Korea (Rep.), Singapore Competent authority agreement on automatic exchange of information enters into force
The Competent Authority Agreement on Automatic Exchange of Information (2016) between Korea (Rep.) and Singapore entered into force on 27 February 2017. The agreement is expected to make sure Korea (Rep.) and Singapore will be able to begin from
See MoreAustralia: ATO releases PCG on simplified transfer pricing record-keeping
On 22 February 2017 the Australian Taxation Office (ATO) released Practical Compliance Guideline (PCG) 2017/2 dealing with simplified transfer pricing (TP) record-keeping options and assisting taxpayers in complying with relevant tax laws. The PCG
See MoreColombia: DIAN issues tax calendar for 2017
The Colombian National Tax Authority (DIAN) published an official announcement providing the tax calendar for tax year 2017, on 22 February 2017. This calendar provides the deadlines for personal tax, corporate tax, withholding taxes, income tax for
See MoreBrunei: MoF launches Income Tax Board of Review
The Ministry of Finance (MoF) announced the establishment of the Income Tax Board of Review, on 14 February 2017. The establishment aims to facilitate the administration and operation of taxation in Brunei Darussalam. The Income Tax Board of Review
See MorePakistan: FBR Proposes rules for common reporting standard
The Federal Board of Revenue (FBR) released SRO 101(I)/2017 on 17 February 2017, which proposes draft amendments to the Income Tax Rules 2002 to implement the Common Reporting Standard for financial institutions for the automatic exchange of
See MoreColombia: Updated forms for filing tax returns in 2017
According to Administrative Regulation 6 of 2017, the National Tax Authority (DIAN) recently published the following forms for filing tax returns in 2017: Form 120: informative transfer pricing return; Form 140: CREE tax return; Form 160:
See MoreColombia: New deadlines for filing tax returns
Decree 220 of 2017 amends Decree 1625 of 2016 regarding the deadlines for filing tax returns. In the case of large-income taxpayers, the Decree provides the deadlines to pay their income tax corresponding to tax year 2016 in three installments. It
See MoreAngola: Tax Administration extends deadline for payment of first installment of urban property tax
The deadline for payment of Real Estate Property Tax (IPU) has been extended from January 2017 to February 28 2017. The Angolan Tax Administration issued, on 31 January 2017, a press statement announcing the extension of the deadline for the payment
See MoreColombia updates tax obligations for self-withholding agents
The Colombian National Tax Authority (DIAN) recently issued a press release regarding new tax obligations applicable to self-withholding agents as from 1 January 2017. It recalls that the tax reform revoked the fairness tax so self-withholding
See MoreColombia: Fail to collect VAT is subject to a prison sentence between 48 to 108 months
The Colombian National Tax Authority (DIAN) issued a Press Release regarding the criminal offence introduced by Law 1819 of 2016 in the case of not collecting VAT and consumption tax, on 6 February 2017. In accordance with Press Release, as of 1
See MoreIreland: Updates for Implementing EU and OECD Exchange of Information Requirements
On 2 February 2017, Revenue published eBrief 12/17, which explains the updates introduced in the tax and duty manual regarding exchange of information requirements in respect of tax rulings. The key updates are following: Section 1 of the tax and
See MoreSingapore: IRS publishes Transfer pricing guidelines 2017
The Inland Revenue Authority of Singapore published the 4th version of transfer pricing guidelines on 12 January 2017, demonstrating compliance with international transfer pricing standards. The published guidelines explicitly refer to the Base
See MoreKorea (Rep.) -Competent authority agreement on automatic exchange of information with Hong Kong signed
Korea (Rep.) has signed the Competent Authority Agreement on Automatic Exchange of Information with Hong Kong on 23 January 2017. The agreement stipulated details about the types of information that will be exchanged and the timing of the exchange
See MoreMalaysia: Corporate tax proposals under the finance act 2016
The Finance Act 2016, which was gazetted on 16 January 2017, introduces new corporate tax proposals to the Malaysian Income Tax Act (MITA). The highlighted area of the proposals is as given below; Special classes of income are subject to withholding
See MoreIsle of Man: New regulations for accounting records
On 20 January 2017, the income tax regulations 2016 come into effect for accounts and financial records and in accordance with this regulation taxpayers are required to store accounts and financial records for at least 5 years. Non-compliance with
See MoreColombia: Tax reform summary 2016
According to law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016. It introduces the following major changes to the corporate income tax regime: Income tax rates As from tax year 2019, a single income tax rate of
See MoreSlovenia: Publishes advance pricing agreement rules
Details on the introduction of Advance Pricing Arrangements (APAs) are now available in the Official Gazette on 28 December 2016. Accordingly, the following rules will apply from January 2017: (i) The application of APA must be addressed to the
See MoreIsle of Man: Consultation response for additional requirements regarding accounting records
The Income Tax Division of Isle of Man published a summary of responses received from the stakeholders to the consultation on enhanced requirements for accounting records on 6 January 2017. According to consultation, the Treasury believes that no
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