Chile: IRS issues guidelines regarding anti-avoidance rules
The Inland Revenue Service (IRS) in Chile has issued total 7 circulars including Circulars 65 and 68 on 23rd July 2015 for giving directions won the anti-avoidance rules enacted as part of Law No. 20780. The circulars contain limitations on the
See MoreUS: IRS Issued New Revenue Procedures on Competent Authority and Advance Pricing Agreement
The IRS has issued two revenue procedures on August 12, 2015 with details guidance to request assistance from the US competent authority under income tax treaties and to obtain an advance pricing agreement (APA) program. The proposed version of
See MoreUK Summer Budget 2015 Reduces Corporate Tax Rate for Future
UK summer budget 2015 announced on 7 July 2015 has reduced corporate tax rate from the current rate of 20% to 19%, effective from 1 April 2017, and to 18% effective from 1 April 2020. The rate reductions will be included as part of Finance Bill
See MoreRussia: Exemption from excise duties on export of excisable goods
The Russian Finance Ministry issued Letter No. 03-07-15/41049 on 16th July 2015 clarifying the application procedure for exemption from excise duties on export of excisable goods. On the basis of changes introduced by Federal Law No. 150-FZ,
See MoreOECD Issues Tax Administration Report for 2015
The OECD issued the Tax Administration 2015 report on 11 August 2015. This report contains data from a survey of 56 tax administrations in industrialized and emerging economies and analyses the latest trends and best practice within tax
See MoreEcuador-new regulations on transfer pricing documentation requirements
Recently Ecuador’s Internal Revenue Service (IRS) has issued regulations giving outlines to new transfer pricing documentation requirements. The new regulations require taxpayers to include substantial information on the economic substance of
See MoreChile: Bill to amend the tax reform of 2014
The Finance Ministry has declared that the Government submitted a bill on 10th August 2015 to amend the tax reform of 2014. The main features of the bill will be as follows: The combined income tax regime with income attribution would be
See MoreSingapore Publishes e-Tax guide to Mergers and Acquisitions Scheme
The Inland Revenue Authority of Singapore (IRAS) issued a revised e-Tax guide on 13 July 2015 to provide more details on the refinements to the mergers and acquisitions (M&A) scheme as recently stated in the Budget 2015. The complete e-Tax guide
See MoreRussia: Authorization for signature to tax agreement with Hong Kong
The Government of Russia has authorized the Finance Ministry to sign the draft text of the tax agreement between Hong Kong and Russia and it was released on 6th August 2015 for public
See MoreJapan: Introduction of Tax Identification System from 2016
The National Tax Agency (NTA) of Japan has announced that a new tax identification number system ("My Number") will be introduced for both individuals and corporations in October 2015. The NTA will provide the 12-digit number to all relevant
See MoreOECD issues new guidance on disclosure requirements and information exchange
On 7 August 2015 the OECD issued three guidance documents for tax administrations to help them in their fight against tax evasion. These are the Common Reporting Standard Implementation Handbook; a second edition of the Offshore Voluntary
See MoreThailand-Tax incentive for the expenditures of research and development (R&D) of technology and innovation
The cabinet of Thailand has passed a tax incentive for the expenditures occurred in the R&D sector of technology and innovation. The tax incentive has become effective as from 1 January 2015 to 31 December 2019. Accordingly a tax deduction of up
See MoreAustralia: Stronger penalties to fight against multinational tax avoidance
The Government of Australia announced double the maximum administrative penalties that can be applied by the Commissioner of Taxation to large companies that enter into tax avoidance and profit shifting schemes. The increased penalties, under
See MoreAustralia: New transfer pricing documentation standards
On 6 August 2015, the Australian Treasury released exposure draft law to implement reporting requirements for large multinational businesses in line with recommendations by the OECD and G20. In the 2015-16 Budget, the Australian government announced
See MoreGhana: Finance Minister Presented To Parliament “Income Tax Bill 2015”
The Deputy Minister for Finance submitted the Income Tax Bill 2015 to the Parliament on 30 July 2015. Government is seeking to broaden the tax base and reorganise the various income tax law provisions to simplify them and make them more
See MoreUS: IRS Issues Notice 2015-54 Limiting Ability to Transfer Property to a Partnership Tax Free
The IRS and Treasury published Notice 2015-54 on August 6, 2015 modifying the rules applicable to the contribution of built-in gain property to a partnership. Under the Notice, a U.S. transferor is required to recognize any built-in gain on the
See MoreUS Treasury to develop regulations implementing CbC reporting requirement
US Treasury announced on 31 July 2015 that the US government intends to develop regulations implementing the OECD/G20 base erosion and profit shifting (BEPS) action plan guidance on country-by-country (CbC) reporting by multinational
See MoreGhana: Tax Authority Formed Special Tax Compliance Taskforce
The revenue authority of Ghana has formed a special revenue collection taskforce including 40 members. The aim of taskforce is to enforce compliance with the country's tax code and to encourage actual or potential tax defaulters to honor their tax
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