UK: HMRC publishes guidance on taxation of cryptoassets
On 19 December 2018 HMRC published a paper on the taxation of cryptoassets for individuals. HMRC defines cryptoassets or cryptocurrencies as cryptographically secured digital representations of value or contractual rights that can be transferred;
See MoreOECD: Peer reviews on BEPS Action 5 minimum standard
On 13 December 2018 the OECD published the 2017 Peer Review Reports on the Exchange of Information on Tax Rulings. The peer reviews were conducted as part of the follow-up work and monitoring of developments in line with the recommendations of the
See MoreUK: Venture Capital Trust Statistics 2017/18
Statistics on Venture Capital Trusts (VCTS) released by the UK government on 11 December 2018 show that VCTs issued shares valued at GBP 745 million in 2017-18. This represented a 30% increase from 2016/17 (GBP 570 million) and was the highest
See MoreCosta Rica passes tax reform bill
On 4 December 2018, Costa Rica passed a tax reform bill which includes several tax reform measures. Interest limitation rule: Under the law, an interest limitation rule applies which interest expenses that exceed 20% of the taxpayer's
See MoreG20 leaders set out objectives for international tax policy
G20 leaders set out objectives for international tax policy The final communique of the G20 leaders’ summit on 30 November and 1 December 2018 focused on the future of work; infrastructure for development; a sustainable food future; and a
See MoreOECD: Revenue Statistics 2018 published
OECD: Revenue Statistics 2018 published The OECD’s annual publication on Revenue Statistics 2018 was published on 5 December 2018. The statistics show that tax revenues have increased in advanced economies. The report notes that taxes on
See MoreOECD: Revenue Statistics in Asian and Pacific Economies
OECD: Revenue Statistics in Asian and Pacific economies On 29 November 2018 the OECD released the fifth edition of Revenue Statistics in Asian and Pacific Economies . This shows that tax-to-GDP ratios have fallen in most of the 16 Asian and
See MoreUS: IRS announces priority guidance plans addressing many new international tax issues
On 8 November 2018, the US Treasury and IRS published its 2018–2019 Priority Guidance Plan, detailing tax guidance the government intends to focus its effort on in the coming months. The Guidance Priority List focuses resources on guidance items
See MoreIMF report comments on Spain’s fiscal position
On 19 November 2018, the International Monetary Fund (IMF) issued a report following consultations with Spain under Article IV of the IMF articles of agreement. In Spain the real GDP growth is expected to decrease to 2.5% percent in 2018 and to
See MoreBulgaria: MoF proposes new mandatory documentation rule for transfer pricing
On 5 November 2018, the Ministry of Finance (MoF) published a draft consultation, proposing new mandatory documents for transfer pricing documentation, and a penalty for failure to comply with up to 1% of the value of undocumented transactions. The
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 MoreOECD: Inclusive Framework report on preferential tax regimes
On 15 November 2018 the OECD published a progress report in relation to the work by the Inclusive framework on base erosion and profit shifting (BEPS) on assessing preferential tax regimes. The Inclusive Framework is implementing the monitoring
See MoreMalaysia: Corporate tax proposals under budget 2019
On 2 November 2018, the Malaysian Finance Minister presented his budget proposals for 2019. Summary of the main corporate tax proposals: Introduction of a Special Voluntary Disclosure Program for taxpayers to voluntarily declare any unreported
See MoreArgentina: Taxpayers wait for enactment of draft decree no. 1112/2017
Government has released a draft decree No.1112/2017 for tax reform Law 27430 on December 29, 2017, but it has not officially published yet. This decree includes transfer pricing aspects, permanent establishment (PE) rules, restriction on interest
See MoreUK: Call for evidence on amendments to tax returns
On 7 November 2018 the UK government issued a call for evidence on the amendment of tax returns. The closing date for receipt of comments is 6 February 2019. An amendment is any change made by a taxpayer to a tax return that has already been
See MoreUK: Consultation on the Corporate Capital Loss Restriction
On 29 October 2018 the government published a consultation document in relation to a restriction on the offset of corporate capital losses. The government is inviting comments from companies likely to be affected by the capital loss restriction and
See MoreUK: Consultation on Consideration Rules for Stamp Taxes on Shares
On 7 November 2018 the UK government published a consultation paper entitled Stamp Taxes on Shares: Consideration Rules requesting comments from interested parties on changes to the Stamp Duty and Stamp Duty Reserve Tax (SDRT) consideration rules.
See MoreOECD: Guidance on synthesised texts clarifying the impact of the MLI
The OECD announced on 16 November 2018 that new guidance is available for the development of synthesised texts presenting a clear overview of the modifications by countries to their bilateral double tax treaties as a result of applying the
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