Russia: New version of draft law on BEPS Action 13 implementation issued
The Finance Ministry has issued a new version of the draft law on 6th September 2016 regarding BEPS Action 13 implementation. The draft law proposes the following topics: BEPS related compliance: Documentation requirement: Master file: As per the
See MoreIsrael: CbC reporting, transfer pricing documentation in budget plan
The Ministry of Finance’s budget plan for 2017-2018 has been approved by the Israeli government on 12th August 2016 that includes tax legislative measures. This budget plan covers: CbC reporting requirement: General rule: The Israeli budget plan
See MoreLuxembourg: Government submitted draft law on CbC reporting to the Luxembourg Parliament
Recently the Luxembourg Government submitted draft law n°7031 on country by country (CbC) reporting to the Luxembourg Parliament. The draft law is in accordance with a European Union (EU) Directive of 25 May 2016 requiring all EU Member States
See MoreUruguay-Bill on adoption of CbC reporting, Master file documentation and the availability of bilateral and multilateral APAs
The Uruguay Government has submitted to Congress a tax bill including adoption of the OECD’s recommendations for Country-by-Country (CbC) reporting following the scope of information to be provided under the Base Erosion and Profit Shifting (BEPS)
See MoreCzech Republic: Announcement regarding country by country reporting
The Finance Ministry of Czech has made an announcement on 11th August 2016 that it started a public consultation on a bill which would introduce changes to the Law on International Cooperation in Tax Administration. In particular, the bill would
See MoreCanada: Country-by-country reporting legislation introduced
Following on the Organization for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Sharing (BEPS) initiative, the Finance Department has released draft legislative proposals on 29th July 2016 that would implement certain
See MoreChina issued new rules on TP documentation requirement
China issued Bulletin 42 to introduce a requirement for a master file for MNC group resident in China if their annual inter-company transaction amount exceeds RMB 1 billion. The master file requirement is effective from fiscal year 2016. A master
See MoreBelgium issued new rules on CbC reporting and TP documentation requirement
Belgium issued regulation to introduce a requirement for a master file and a local file for MNC group resident in Belgium if it satisfies one of the three thresholds like a sum of operational and financial income of €50 million; or a balance
See MoreKorea: Revised draft legislation on transfer pricing and country-by-country reporting
The South Korean Ministry of Strategy and Finance has recently released a draft legislation which would amend the existing provisions of Article 11 of the Korean Law which is known as the “Law for the Coordination of International Tax Affairs”
See MoreAustria: Publishes government bill of new Transfer Pricing Documentation Law
Finance (MoF) published the government bill of the European Union (EU) Tax Amendment Act 2016, including among other provisions, the new Austrian Transfer Pricing Documentation Law (TPDL). This follows the publication of the draft TPDL on 9 May 2016
See MoreJapan: Publishes guidance under new transfer pricing documentation rules
Japan's national tax agency has released guidance concerning new transfer pricing documentation rules. The guidance released on 30 June 2016 and under Japan's 2016 tax reform, amendments were made to the Japanese transfer pricing documentation
See MoreBelgian Government approved new draft legislation to implement TP documentation and CbC reporting requirements
The Government of Belgium has approved new draft legislation to effectively implement CbC reporting and introduce formal transfer pricing documentation requirements in Belgium. The draft legislation is according to 3 tiered approach of Action 13 of
See MoreSingapore: Commits to implement CbCR for financial years beginning on or after 1 January 2017
The Ministry of Finance announced on 16 June 2016, that Singapore will join the inclusive framework for the global implementation of the Base erosion and profit shifting (BEPS) Project. Under this framework, all state-and non-state jurisdictions
See MoreAustria: Proposes legislation on Transfer Pricing documentation and CbC reporting
The Austrian Ministry of Finance (MoF) has published draft legislation to implement the Master File in line with the new OECD standard. The legislation includes a requirement to prepare a Master file, Local file(s), and CbCR. The new requirements
See MoreGermany: Ministry of Finance introducing CbCR, Master File and Local File
The German Ministry of Finance published a draft bill on 1 June 2016 to incorporate guidance on transfer pricing documentation and country-by-country (CbC) reporting into local legislation. The draft bill required multinationals with consolidated
See MoreAustria: Publishes Transfer Pricing Documentation draft Law
The Austrian Ministry of Finance (MoF) published the draft of the European Union (EU) Tax Amendment Act 2016 on 9 May 2016. The focus of this proposal is the draft of the new Austrian Transfer Pricing Documentation Law (TPDL). The new law serves as
See MoreBelgium would introduce Cbc reporting and transfer pricing documentation requirements
A draft law that would introduce country-by-country reporting and formal transfer pricing documentation requirements at present is in the process of being finalized in Belgium. Cbc reporting Belgium has proposed draft legislation to introduce the
See MoreNorwegian Government Issued its Proposal for Implementation of Country-by-Country Reporting
The Norwegian Government has sent its draft bill on the domestic Country-by-Country (CbC) reporting rules to the Norwegian tax authorities. As per the proposal, all multinational groups with annual consolidated group revenue equal to or exceeding
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