Slovenia: 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
See MoreIsle of Man releases an industry advisory notice
On 21 December 2016, the income tax department of Isle of Man released a new Industry Advisory Notice that applicable to all financial organizations, sponsors, agents and third parties concerning the automatic exchange of information in respect of
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Ireland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Ireland on 20 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreKorea-Exchange of information agreement with Andorra enters into force
The Exchange of Information Agreement (2014) between Andorra and Korea (Rep.) entered into force on 21 December 2016 and this will generally be applicable from 21 December 2016 for criminal tax matters and from 1 January 2017 for all other tax
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Iceland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Iceland on 13 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MorePeru-Issued Decree on temporary tax amnesty regime to regularize unreported assets
The Executive Branch of Peru issued Decree No. 1264 on 11 December 2016 providing for a temporary tax amnesty regime to regularize unreported assets. The benefits of the tax amnesty regime are the abolition of fines, sanctions and any past income
See MoreItaly-Ministerial Decree published on statutory interest rate
The Ministry of Economy and Finance of Italy issued Ministerial Decree on 7 December 2016 which was published in the Official Gazette No. 291 of 14 December 2016. According to article 1 of the Ministerial Decree the statutory interest rate will be
See MoreUruguay- DTA with Singapore approved
The Parliament of Uruguay accepted the treaty with Singapore for the avoidance of double taxation on 24 November 2016 through Law No. 19,457. The treaty contains a provision on exchange of information which will enter into force within 15 days after
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreSingapore: Competent authority agreement on automatic exchange of information agreement with Netherlands signed
The Singapore - Netherlands Competent Authority Agreement on Automatic Exchange of Information (2016) was signed on 24 November 2016. The agreement stipulates when and what information will be exchanged, according to the OECD Automatic Exchange of
See MoreArgentina: Amendments and clarification in tax amnesty regime
A Decree 1,206/2016 was published in the Official Gazette of 30th November 2016 and effective from 1st December 2016. This decree amends and clarifies certain aspects of the tax amnesty regime implemented by Decree 895/2016. The main requirements
See MoreIndia: Approves higher taxes and penalties on black money bill
The lower house of Parliament (Lok Sabha) passed the Taxation Laws (Second Amendment) Bill 2016 (the Bill) on 29 November 2016, which aims to impose a higher tax rate and more stringent penalty provisions in respect of black money. The overview of
See MoreHong Kong: IRD explains the appeal process against tax assessment
The Inland Revenue Department has published their revised Interpretation and Practice Note No. 6 to reflect legislative changes to the rights of appeal against tax assessments, which began to be applied from April 1 this year. These notes are issued
See MoreSlovak Republic: Tax law amendments approved
Suggested amendments to corporate income tax, individual income tax, transfer pricing and special levies in case of companies in regulated industries has been approved by the parliament on 23rd November 2016. The amendments have not yet been
See MoreTanzania: Deadline verification of taxpayer’s TIN information extends
The Tanzania Revenue Authority (TRA) has extended the verification deadline of Tax Identification Numbers (TIN) information for Dar es Salaam taxpayers to 31st January 2017. The TRA has announced a mobile center and all TIN holders are needed to
See MoreOECD: Global Forum annual meeting discusses tax transparency agenda
The Global Forum on Transparency and Exchange of Information for Tax Purposes held its annual meeting from 2 to 4 November 2016. Peer Reviews The Global Forum is responsible for in-depth monitoring and peer review of the extent to which the
See MoreOECD: Update issued on automatic exchange of information
On 20 October 2016 the OECD announced the establishment of the first series of bilateral relationships among jurisdictions committed to the automatic exchange of information from 2017. More than a thousand bilateral relationships are now in place
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