OECD: Tax administrations and capacity building
At the meeting of the OECD’s Forum on Tax Administration (FTA) on 9 to 11 May 2016 a publication entitled “Tax Administrations and Capacity Building: A Collective Challenge” was issued. Domestic resource mobilization requires an effective tax
See MoreOECD: Guidance on tax control frameworks
The OECD issued a publication entitled “Cooperative Tax Compliance: Building Better Tax Control Frameworks” during the meeting of the Forum on Tax Administration (FTA) on 9 to 11 May 2016. Enterprises must assess the accuracy and completeness
See MoreNorwegian Government Issued its Proposal for Implementation of Country-by-Country Reporting
The Norwegian Government has sent its draft bill on the domestic Country-by-Country (CbC) reporting rules to the Norwegian tax authorities. As per the proposal, all multinational groups with annual consolidated group revenue equal to or exceeding
See MoreArgentina-Deadlines for filing tax returns for 2015 and for tax payments extended
In Argentina through General Resolution 3874 (AFIP),the deadlines for filing the 2015 Income Tax, Minimum Deemed Income Tax and Net Worth Tax returns by companies and certain individuals, as well as the payment of the resulting balance that was
See MoreIndia: The Tribunal held that, no transfer pricing adjustment of AMP expenses
The Mumbai Bench of the Income-tax Appellate Tribunal in the case of: L’Oreal India Pvt. Ltd. v. DCIT , held that the tax officer must prove that the taxpayer’s real intention in incurring an advertising, marketing, and promotion (AMP)
See MoreOECD: Forum on Tax Administration discusses international tax cooperation
Participants from forty-nine delegations including regional and international tax organizations attended the Tenth Meeting of the OECD Forum on Tax Administration from 11 to 13 May 2016. The delegates confirmed their commitment to continuing
See MoreIMF report comments on Canada’s economic policy
On 9 May 2016 the IMF issued a report after the completion of consultations with Canada under Article IV of the IMF’s articles of agreement. Canada’s economy is facing a test owing to the fall in oil prices. Real GDP growth decreased from 2.5%
See MoreUK: Report by IMF comments on economic and fiscal policy
On 13 May 2016 the IMF issued a report following the completion of consultations with the UK under Article IV of the IMF’s articles of agreement. The report notes that uncertainty arising from the upcoming referendum on EU membership has affected
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreGreece: Amending Income Tax Law publishes in the Official Gazette
The Income Tax Law No. 4386/2016 (amended) has published in the Official Gazette on 11 May 2016 and according to the new law which replaces article 22(1) of the Income Tax Law, the expenses for scientific and technological research are deductible
See MoreIMF report comments on economic position of the United Arab Emirates
On 9 May 2016 the IMF issued a report following the conclusion of discussions with the United Arab Emirates (UAE) under Article IV of the IMF’s articles of agreement. The IMF comments that the UAE is in a good position to face the oil price shock
See MoreIndia: Proposes amendments to Finance Bill 2016
The Finance Bill, 2016 (the Bill) was introduced by the Finance Minister on 29 February 2016 in the Lok Sabha. On 5 May 2016, the amendments to the Bill have been proposed by notice of amendments. The Bill has proposes following amendments: -The
See MoreDenmark: Publishes new transfer pricing documentation guidelines
The Danish Ministry of Taxation issued two Orders : BEK nos. 401 and 402, on 28 April 2016, concerning transfer pricing documentation. The new documentation guidelines BEK no. 402, which will replace the previous guidelines of 24 January 2006 (BEK
See MoreIMF report comments on the economic position of Germany
On 9 May 2016 the IMF published a staff report following the completion of consultations with Germany under Article IV of the IMF’s articles of agreement. Economic growth in Germany will continue at a moderate pace in 2016 with strong domestic
See MoreAustralia: Tax incentives for early stage innovation investors
On 6 May 2016, the Tax Laws Amendment Bill 2016 received Royal Assent, enacting additional income tax incentives for new investments in Australian early-stage innovation companies (ESICs). From 1 July 2016, investment in a qualifying early stage
See MoreATO published a Practice Statement for TP penalties in transition period
The Australian Taxation Office published a Practice Statement Law Administration 2016/2 (PS LA 2016/2) to deal with the application of transfer pricing penalties during the transition period between 1 July 2004 and 28 June 2013. During that period,
See MoreIMF report comments on the economic policy of El Salvador
On 6 May 2016 the IMF published on its website a staff report following the conclusion of consultations with El Salvador under Article IV of the IMF’s articles of agreement. In the years from 2000 to 2014 economic growth in El Salvador averaged
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
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