India: Criteria for manual selection of cases for transfer pricing audit
Instruction No. 10 of 2013 has been issued by the Central Board of Direct Taxes (“CBDT”) on 5th August 2013 which specifying the procedures and criteria for manual selection of cases by the tax administration for audit/ scrutiny for financial
See MoreHungary: amendment to transfer pricing documentation rules
The Ministry of Finance of Hungary issued an amendment of Decree No. 22/2009 related to transfer pricing documentation requirements. The amendment effectively increases the validity of an APA to 6 years. Under the new rules taxpayers recharging the
See MoreFinland: Budget proposal for 2014
On 8 August 2013, the Finnish Ministry of Finance published its Budget proposals for 2014. All the proposals will be discussed by the government on 28-29 August 2013 before the final set of proposals is presented to parliament in September 2013. If
See MoreECJ: Advocate General issues an opinion in a case concerning discounts given by a travel agent
The Advocate General of the ECJ has given an opinion in the case of Finanzamt Düsseldorf-Mitte v Ibero Tours GmBH. This case involves the supply of travel services by a German travel agency which is acting as an intermediary. In respect of a second
See MoreChina: Introduction of VAT on transportation charges
In China freight charges are now subject to a 6 percent value-added tax (VAT) rate. The circular Cai Shui No. 37 (Circular 37/2013) repeals the initial VAT policies which were introduced in 1st January 2012. The change, outlined in Cai Shui No.
See MoreCanada – Amendments in foreign income verification statement
It has been officially confirmed by the Canada Revenue Agency (CRA) that the revised Form T1135 applies to tax years ending after June 30, 2013 whereas the old form T1135 (Foreign Income Verification Statement) will still be approved for tax years
See MoreBrazil terminates Provisional Measure 612/2013
The measure to extend the presumed profit regime and make other relevant changes to the Brazilian tax law has been revoked. Provisional Measure 612/2013 was not converted into law by the National Congress within the extended 120 calendar-day period
See MoreArgentina – Mandatory online tax return system
From 1 August 2013 is has become compulsory for every Argentine taxpayers to use the online tax return system (SIFERE) to report gross revenue to local jurisdictions. Resolución General 7 was published in the official gazette on July 23, 2013 which
See MoreSouth Africa: Revamped Shipping Tax Regime
The South African Revenue Service (SARS) released the draft Taxation Laws Amendment Bill, 2013 on July 14, 2013. The proposed effective date of the legislation is from January 1, 2014. The legislation introduces a revised tax regime for shipping
See MoreRomania: Late payment penalty provision
Government Emergency Ordinance no. 50/2013 regarding certain fiscal measures has been published in the Official Gazette of Romania (Part I, no. 320/2013). The Fiscal Procedure Code enforces a new regime in relation to penalties imposed for tax debts
See MorePortugal: New VAT e-invoice requirements
After the execution of the second EU VAT Invoice Directive in Portugal from the beginning of 2013, the tax office of Portugal has issued another new ruling on the technical obligations for e-invoices. This ruling covers: • Control over the
See MorePakistan: Tax law changes enacted in Finance Act 2013
Pakistan’s Finance Act 2013 implements the tax changes proposed in the budget for 2013. The changes came into force from 1 July 2013. The Finance Act 2013 includes following tax provisions: Change the rules on the taxation of property income,
See MoreOman: VAT could be introduced by 2016
For implementing a value added tax (VAT), the Oman government is considering a framework. This would be generally in line with guidance from the Gulf Cooperation Council, an organization of which Oman is a member. VAT system could be implemented in
See MoreOECD releases white paper on transfer pricing documentation
In its action plan for combating base erosion and profit shifting the OECD made a commitment to developing recommendations on transfer pricing documentation rules. The aim would be to increase the level of transparency of transfer pricing
See MoreOECD issues a revised discussion draft on intangibles
For some time the OECD has been conducting a project on transfer pricing aspects of intangible assets including consideration of the definition and valuation of such assets. A discussion draft was issued on 6 June 2012 and followed up by a
See MoreHungary- Amendments to Tax Law
Hungary’s Act CXXIII of 2013 on the modification of Certain Laws on Public Burdens was announced on 30 June 2013. According to the amendments mining fee will increase from 1 August and 16% of the charge of the mineral oil and natural gas exploited
See MoreMalta: Planning to merge Revenue departments
The government of Malta is planning to merge the Inland Revenue Department, Customs Department and the VAT Department into one central revenue authority. This follows the trend in a number of countries worldwide who have merged their direct and
See MoreItaly: Requirement of additional anti-fraud reporting on taxable supplies
All resident companies in Italian are now obliged by the Italian tax office to produce an annual report detailing all individual supplies (both sales and supplies received) of goods or services above Euro 3,600 to other businesses or consumers. In
See More