Lithuania implements EU Directive on mandatory disclosure rules
On 30 July 2019, the President signed the primary legislation implementing the European Union (EU) Directive on the mandatory disclosure and exchange of reportable cross-border tax arrangements (referred to as DAC6 or the Directive) into
See MoreEgypt amends interest rate for late payment of tax
On 4 August 2019, the Ministry of Finance issued Decision No 484 of 2019 in the Official Journal. The decision entered into force on 5 August 2019. The decision sets interest rates on unpaid taxes amending the Implementing Regulation to the Income
See MorePhilippines: BIR clarifies certain issues on Tax Amnesty
On 31 May 2019, the Philippines Bureau of Internal Revenue (BIR) has published Revenue Memorandum Circular (RMC) 57-2019 clarifying certain issues on tax amnesty. This circular is issued to address the frequently-asked questions regarding the tax
See MoreIndia issues Notification on CbC exchange agreement with the U.S.
On 25 April 2019, India published Notification No. 37/2019 from the Department of Revenue in an extraordinary version of the Official Gazette. India and USA have signed a Bilateral Competent Authority Agreement and Inter – Governmental Agreement
See MoreDominican Republic: DGII updates transfer pricing brochure
On 7 February 2019, The Dominican Republic’s Directorate General of Internal Revenue (DGII) published online brochure to update guidance on transfer pricing. The brochure makes a number of following changes on transfer pricing: Reporting
See MorePortugal legislates law on automatic exchange of financial information
The Assembly of the Republic of Portugal adopted Legislative Decree 17/2019 on 14 February 2019. The law amends the current implementation of the rules governing the automatic exchange of information in tax matters under Council Directive 2014/107 /
See MorePhilippines: Senate approves tax amnesty Bill No. 2059
The Senate made an announcement that it approved Senate Bill No. 2059 on November 19, 2018, which seeks to allow a one-time opportunity to settle tax obligations. This Bill grants amnesty to taxpayers who have been remiss on paying estate taxes, all
See MoreAustralia: Federal Budget 2018
On 8 May 2018, the Commonwealth Treasurer, Mr. Scott Morrison, announced the Federal Budget 2018-19. Mr. Morrison said “in this year's Budget there are five things we must do to further strengthen our economy to guarantee the essentials
See MoreIndia proposes changes in advance ruling forms for transparency in cross-border deals
On 10 April 2018, the central board of direct taxes (CBDT) issued a draft which includes changes to the income tax rules and forms to align them more closely with the OECD’s base erosion and profit shifting (BEPS) Action 5. The draft essentially
See MoreAustralia: Minimum interest rate for simplified transfer pricing record keeping for 2018
The Australian Taxation Office (ATO) has updated its guidance on simplified transfer pricing record keeping options to include the minimum interest rate for the simplified option for low-level outbound loans for the 2018 income year, which is set at
See MoreRussia approves bilateral exchange agreements for CbC reports
The Government of the Russian Federation has published Decree No. 184 of 21 February 2018, which amends Decree No. 805 of 14 August 2014 on the conclusion of agreements for the exchange of information in tax matters. The changes include the
See MoreIndia: CBDT signed first bilateral APA with US
On 5 January 2018, the Indian Central Board of Direct Taxes (CBDT) signed the first bilateral advance pricing agreement (APA) with the United States. The CBDT has also indicated that there are many more bilateral APAs with the United States
See MoreUK: Making Tax Digital – survey of small businesses and landlords
On 11 December 2017 HMRC published a survey of the attitudes of small businesses and landlords towards the requirements of the Making Tax Digital (MTD) changes to be introduced in the UK. This research commissioned by HMRC involved a survey of 2,900
See MoreIndia clarifies position on acceptance of the MAP and bilateral APA
On 27 November 2017, the Indian Government has announced that the MAP for transfer pricing disputes and the bilateral advance pricing agreement (APA) process would be available to taxpayers even where Article 9(2) or the equivalent is not present in
See MoreIndia: CBDT signs two new APAs
On 6 October 2017, the Ministry of Finance issued a press release announcing that the Central Board of Direct Taxes (CBDT) has signed two more advance pricing agreements (APAs) in September 2017 with Indian taxpayers. These two latest APAs relate to
See MoreUK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreUK: Disclosure of offshore income and assets
In the period to 31 August 2017 taxpayers are receiving letters from their financial advisors warning them of their disclosure obligations in respect of offshore accounts and assets. Financial institutions providing offshore advice – referred to
See MoreIndonesia updates Form DGT-1 for non-resident taxpayers
Indonesian tax authority issued a Regulation PER-10/PJ/2017 that commences a new “certificate of domicile” standard for non-resident taxpayers and it is effective from 1 August 2017. According to the new Regulation, there are 2 types of
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