OECD: Developing countries discuss BEPS
A workshop held by representatives of a number of developing countries on 10 and 11 December 2014 looked at ways to gain maximum benefit from participation by developing countries in the OECD action plan on base erosion and profit shifting (BEPS).
See MoreAustralia: New Taxation Ruling TR 2014/6 introduced by the Australian Taxation Office (ATO)
Taxation Ruling TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the substance and confirms the ATO's power to disregard and reconstruct transactions that lack economic substance.
See MoreIsrael: Implementation of the automatic exchange of financial account information
The Finance Ministry has introduced on 27th October 2014 that Israel may begin the implementation of the automatic exchange of financial account information by the end of 2018. For the automatic exchange of information, financial institutions will
See MoreEFTA and Bosnia-Herzegovina: FTA enters into force
The multilateral free trade agreement (FTA) between Bosnia and Herzegovina and EFTA (the European Free Trade Association) states- Iceland, Liechtenstein, Norway and Switzerland signed on 24 June 2013 and the agreement will enter into force for
See MoreASEAN Inaugurates Narcotics Cooperation Centre in Thailand
The ASEAN Narcotics Cooperation Centre (ASEAN-NARCO) was officially launched in Bangkok on 15 September to further drive regional efforts in pursuing ASEAN Drug Free 2015. In order to working together on drug, ASEAN NARCO is now focusing on drug law
See MoreASEAN: SMEs 2025 Vision
In order to building upon the policy workshop, participants reaffirmed the vision by 2025, key representatives from small and medium enterprise (SME) policy makers, ASEAN Small and Medium Enterprise Working Group (SMEWG), thinktanks, dialogue
See MoreASEAN: Comprehensive Investment Agreement (ACIA) signs to Improve Investment Regimes
ASEAN Economic Ministers signed the Protocol to Amend the ASEAN Comprehensive Investment Agreement (ACIA) last week in Nay Pyi Taw, Myanmar. The main objective of the Protocol is to provide a mechanism to better facilitate ASEAN Member States (AMS)
See MoreCzech Republic – New BEPS-inspired statement regarding related-party transactions
The tax administration of Czech Republic has initiated a new attachment that will be needed for reporting certain related-party transactions such as the residence of the related parties, the transaction volume, and an overview of the transaction and
See MoreChile: TP Return is due end of June
The rules in Chile regarding transfer pricing for cross-border transactions were revised in September 2012. By the 2012 tax reform, there is a new requirement for particular taxpayers (for example, those with income above a specific threshold amount
See MoreLatvia: IMF Backs Retention of Flat Tax Rate
According to a statement by the International Monetary Fund (IMF) Latvia should not change the flat rate of personal income tax. As in previous years the IMF has recommended that Latvia should adjust the tax thresholds rather than change the rate.
See MoreUS – Corporate Tax Rate has been World’s Highest For Two Years
The RATE Coalition (Reforming America’s Taxes Equitably) has drawn attention to the fact that as from April 1, 2014 the US has for two years had the highest corporate tax rate among OECD countries. The group which demands tax reform to increase
See MoreSwitzerland – Committee rejects IHT and VAT changes
A Swiss government committed has rejected an inheritance tax proposal from the Socialist Party and has also rejected a suggestion to introduce a consumption tax on energy in place of the VAT. The inheritance tax suggested by the Socialists would
See MoreIreland – Taxation of Termination Payments Challenged
European Commission has requested Ireland to change its legislation on termination payments paid to individuals when their employment contracts end, as the Commission is of the opinion that the Irish rules are a restriction on the free movement of
See MoreSpain’s Prime Minister Considers Cultural VAT Cut
The Prime Minister of Spain has suggested that the standard rate of value added tax (VAT) applied to goods and services could be reduced as part of a general tax reform. The Spanish government has recently raised the VAT rate on the cultural sector
See MoreFrance – Employers demand Corporate Tax Cuts
Anxious to kick-start talks on a reform of corporation tax, the President of the French employers' federation Medef, has called on the Government to lower the corporate social solidarity contribution (C3S) together with the headline rate of
See MoreUS: IRS has released its annual report for 2013 on APAs
The annual report on the advance pricing and mutual agreement (APMA) program was issued by the IRS on 27 March 2014. The APMA program takes place as part of the work of the Large Business and International Division of the IRS. The report shows that
See MoreRussia: Condition related to Financial Services
According to the transfer pricing rules, interest that is not disallowed may be subject to the thin capitalization provisions. Certain specialized provisions may apply where one of the parties to a transaction is a
See MoreCanada expand Commercial Ties with China
The Canadian Minister of State (Foreign Affairs and Consular) has recently concluded a four-day visit to Hong Kong, Guangzhou and Beijing, China, where she met with government and business leaders. The visit aimed to help position Canada as a
See More