Russia: Submits a bill related to tax deductible R&D expenses
The government on 23 November 2016 submitted a bill to the lower house of the parliament on amending the list of deductible costs relating to research and development (R&D) for corporate income tax purposes. The main requirements are discussed
See MoreKazakhstan: Law introducing tax amendments signed by president
The President of Kazakhstan has signed a Law entitled “Law No. 26-VI” on 30th November 2016 that introduces changes to the tax legislation. The Economic Ministry declared that the Senate had adopted a draft law (in
See MoreArgentina: Amendments and clarification in tax amnesty regime
A Decree 1,206/2016 was published in the Official Gazette of 30th November 2016 and effective from 1st December 2016. This decree amends and clarifies certain aspects of the tax amnesty regime implemented by Decree 895/2016. The main requirements
See MorePakistan: FBR issues income tax return form for companies-tax year 2016
The Federal Board of Revenue (FBR) has published income tax return form for companies for the tax year 2016 on Tuesday. However; according to SRO972(I)/2016, the FBR had issued the draft on September 9, 2016 in which they invited all stakeholders
See MorePakistan: FBR asks taxpayers to file returns for tax year 2016 before deadline
The Federal Board of Revenue (FBR) has asked the taxpayers to file their annual income tax returns for the tax year 2016 as no further extension in date will be given after November 30. On its official website, the FBR asked the taxpayers to file
See MoreSpain: Government announced a new law to increase in corporate income tax and other taxes
The Royal Decree-Law 3/2016, of 2 December, has been published in the Official State Gazette, which adopts certain measures of reform in the tax area that, in general, will enter in force on January 1, 2017. Implementing tax measures aimed at the
See MoreNorway: Country-by-country reporting under BEPS Action 13
Finance Minister of Norway published a regulation on country-by-country reporting legislation based on proposal under Action 13 of the BEPS Action Plan on 9 December 2016. . Norway’s CbC reporting regulation will be effective from beginning of the
See MoreTransfer Pricing Brief: November 2016
Malaysia: Penalty for non-compliance of CbC reporting: The fiscal Budget for 2016 has proposed a penalty between MYR 20,000–100,000 or imprisonment of not more than 6 months, or both, for an incorrect return or failure to comply with CbC
See MoreWorld Tax Brief: November 2016
Australia GAAR: In the 2016-17 Budget, the Australian Government announced that it would implement a Diverted Profits Tax (DPT) to impose a 40% penalty tax on profits that have been artificially diverted from Australia by multinationals. This
See MoreBrazil: Publishes proposed Country-by-Country reporting rules
The Brazilian Federal Revenue Agency on 4 November 2016, published a proposed Normative Instruction to establish country-by-country reporting (CbCR) rules in Brazil for Multinational groups where the ultimate parent company is a resident in Brazil
See MoreTurkey: General Communiqué No. 4 on tax amnesty published
General Communiqué No. 4 regarding Law No. 6736 on the tax amnesty was published in the Official Gazette and entered into force on 2nd December 2016. This Communiqué gives explanations and examples concerning the assets transfer from abroad to
See MoreGreece: Draft law on company establishment under electronic one-stop-shop procedure adopted
The draft law regarding the establishment of a company on the basis of the electronic one-stop-shop procedure was adopted by the parliament on 29th November 2016. It was submitted to the parliament on 25th November 2016 for
See MorePoland: Publishes new reporting requirements for taxpayers
A customized draft act on the exchange of tax information with other states dated October 7, 2016 has been released on the websites of the Polish Government Legislation Center. The Polish legislature has decided to move the regulations on CbC
See MoreBrazil: Updates fictitious credit for CFC rule
Normative Instruction 1,674/2016 released in the official Gazette on 29 November 2016 and in force on the same date of publishing. Normative Instruction 1,674/2016 adjusts the option that, resident companies to submit the profits derived by the
See MoreIndia: Approves higher taxes and penalties on black money bill
The lower house of Parliament (Lok Sabha) passed the Taxation Laws (Second Amendment) Bill 2016 (the Bill) on 29 November 2016, which aims to impose a higher tax rate and more stringent penalty provisions in respect of black money. The overview of
See MoreMexico: Amendments to tax reform package
The Decree including the tax reform package for 2017 was released in the Official Gazette on 30 November 2016. According to the decree the Legal representatives must acquire a taxpayer registration number and an electronic signature. The instructive
See MoreBolivia: Publishes audit procedure rules
The National Tax Service published Resolution No. 10-0032-16 (the Resolution) on 27 November 2016. The Resolution contains the formalities to be observed by the tax authorities during an audit procedure carried out to verify tax liabilities
See MoreBulgaria: Transfer pricing regulations
Bulgaria fully follows and applies the OECD Transfer Pricing (TP) guidelines and has had robust TP rules for several years, but taxpayers must be concerned about the regulations. The TP rules were first announced in the Corporate Income Tax Act
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