, Circular L.I.R. n°56/1 – 56bis/1 is released which replaces and supersedes the
See MoreMexico issued transfer pricing adjustment rule
Mexican tax authorities has been issued rule 3.9.1 of the Miscellaneous Rule on 8 December 2016 regarding transfer pricing adjustments.The rule establishes that all transfer pricing adjustments should be reflected in the tax return in which the
See MoreCanada: Final legislation on implementation of CbC reporting requirements
Bill C-29 was passed by the House of Commons on 15th December 2016. The Bill provides the final legislation to implement country-by-country (CbC) reporting. The final legislation formalizes the introduction of section 233.8 to the Income Tax Act,
See MoreMontenegro: Mandatory electronic filing
The Corporate Income Tax Law has been amended to oblige taxpayers to submit their annual tax declaration and tax returns electronically through the portal of the Tax Administration. The mandatory electronic filing applies from 1st January 2017. In
See MoreKorea- proposed changes to the country-by-country reporting requirements
The Ministry of Strategy and Finance of South Korea published a proposal for detailed procedures of the country -by country reporting requirements on 28 December 2016. The proposal requires the provision of a full report on cross-border transactions
See MorePoland issues Decree on mortgage loan limit for 2017
Polish Monitor (M.P. no 2016.1245), issued Decree of the Minister of Finance on 16 December 2016. According to the decree the limit for subtraction of interest expenses on mortgage loans for qualified taxpayers in 2017 is PLN 325,990.Generally,
See MoreNetherlands: Upper house adopts tax plan for 2017
The upper house of the parliament has approved the tax plan 2017 on 20 December
See MorePoland: Amendments regarding TP documentation come into effect
Corporate Income Tax Law amendments gazetted in the Official Journal 1932/2015 regarding transfer pricing (TP) reporting obligations in line with Action 13 of the OECD Base Erosion and Profit Shifting (BEPS) project came into effect on 1 January
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