Myanmar: IMF report refers to tax reform
A statement released at the close of a visit by officials of the International Monetary Fund (IMF) to Myanmar indicates that the outlook for economic growth remains favorable at least in the medium term. There are fiscal risks in the near term as a
See MoreCanada: Guidance on intra-group services published
The Canada Revenue Agency (CRA) has published Transfer Pricing Memorandum (TPM)-15 regarding intra-group services and section 247 of the Income Tax Act on 13th February 2015. TPM-15 describes the CRA’s audit policy on some audit and tax issues
See MoreOECD publishes comments received on discussion draft on use of the profit split method
On 10 February 2015 the OECD published on its website comments received in response to the discussion draft issued on 16 December 2014 on profit splits in the context of global value chains. One consequence of the ever greater integration of MNEs
See MoreRomania: IMF issues preliminary report on economic situation
The IMF has issued a report stating their preliminary findings on the conclusion of a visit to Romania for discussions on the economic situation. The report notes that the Romanian economy has pursued sound economic policies and corrected internal
See MoreChina: SAT Standardizes the CIT Administration of Indirect Transfer of Taxable Properties in China by Non-Tax Resident Enterprises (Non-TREs)
Since the ‘Economic Reform and Opening up’, China has maintained an ongoing economic boom which has resulted in the accumulation of a considerable amount of wealth in the value of immovable properties, equity investments and other properties.
See MoreFinland: Cabinet Finalizes Supplementary Budget For 2015
The Finnish Government has concluded negotiations for the supplementary budget for 2015 and this will be forwarded to parliament for approval on 12 Feb, 2015. Economic growth is expected to remain sluggish in the current year but growth will be
See MoreCzech Republic- Cook Islands Exchange of information agreement signs
The Tax Exchange of Information treaty (TIEA) between the Czech Republic and Cook Islands has signed on 4th February 2015 in Auckland. Further details of this treaty will be reported
See MoreRussia: 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
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