Austria: Parliament adopts the annual Tax Act 2018
On 11 July 2018, the Federal Council of Austria adopted the text of the Annual Tax Act 2018 as approved by the National Council (lower house) on 4 July. The legislation includes simplifications of tax laws, the abolishment of various fees and
See MoreUkraine: President submits draft law on withdrawn capital tax to Parliament
On 4 July 2018, the President of Ukraine presented to Parliament the draft law "On amendments to the Tax Code of Ukraine concerning the tax on the withdrawn capital". The draft law amends the tax law to replace the current corporate income tax
See MoreOECD: Academy for Tax and Financial Crime Investigation Opens New Centre
On 22 July 2018 the OECD Secretary General and the Treasury Minister of Argentina presided over the signing of a Memorandum of Understanding to set up a centre of the OECD Academy for Tax and Financial Crime Investigation. The OECD Latin America
See MoreOECD: Inclusive Framework Issues Progress Report
The OECD’s Inclusive Framework on base erosion and profit shifting (BEPS) has issued a progress report of its activities in the year to June 2018. The report indicates that significant developments have taken place in BEPS implementation during
See MoreOECD: Report on Improving Tax Certainty Prepared for G20 Finance Ministers
On 23 July 2018 the OECD released a report on approaches to improving tax certainty, prepared for the G20 Finance Ministers who met on 19 and 20 July 2018. The report focuses first on developments in the OECD and G20 countries such as the
See MoreOECD: Tax Report by the Secretary General to the G20 Finance Ministers
On 23 July 2018 the OECD released the tax report from the OECD Secretary General to the G20 Finance Ministers. The G20 Finance Ministers met on 19 and 20 July 2018. Tax Challenges Arising from Digitalisation An interim report issued in March
See MorePeru enacts new tax legislation for a short period
Peru’s Congress enacted Law 30823 on 19 July 2018 granting President Power to enact new tax legislation for a short period on specific issues. The President has 60 calendar days till 17 September 2018 to issue new tax legislation. The issues are
See MoreRussia: The Lower House of Parliament Approves Bill Amending Tax Administration
On 18 July 2018, the Russian lower house of parliament adopted the Bill No. 249505-7 on improving tax administration in the third and final reading. The Bill includes following measures: Eliminate transfer pricing control (audit) for domestic
See MoreOECD: Global Forum issues peer reviews on tax transparency and information exchange
On 16 July 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published peer review reports assessing the level of compliance by seven countries with the international standard on tax transparency and
See MorePlatform for Collaboration on Tax: taxation of offshore indirect transfers
On 16 July 2018 the Platform for Collaboration on Tax (PCT) published a new draft of its toolkit on the taxation of offshore indirect transfers of assets. The PCT was set up by the IMF, OECD, UN and World Bank at the request of the G20 of countries
See MoreItaly : Law Decree entered into force following its publication
Italy Published Law Decree No. 87 of 12 July 2018 was entered into force following its publication in Official Gazette No. 161 of 13 July 2018. Details of the tax measures are summarized below: Regarding Incentives: Under article 7 of the Law
See MoreOECD: Discussion Draft on Transfer Pricing for Financial Transactions
On 3 July 2018 the OECD released a discussion draft on financial transactions in relation to BEPS actions 8 to 10 (ensuring that transfer pricing outcomes are in line with value creation). This has been issued as part of the follow-up work on the
See MoreUK: Provisions of updated tax treaty with Cyprus
The updated UK-Cyprus Double Taxation Agreement (DTA) signed on March 22 2018 aligns the provisions more closely with the OECD Model. Withholding tax The new treaty when in effect will provide for zero withholding tax on dividends unless they are
See MoreKenya: Budget for 2018-19
Kenya’s Treasury Cabinet Secretary submitted the 2018-19 Budget on 14th June 2018. Government’s big four agenda of creating jobs, transforming lives and sharing prosperity and supporting the construction of at least 50,000 affordable houses by
See MoreUS: Central bank increases interest rates
On 13 June 2018, the Federal Reserve raised interest rates by 0.25% to new interest rates of 1.75% -2%. Two additional interest rises are expected by the end of 2018. Forecasts released after the US Federal Reserve's two-day meeting in Washington
See MoreOECD and IGF issue draft toolkit on costing behavioural responses to tax incentives
On 18 June 2018 the OECD published a draft toolkit to help developing countries identify and cost the potential behavioural responses by mining investors to tax incentives. Comments on the draft toolkit are invited from interested parties by 6 July
See MoreOECD considers updating guidance on transfer pricing for intragroup services
The OECD is considering revising the guidance in Chapter VII (intragroup services) of the transfer pricing guidelines. A consultation has been held, for which the closing date for comments was 20 June 2018, and the comments from interested parties
See MoreOECD: Working Party considers revising Chapter IV of the transfer pricing guidelines
The OECD is considering revising the guidance in Chapter IV (administrative approaches) of the transfer pricing guidelines. A consultation has been held, for which the closing date for comments was 20 June 2018, and the comments from interested
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