OECD: Consultation document on treaty access for non-CIV funds
The OECD has issued a consultation document inviting comments on issues arising from the tax treaty entitlement of non-CIV vehicles. This consultation follows on from the final report on action 6 of the project on base erosion and profit shifting
See MoreUK: Responses to consultation on company distributions
On 24 March 2016 the UK published a summary of responses to the consultation on company distributions. This consultation followed the announcement by the government in the summer budget of 2015 that the taxation of dividend income would be reformed
See MoreUK: Responses to call for evidence on cash and noncompliance
On 24 March 2016 HMRC published a summary of responses to the call for evidence on cash, tax evasion and the hidden economy. The call for evidence had asked for views on the relative decline in the use of cash and its impact on tax compliance, the
See MoreIreland: Advance pricing agreement regime announced
The Irish revenue authority has announced that it will introduce a formal Advance Pricing Agreement (APA) program and are expected to be published in 2016. Ireland has accepted and concluded bilateral advance pricing agreements (APAs) for many years
See MoreFinland: Parliament amendments the law in respect of tax collection and tax procedures
The Government of Finland proposed an amendment of law regarding tax collection and tax procedures. The law was presented in Finish Parliament on March 17, 2016. Reduce administrative burden and simply tax procedures are the main objective of the
See MoreUK: Finance Bill 2016 Published
The UK Finance Bill for 2016 was published on 24 March 2016. The Bill contains tax measures announced in the Budget proposals on 16 March. Individual income tax As announced in the Budget the annual exempt amount for individual income tax is to
See MorePoland publishes new R&D tax incentives
The Council of Ministers published a bill introducing amendments to the Corporate Income Tax Law regarding tax incentives for the development of research and development (R&D) activities on 7 March 2016. The bill foresees the following
See MoreCanada: Business income taxation changes in Budget 2016
The Finance Ministry presented the Budget for 2016 on 22nd March 2016. Details regarding business income taxation are summarized below: New incentives have been proposed in the Budget 2016 in relation to electric vehicle charging stations,
See MoreCanada: Proposal regarding CbC reporting in Budget 2016
Canadian Budget for 2016 proposes new legislation to strengthen transfer pricing documentation by introducing country-by-country reporting for large MNEs. The new transfer pricing documentation rules will follow the base erosion and profit shifting
See MoreIMF Working Paper looks at reform priorities of Chinese tax administration
On 17 March 2016 the IMF published on its website a Working Paper entitled Tax Administration Reform in China: Achievements, Challenges and Reform Priorities. The paper notes that tax administration improvements have doubled China’s tax to GDP
See MoreOECD: Latin American Revenue Statistics
The OECD has published the revenue statistics for Latin American and Caribbean countries. The report entitled Revenue Statistics in Latin America and the Caribbean was produced by the Inter-American Centre of Tax Administration (CIAT), the Economic
See MoreTurkey: Draft communiqué on transfer pricing documentation, country-by-country reporting
The revenue administration of Turkey has issued a draft communiqué on 16th March 2016 that would introduce new transfer pricing documentation rules that generally follow the base erosion and profit shifting (BEPS) Action 13 recommendations and
See MoreUK budget announcements 2016
The UK budget announcements for 2016/17 were delivered on 16 March 2016. The Chancellor announced a business tax road map that is intended to support investment while continuing to crack down on avoidance and aggressive tax planning. Corporation
See MoreEuropean Commission and IMF discuss revenue mobilization
Representatives of the European Commission and the international Monetary Fund (IMF) met on 14 March 2016 to discuss strengthening their partnership in areas such as mobilizing domestic revenue. In the next few months the two organizations are
See MoreIndia: Country-by-country reporting, transfer pricing documentation rules in budget 2016
The fiscal budget was announced in India on 29 February 2016. One of the most important developments from a Transfer Pricing (TP) regulations perspective was introduction of Country-by-Country (CbC) reporting norms for TP documentation. If this
See MoreIndia: Marketing & Sales Promotion Expenses Not International Transactions for Arm’s Length Standard
The Bangalore Bench of the Income-tax Appellate Tribunal held in the case of: Essilor India vt. Ltd. v. DCIT that advertising, marketing, and sales promotion expenses to promote brand value were incurred only for increasing the taxpayer’s sales,
See MoreRomania: Significant changes brought by the New Fiscal Code
The New Fiscal Code entered into force in Romania on 1 January 2016 addressing important changes in tax area. The New Tax Code introduced the definition of place of effective management, which represents the place where strategic decisions for the
See MoreEU Joint Transfer Pricing Forum Discusses Comparables in the EU
The meeting of the EU Joint Transfer Pricing Forum (EU JTPF) on 18 February 2016 considered some of the relevant issues concerning transfer pricing including joint audits in the EU and the use of pan-European comparables. Joint audits in the EU A
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