Israel: Transfer pricing amendments has been proposed
The Parliament approved the bill regarding country-by-country (CbC) reporting on 1st February 2017. It must be published in the collection of laws for becoming law. This bill will become effective as from 1st March 2017. It was submitted to the
See MoreSlovak Republic: Bill on CbC reporting approved
The Parliament approved the bill regarding country-by-country (CbC) reporting on 1st February 2017. It must be published in the Collection of Laws for becoming law. This bill will become effective as from 1st March 2017. It was submitted to the
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 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
See MoreAustria-EU: Further details of tax changes
The Austrian Ministry of Finance on 2 January 2017, published a report on the tax changes that are applicable from 2017. In addition to the measures already described, further changes regarding 'EU measures' are summarised below: Beneficial
See MoreCosta Rica: Legislative Assembly approves corporate flat tax
The National Legislative Assembly on 9 January 2017, approved the Bill no 19818 to retain the registration flat tax on companies. According to Bill, companies, as well as any branch of a company which are registered in the Register of Legal
See MoreIndia: Court’s decision on Computing section 10A deduction and intra-group services
Recently, In the case of Yokogawa India Ltd, The Supreme Court of India decided that the deduction under section 10A of the Income-tax Act, 1961, is to be determined at the point when computing the gross total income of the eligible undertaking and
See MoreAustria: Publishes standardized transfer pricing documentation
The regulation on the implementation of standardised transfer pricing documentation was gazetted on 21 December 2016. The documentation requirements are in accordance with the recommendations of the Final Report on Action 13 of the OECD BEPS
See MoreGreece: Draft bill on electronic payments adopted
The draft bill regarding electric payments has been adopted by the parliament on 21st December 2016 and it was presented to the parliament for approval on 12th December 2016. On the basis of the adopted text, companies that receive transactions by
See MoreBrazil: Regulates special payment scheme for tax debts
Normative Instruction 1,677/2016, released in the Official Gazette on 12 December 2016, adjusts the special payment scheme for tax debts become certified to legal entities and the special payment rule was created by Law 155/2016. Law 155/2016
See MoreAmendments to VAT Act enacted in Isle of Man
On 15 November 2016, the recently published Value Added Tax (VAT) Act 1996 (Amendment) Order 2016 was approved by Tynwald and applicable from 1 October 2016. According to the amended section 48 of the VAT Act 1996, the Treasury may require a taxable
See MoreNew Zealand: New GST refund procedure
The Tax Administration Order 2016, which specifies that, goods and services tax (GST) refunds must be paid by direct credit to a taxpayer's identified bank account from 7 February 2017, on 14 December 2016.GST refunds will be given by cheque only if
See MoreGreece: Draft bill on electronic payments has been submitted
A draft bill regarding electronic payments has been presented to the parliament on 12th December 2016. The term "electronic payments" states to payments via debit, credit or prepaid cards but also to other means of payment, e.g. digital wallets. All
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreNigeria: Budget 2017 has been presented to the parliament
The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals: reviving the export expansion grant scheme due to the tax credit’s provision
See MoreMozambique: Budget 2017 has been presented to parliament
The Economic and Social Plan and the 2017 Budget has been submitted to the parliament on 6th December 2016 for discussion. It is expected that an annual economic growth rate will be 5.5% in
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