Russia: Clarifications on computing taxable income of CFCs published
The Ministry of Finance (MoF) has released Letter No. 03-03-06/1/68300 describing the process to calculate the taxable income of controlled foreign companies (CFCs) for the purposes of taxation in Russia. The letter was issued on 29th December 2014.
See MoreUK: Online Tax Summaries
More than 8 million taxpayers who filed their 2013 to 2014 tax return electronically by the 31 January deadline can now access their online tax summary. The summaries set out how much tax and National Insurance each person has paid in the tax year,
See MoreTaiwan: Proposed Amendments to Transfer Pricing Rules
The Ministry of Finance of Taiwan has proposed changes to the transfer pricing rules (Tai Cai Shui No. 10304651710). The draft of amendments was released on 7 January 2015 for public comment. The modifications, which concern one new provision and
See MoreSlovenia: Government Announces of Tax Cash Register System
The government approved the introduction of a tax cash register system on 5 February 2015. The Act will be published in March 2015 and this system will improve revenue collection. The exact date of the introduction, together with the list of
See MoreOECD to present BEPS action plan developments to the G20 Finance Ministers
The OECD is to give a presentation on the project on base erosion and profit shifting (BEPS) to the G20 Finance Ministers when they meet on 9 and 10 February 2015. The OECD has agreed with the G20 countries on three important elements that will move
See MoreIMF reports on discussions on Pakistan’s economic position
The IMF has held meetings with officials from Pakistan to conduct discussions as part of the sixth review under its Extended Fund Facility and has issued a press release reporting on its preliminary findings. A Memorandum of Economic and Financial
See MoreLuxembourg: Formalization of New Transfer Pricing Legislation and Documentation Requirements
The Parliament of Luxembourg has approved the draft law and has formalized the framework for Luxembourg transfer pricing legislation and introduced the transfer pricing documentation requirements. The new measures are effective from 1 January
See MoreVenezuela: Monthly minimum salary increases
The President has declared an increment in the monthly minimum salary (MMS) from VEF 4,889.11 to VEF 5,622.47 on 21st January 2015, and it should have been applicable as from 1st February 2015. But, the Decree announcing the increase has not yet
See MoreTurkey: Draft order to change electronic tax filing
The tax administration has issued Draft Order No. 397 on 16th December 2014 regarding a public consultation on electronic tax filing. Taxpayers who want to register to communicate electronically with the tax authorities must have a suitable
See MoreECJ Rules in Favor of UK on Cross Border Loss Relief
The European Court of Justice (ECJ) has ruled in favor of the UK on cross border loss relief, rejecting a challenge by the European Commission and generally following the earlier opinion of the Advocate General. The European Commission had suggested
See MoreUS: Budget Proposals for 2016 Bring Changes to the US Internal Revenue Code (IRC)
US fiscal Budget proposals for 2016 have brought some changes to the Internal Revenue Code (IRC) with respect to tax administration and compliance. The key proposals include: Restricted deductions of excessive interest expenses by members of
See MoreIndonesia: Releases Regulation on New Advance Pricing Agreement
The Ministry of Finance in Indonesia has released regulation No. 7/PMK.03/2015 (PMK-07) on the implementation of advanced pricing agreements (APAs). The guidance on the processes is provided in PMK-07. PMK-07 states that the Directorate General of
See MoreDenmark: Filing a paper form is no longer possible for companies
The Ministry of Taxation announced, on 3 February 2015, a new schedule relating to the digitalization of corporate tax filing. A new schedule was required as the necessary adjustments to the IT systems will be more time-consuming and complicated
See MoreNigeria: Penalty and interest rates for unpaid tax has approved
The Federal Inland Revenue Service (FIRS) has released the accepted penalty and interest rates to be applied for the year 2015 on 2nd February 2015 regarding taxes not paid within the given periods. The 15% interest rate is determined while the
See MoreSouth Africa: Transfer Pricing Adjustments Regarding Withholding Tax Obligations
Under the income tax act, section 31(3), South Africa provide that any adjusted amount for transfer pricing and thin capitalization purposes, prior to 1 January 2015, constituted a deemed loan. The adjusted amount plus interest deemed to have
See MoreThailand: IMF reports on preliminary findings
The IMF has completed a mission to Thailand from 15 to 29 January 2015 to hold discussions in connection with the Article IV Consultation. The IMF is expecting Thailand to continue a gradual economic recovery in 2015 and growth is estimated at 3.5%.
See MoreJapan Publishes New Consumption Tax Plans for Foreign E-services
Japan has published new plans to subject the supply by foreign providers of electronic services to their consumers to 8% Consumption Tax. This should come into place from 1 October 2015. Here is the summary of plans: Changes from the origin to
See MoreEuropean Union: Anti abuse clause added to parent subsidiary directive
On 27 January 2015 the Council of the European Union (EU) amended the parent subsidiary directive to add a binding anti-abuse clause. This is designed to prevent tax avoidance and aggressive tax planning, and to ensure more consistency in the
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