Australia: Stronger penalties to fight against multinational tax avoidance
The Government of Australia announced double the maximum administrative penalties that can be applied by the Commissioner of Taxation to large companies that enter into tax avoidance and profit shifting schemes. The increased penalties, under
See MoreUkraine: State Fiscal Service published letter regarding tax control over transfer pricing
The State Fiscal Service (SFS) published Letter No. 24525/7/99-99-22-01-02-17 issued on 7 July 2015 addressing the penalties levied for failure to submit transfer pricing (TP) documentation or to include relevant information about controlled
See MoreBangladesh: Changes in Transfer Pricing Provisions in Finance Bill 2015 Passed by Parliament
The Bangladesh Parliament passed the Finance Bill 2015 on June 29, 2015 with some changes in the transfer pricing provisions. The legislation relating to the report from an accountant required to be furnished by a person who has entered into
See MoreThailand: Draft Act contains new transfer pricing provisions
The Cabinet of Thailand approved a draft Act on Revenue Code Amendment on 7 May 2015. If enacted the Act would introduce specific transfer pricing provisions into the Revenue Code and also would amend the tax law of Thailand to apply transfer
See MoreNigeria: Penalty and interest rates for unpaid tax has approved
The Federal Inland Revenue Service (FIRS) has released the accepted penalty and interest rates to be applied for the year 2015 on 2nd February 2015 regarding taxes not paid within the given periods. The 15% interest rate is determined while the
See MoreSpain: Modifies the transfer pricing legislation
In the “Corporate Income Tax Reform 2015” enacted under the Law 27/2014 the following transfer pricing rules are amended; Scope of related-party transactions - The ownership requirement for related parties is increased from 5% (1% in the
See MoreFrance: Increases Transfer Pricing Documentation Penalties
France’s 2015 Finance Bill, enacted on December 29, 2014, increased the penalties applicable in cases of failure to comply with the French transfer pricing documentation rules. The newly defined penalty for a failure to produce transfer pricing
See MoreSpain: Supreme Court rules certain provisions of the transfer pricing regulations
The Spanish Supreme Court issued its final judgment regarding challenges the constitutionality of specific provisions of the transfer pricing regulations on 14 July, 2014. The Supreme Court focused the following areas; Secondary adjustment: The
See MoreUK – Tougher Penalties for Offshore Evaders
Offshore tax evaders are likely to face stiffer penalties under measures recently announced in the 2014 UK Budget. The UK government has said that stricter penalties would apply to individuals who hold money in hidden bank accounts in countries that
See MoreBelgium – Tax Penalties for Non-Compliance ranging 10% to 200%
Belgium is determined to enforce tax penalties to ensure that taxpayers submit their latest tax returns on time. The Finance Ministry has encouraged taxpayers to send in a complete and correct income tax declaration for 2013, to avoid incurring a
See MoreUkraine: New transfer pricing rules
A law “On the Amendments to the Tax Code of Ukraine Regarding Transfer Pricing” passed its second and final reading on 4 July 2013 and was adopted by the Ukrainian Parliament. This legislation will become effective from 1 September
See MoreFrance: Greater transfer pricing documentation burden on taxpayers
The government of France has introduced a new bill with an effort to prevent tax evasion. The bill is expected to bring a greater compliance burden to taxpayers. According to the draft law companies are required to submit and file their
See MoreUkraine: penalty for failure to submit a controlled transaction report
From 1st September 2013, under the new transfer pricing law introduced in Ukraine, certain transactions between related and unrelated parties will be subject to the arm’s length principle and will be treated as controlled transactions under the
See MoreGreece: New Transfer Pricing Documentation Rules
The Greek Parliament passed Income Tax amendments in January 2013 which changes to the transfer pricing provisions have been included. In Greece’s income tax law Article 39 and 39A have been repealed by new measures. According to the amendments
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