Vietnam: Recently released a new transfer pricing decree
Vietnam’s Government has recently released a Transfer Pricing (“TP”) Decree No. 20/2017/ND-CP on 24 February 2017, provided that tax administration applicable to enterprises having controlled transactions’ (Decree 20), which will take effect
See MoreNew Zealand releases consultation paper on interest limitation rules
The Finance and Revenue Minister released a consultation document regarding BEPS – Strengthening interest limitation rules and also inviting public submissions on proposals to improve New Zealand's thin capitalization rules on 3rd March 2017. The
See MoreCanada: SMEs want tax cuts at Budget 2017
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses. The CFIB has published its list of recommendations for the upcoming federal budget 2017. The recommendations for the
See MoreCanada: Tentative date for federal budget 2017 launched
The Finance Canada have dropped a fairly big hint on when Finance Minister will deliver the Liberal government’s sophomore budget. Currently, there are no clear clues found about the changes that will occur in the federal budget. The Federal
See MoreGreece: Draft bill amending Income Tax Code and other provisions submits
A draft bill was submitted to the parliament on 8th March 2017. When adopted, the draft bill presents an amendment to the provision of article 52 of the Income Tax Code about the tax treatment of a transfer of assets of the transferring company in
See MoreUS: IRS urges taxpayers to protect individual tax data
The Internal Revenue Service on March 9, 2017 reminded taxpayers to be cautious and protect personal, financial and tax information, particularly at tax time. The IRS urges taxpayers to be safe online and reminds them to take steps to help protect
See MoreUS: IRS publication 17 helps with 2016 Taxes
Recently the Internal Revenue Service has released “publication 17” which is helpful for 2016 taxpayers. Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting
See MoreBrazil declare targeting plan for tax inspections in 2017
The tax authorities declared the aim plan for tax inspections in 2017 on 2nd March 2017. According to the tax plan focus will be given to following specific topics, taxation of CFC profits tax planning involving company reorganizations and
See MoreTaiwan explains deductibility of interest on tax payments and penalties
The tax bureau of Gao Xiong of the Ministry of Finance issued a declaration that interest on the recovery of tax payables due to the incorrect declaration of costs, expenses or losses and interest on tax payments due to the rejection in an
See MoreChina: Up to 12% profits are deductible for charitable donations
The Standing Committee of the People's Congress of China passed the decision on the amendment to article 9 of the Enterprise Income Tax Law regarding the deductibility of charitable donations, on 24 February 2017. In accordance with the amendment,
See MoreColombia sets maximum deductible amount to investment for 2017
Under the recently published Administrative Regulation 16 of 2016, the National Council of Tax Benefits in Science, Technology and Innovation (CNBT) has set out the maximum amounts deductible for investments made in science, technology and
See MorePakistan: Modifies Income Tax Rules 2002
The Federal Board of Revenue (FBR) has published the Income Tax Rules 2002 as amended up to 10 February 2017. The main changes are summarised below: Capital gains: In cases of portfolio transfers where the ownership of securities does not
See MoreBrazil approves a proposal for re-opening of special regime
The Chamber of Deputies has sanctioned a proposal for the re-opening in 2017 regarding the special regime for regularization of non-notified assets abroad on 15th February 2017. The proposal was approved by the Senate on 23rd November 2016. The
See MorePhilippines: BIR issues tax provision for micro-finance NGOs
The Bureau of Internal Revenue (BIR) has issued revenue regulations No. 3-2017 regarding executions of tax provisions for micro-finance NGOs on 24 February 2017. Regulation No 3-2017 shall take effect 15 days after its publication in the official
See MoreIreland: MoF issues a Consultation Paper on review of corporation tax code
On 21 February 2017, the Ministry of Finance (MoF) published a public consultation paper on the review of the corporation tax code. The review, which is to be undertaken by an independent expert, will be conducted in consideration of the following
See MoreBrazil publishes rules for filing individual income tax returns
Normative Instruction 1,690/2017 has been released in the Official Gazette on 22 February 2017 and also entered into force at same date. The Normative Instruction 1,690/2017 introduces the rules for filing of individual income tax returns for income
See MoreBolivia: Proposal to increase income tax for financial sector
The Finance Minister has announced a proposal on 7 February 2017 for rising income tax in the financial sector by 3% (from 22% to 25%). The proposal had been submitted to the
See MorePakistan: FBR Proposes rules for common reporting standard
The Federal Board of Revenue (FBR) released SRO 101(I)/2017 on 17 February 2017, which proposes draft amendments to the Income Tax Rules 2002 to implement the Common Reporting Standard for financial institutions for the automatic exchange of
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