Meeting of the UN Committee of Experts on International Cooperation in Tax Matters
The UN committee of Experts on International Cooperation in Tax Matters is meeting for its twelfth session in Geneva from 11 to 14 October 2016. The meeting is due to discuss issues connected to updating the UN Model Tax Convention and other matters
See MoreSingapore: Publishes Guidance on CbC Reporting
The Inland Revenue Authority of Singapore (IRAS) has published detailed guidance on the implementation of a new country-by-country (CbC) reporting requirement in the territory on 10 October 2016, which sets out entities are obliged to report and
See MoreEuropean Commission will begin drafting new EU financial transaction tax text
An Austrian proposal for a compromise text for the proposal to introduce a financial transaction tax by 10 EU Member States has been agreed in principle according to a Reuters report, at a meeting of the Finance Ministers in question on October 11,
See MorePoland: Approves the general anti- avoidance rule into the Polish Tax Law
Polish President approved a draft legislation introducing a general ant avoidance rule (GAAR) into the Polish Tax Law. On June 14, 2016, the clause was published in the official Journal of Laws and came into force as of July 15, 2016. GAAR shall
See MoreNigeria: Tax amnesty regarding tax liability
The Federal Inland Revenue Service (FIRS) has issued guidance introducing a waiver of penalties and interest on some unpaid tax for the periods between 2013 and 2015. Taxpayers who are eligible for the penalty and interest waiver must declare the
See MoreBulgaria: Ownership identification requirement by non-residents with PE
Official Gazette has published a Decree No. 306 on 27th September 2016. The Decree forces non-resident companies along with a permanent establishment (PE) in Bulgaria to reveal the shareholder’s names owning a participation of at least 10% in the
See MoreTransfer Pricing Brief: September 2016
Costa Rica: Filing of annual transfer pricing return: Costa Rica has published a resolution in the official gazette to finalize the rules concerning the filing of an annual transfer pricing return for taxpayers qualifying as “large
See MoreFrance-Finance Bill for 2017
The government of France presented the Finance Bill for 2017 on 28 September 2016. According to article 6 of the Bill the standard corporate income tax rate, currently set at 33.33%, will be reduced progressively to 28%. However, the 28% rate will
See MoreWorld Tax Brief: September 2016
Peru Corporate tax rate: On August 2016 the Government of Peru presents a bill to the parliament with the intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for
See MoreSlovak Republic: Tax law amendments proposed
A governmental package of proposed amendments on tax law has been submitted to the parliament and the changes are suggested to become effective from 1st January 2017. These changes needs to be approved by the parliament and signed by the President
See MoreGreece: Draft Budget 2017 has been submitted to parliament
The draft Budget for 2017 has been submitted to the parliament (Committee of Economic Affairs) on 3rd October 2016. Now, it is available on the official website of the Finance Ministry. The following main things are enclosed with the Budget:
See MoreNorway: Published proposal on Country-by-country reporting
The Norwegian Government published its proposal for the 2017 Fiscal Budget on the domestic Country-by-Country (CbC) reporting rules in line with the OECD BEPS Action 13 recommendations to the Norwegian tax authorities. As per the proposal, all
See MoreItaly: Resolution publishes regarding interest on medium or long-term loans
The Italian Tax Authorities issued Resolution No. 84/E on 29 September 2016, providing clarifications on the tax treatment of qualifying interest on medium or long-term loans, following the amendments introduced by Law Decree No. 91 of 24 June
See MoreSwitzerland: Parliament adopted the final Corporate Tax Reform III
On June 17, 2016, the Swiss parliament adopted the final Corporate Tax Reform III package (CTR III) to strengthen Switzerland’s competitiveness as a business location. The Corporate Tax Reform III includes several notable tax reform measures
See MoreRomania: Ministry of Finance published a proposal for tax incentives and administrative simplification measures
Romanian Finance Ministry recently published a press release regarding proposals for tax incentives and administrative simplification measures for both individuals and companies. The following matters are included in the proposals; Encourage
See MoreHungary: Introduces a new type of tax audit of binding rulings
Tax audit of binding rulings From July 1, 2016, a new type of tax audit was introduced whereas binding rulings may be fact-checked by the tax authority. The tax authority may start this type of audit regarding a taxpayer’s past tax years to find
See MorePeru: Government proposes higher corporate taxes
In August 2016 the Government of Peru presented a bill to the parliament which stated its intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for large companies
See MoreIMF comments on economic position of Jamaica
On 19 September 2016 the IMF issued a press release following the 13th Review under the Extended Fund Facility (EFF) with Jamaica. Jamaica’s economy is improving with an agricultural recovery, a strong performance in tourism and manufacturing and
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