New Zealand: A tax bill regarding BEPS introduces in Parliament
A tax bill which will counter base erosion and profit shifting (BEPS) by multinational companies has been introduced into Parliament on 6th December 2017. The bill would implement the government’s policies concerning BEPS matters. The proposals
See MorePakistan: Ministry orders compliance with tobacco control laws
On 10 November 2017, the Ministry of National Health Services has requested to all federal secretaries and provincial chief secretaries to take steps for ensuring compliance of tobacco control laws in best public interest. The Secretary Health
See MoreUS: IRS invites public to comments on treatment of compensatory stock options
The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comments on the existing final regulations (TD 9088) dealing with the treatment
See MoreOECD: Appropriate use of information in CbC reports
On 6 September 2017 the OECD released guidance in relation to the appropriate use of information in Country by Country (CbC) reports exchanged under action 13 of the project on base erosion and profit shifting (BEPS). This includes guidance on the
See MoreUK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreNew Zealand: Government announces BEPS decisions
The Finance Minister and Revenue Minister have announced the Government’s final decisions on proposals to address base erosion and profit shifting (BEPS) on 3rd August 2017. In combination the new measures will: Stop foreign parents charging
See MoreOECD: Report on small businesses in Canada
On 29 July 2017 the OECD published a report entitled SME and Entrepreneurship Policy in Canada. The report looks at entrepreneurship activity, business structures, federal programmes, productivity and innovation among small and medium enterprises
See MoreUS: IMF report looks at fiscal position
The IMF has published a Concluding Statement following the conclusion of consultations under Article IV of the IMF’s articles of agreement. The report sets out the preliminary findings of the IMF staff. The report notes that the US economy is in
See MoreRomania: DTA with Uzbekistan signed
The president of Romania signed a law ratifying the amending protocol of Double Taxation Agreement (DTA) with Uzbekistan on 8 May
See MoreCyprus: Finance Ministry issues revised decree on country-by-country reporting
On 26 May 2017 the Ministry issued a revised decree on Country-by-Country (CbC) Reporting, under the powers conferred by Section 6(16) of the Assessment and Collection of Taxes Law. The obligation of a Cyprus tax resident Constituent Entity of a
See MoreSouth Africa: SARS publishes draft notice on BEPS related compliance
On June 1, 2017, the South African Revenue Service (“SARS”) published a draft public notice requiring the submission of country-by-country (“CbC”) reports, a master file and a local file by groups with turnover above a specified
See MoreAustralia: Implementation of the OECD hybrid mismatch rules
The Government of Australia has committed to the implementation of Action Item 2 of the G20/OECD BEPS Action Plan, which recommends neutralizing the effects of hybrid mismatch arrangements that occur due to the different treatment of an entity or
See MoreFrance: CbC reporting notification and filing obligation
The country reporting (CbC) obligation in France contains a notification according to which French companies subject to the notification obligation are required to mention in their annual corporation tax returns, whether they will be submitting the
See MoreCanada: BEPS update in Federal Budget 2017
The Federal Budget 2017 will invest an extra amount of $523.9 million to develop tax compliance, prevent tax evasion and combat tax avoidance by raising verification activities, developing the excellence of investigative work focusing on criminal
See MoreCosta Rica: Tax Authority issues transfer pricing guidelines
Costa Rican tax authority on 21 April 2017, issued Resolution DGT-R-16-2017 in relation to transfer pricing documentation guidelines. The Resolution establishes requirement of taxpayers having transactions with related parties to retain supporting
See MoreUkraine updates tax code concerning transfer pricing changes
Transfer pricing legislation in Ukraine has been changed effective from January 1, 2017. The law introduces changes to the Tax Code of Ukraine with respect to transfer pricing rules (TP). The following changes have been introduced on “Amending the
See MoreNew Zealand: Finance Minister releases BEPS consultation papers
The Revenue and Finance Minister on 3 March 2017 released three BEPS related consultation papers which address the issue of Base Erosion and Profit Shifting (BEPS). The consultation papers proposed new measures to strengthen New Zealand’s rules
See MoreOECD: Guidance on implementation of the Common Reporting Standard
On 6 April 2017 the OECD released further information to support the consistent implementation of the Common Reporting Standard (CRS). This guidance includes a series of additional frequently asked questions (FAQs) related to the CRS and the second
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