Australia: DPT Bill includes updated transfer pricing guidelines
On 9 February 2017, the Australian Government introduced legislation into the Parliament to implement the new Diverted Profits Tax (DPT), which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted
See MoreUS: IRS releases its ‘dirty dozen’ list of tax scams for 2017
The Internal Revenue Service yesterday warned taxpayers to be alert to unscrupulous tax return preparers touting inflated tax refunds. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for 2017. The “Dirty
See MorePanama adopts fiscal transparency compliance policy
On 2 February 2017, According to Executive Decree 10, Panama's fiscal transparency compliance policy is adopted that was issued by the President and published in the Official Gazette. It includes joining the OECD Automatic Exchange of Information
See MoreUK: Increasing cash basis thresholds for unincorporated businesses
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreUK: Reforming the cash basis expenditure rules
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreTaiwan revised the tax collection law
Taiwan is scheduling to modify its tax collection law to accommodate the exchange of tax information with other countries or jurisdictions (i.e. United States and China (People's Rep.). Accordance with a spokesman of the Ministry of Finance (MoF), a
See MoreIreland: 39% DIRT rate form 2017
Deposit Interest Retention Tax (DIRT), at the rate of 39% (from the 1st January 2017) is deducted at source by deposit takers, e.g. banks, building societies, Credit Unions, Post Office Savings Bank, etc. from interest paid or credited on deposits
See MoreAustralia: Consultation paper regarding whistleblower protections
The Review of tax and corporate whistle-blower protections in Australia consultation paper is seeking public comments to assist the Government with the introduction of appropriate protections for tax whistle-blowers and in assessing the adequacy
See MoreIndia: Finance Minister mentioned 10 measures in his Budget speech for 2017
Indian Finance Minister Arun Jaitley today underlined the importance of infrastructure in his scheme of things for the Indian economy while presenting the Union Budget in Parliament. The 10 measures regarding infrastructure summarised here: To
See MoreSouth Africa: SARS issues tax exemption guide for public benefit organization
The South African Revenue Service (SARS) has issued a tax exemption guide on the income tax exemption for a public benefit organization (PBO) carrying on a public benefit activity (PBA). The guide provides general guidance on approval and taxation
See MoreAustralia releases guidance on related-party marketing hubs
On 16 January 2017, the Australian Taxation Office (ATO) issued a Practical Compliance Guideline which sets out the ATO's compliance approach to transfer pricing issues related to the location and relocation of certain business activities and
See MoreSweden: Government plans excise duty on certain electronic products
Recently, the Swedish Government proposed a new legislation regarding tax on chemicals in certain consumer products. Accordingly, the following procedures are proposed: (i) Products subject to excise duty are defined using the tariff classification
See MoreMexico provides guidance on electronic receipts
The tax administration (Servicio de Administración Tributaria) of Mexico has been issued guidance regarding tax matters in January 2017. The guidelines set standards for compliance with the rule for electronic or digitized tax revenues. A tax
See MoreNorway publishes new rules on sharing economy
The tax administration published a report on the participation of the economy and suggested new rules for dealing with it on 19 January 2016. According to the proposed rules, there must be clearer rules on tax-exempt income and business; simplify
See MoreMalaysia: Corporate tax proposals under the finance act 2016
The Finance Act 2016, which was gazetted on 16 January 2017, introduces new corporate tax proposals to the Malaysian Income Tax Act (MITA). The highlighted area of the proposals is as given below; Special classes of income are subject to withholding
See MoreIndia: Approves amendment in modified special incentive package Scheme
On 18 January 2017, the Indian Union Cabinet has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of ‘Net Zero imports’
See MoreCzech Republic: Bill on automatic exchange of rulings and pricing arrangements approved
A Bill regarding the automatic exchange of advance cross-border rulings and advance pricing arrangements has been approved by the lower chamber of the parliament of Czech Republic on 11th January 2017. It implements the provisions of Council
See MoreGreece: Deadline extension of voluntary disclosure of undeclared income
An amendment to Law 4446/2016 was adopted on 20th January 2017 by the parliament. The amendment made an extension to the deadline for the tax return filing within the framework of the voluntary disclosure of undeclared income. The new deadline is
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