OECD: Inclusive Framework issues more guidance on implementation of CbC reporting
On 8 February 2018 the Inclusive Framework issued additional guidance to give on the implementation of country-by-country (CbC) reporting under Action 13 of the OECD/G20 project on base erosion and profit shifting (BEPS). The jurisdictions
See MoreJapan: Cabinet approves tax reform plans for 2018
Japan's Cabinet has approved a tax reform plan for the next fiscal year and includes a move to cut the corporate tax rate to 25% for companies that raise their employees' wages by 3%. For companies investing in improving their productivity or
See MoreNigeria: House of Representatives passes Petroleum Industry Governance Bill
The House of Representatives of Nigeria has passed the Petroleum Industry Governance Bill (PIGB) 2017 on January 17, 2018. The PIGB now awaits harmonization by the two Legislative Houses and the assent of the President before it is signed into law.
See MoreIndia: Union Budget introduces the digital permanent establishment rule
On 1 February 2018, the Finance Minister has released India’s 2018-19 budget and finance bill. The budget proposes to update the definition of a permanent establishment (PE) to tax non-resident digital firms operating in India. According to the
See MoreIndia: Budget introduces the digital permanent establishment rule
On 1 February 2018, the Finance Minister has released India’s 2018-19 budget and finance bill. The 2018 budget proposed to amend the definition of a permanent establishment for the taxation of non-resident digital companies operating in India.
See MoreEU: European Commission issues proposals on VAT
Proposals on value added tax (VAT) published by the European Commission on 18 January 2018 would permit EU countries to apply reduced rates to a wider range of goods and services provided that they still kept a weighted average VAT rate of at least
See MoreEU removes eight countries from tax haven blacklist
At the meeting of economic and finance ministers (ECOFIN) on 23 January 2018 a decision was made to remove eight countries from the European Union (EU) blacklist of non-cooperative jurisdictions (tax havens). The countries removed from the list are
See MoreItaly: Ministerial Decrees IFRS 9 and IFRS 15 Published
The Ministerial Decree of 10 January 2018 on the International Financial Reporting Standard 9 Financial Instruments (IFRS 9) and the Ministerial Decree of 10 January 2018 on the International Financial Reporting Standard 15 Revenue from
See MoreUS: President signs Tax Cuts and Jobs Act
Congress has passed the Tax Cuts and Jobs Act(the Act), and the President signed it on December 22, 2017. The most important changes in the area of corporate taxation are: Main corporate tax rate: Under the new Act, the corporate tax rate
See MoreIndia: Finance Minister presents Budget for the year 2018-19
Indian Finance Minister Arun Jaitley today disclosed its budget 2018-2019 for the fiscal year starting from 1 April 2018. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in
See MoreIndia: Finance Minister presenting the Union Budget 2018-2019
Indian Finance Minister Arun Jaitley presenting his fifth Union Budget 2018-2019 to the parliament at 11 am today. This will be the Narendra Modi government’s last budget before the 2019 general elections. It comes in the wake of several
See MoreItaly: Resolution for Exempting Foreign Branches
Pretty hefty amount of complications were found between the content of instructions related to the income tax return for the fiscal year 2016 and the subsequent ITA Protocol of January 28th, 2017 bringing in rules for implementation for the option.
See MoreOECD: International Compliance Assurance Programme
On 23 January 2018 a pilot program was launched in relation to multilateral risk assessment of large multinational groups. The program known as the International Compliance Assurance Programme (ICAP) is a the pilot for a voluntary programme to use
See MoreIceland: Parliament approves budget for 2018
On 29th December 2017, The Icelandic Parliament has approved a number of tax changes under the 2018 budget. The budget increase tax on investment income, environmental and sin taxes, and it also extended the value-added tax break on supplies of
See MoreGeorgia: Parliament amends the Tax Code
The Parliament approved amendments to the Tax Code which will be entering into force the moment it receives the signature of the President and receives the publication in the Official Gazette. The Parliament adopted the amendments made to the Tax
See MoreItaly: Parliament Approves 2018 Budget Law
The Italian Parliament approved the Budget Law on 23rd December 2017 and it will come into force on 1st January 2018. The law prolongs the extra-amortization regime for entities investing in new assets between 1st January 2018 and 31st January 2018
See MoreKorea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreThailand launches SMART visa to enhance Thai industries
By mid-January 2018, the Government of Thailand will launch a “Smart Visa” scheme which grants 4 years permission to investors and highly skilled professionals working within 10 specialized fields. The Smart Visa targets foreign entrepreneurs,
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