Kenya ratifies DTA with Netherlands

September 07, 2017

On 18 August 2017, according to published Legal Notice 169 of 2017 in the Official Gazette of Kenya, which ratifies the pending Double Taxation Agreement (DTA) with the Netherlands for the avoidance of double taxation and the prevention of fiscal

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Russia: Guidance on application of new GAAR

September 06, 2017

The Federal Tax Service (FTS) on 16 August 2017, issued a Guidance Letter on the application of Russia's new general anti-avoidance rule (GAAR), which was introduced in July 2017. The guidance clarifies that in applying the GAAR the tax authorities

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Russia publishes Notice on increased late payment penalty

September 06, 2017

Recently, the Russian Federal Tax Service (FTS) issued a Notice on the increased late payment penalty from 1 October 2017. The procedure for calculating the penalty for each calendar day of delay in the fulfillment of the obligation to pay tax or

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India: Government extends deadline for Income Tax returns and audit reports

September 01, 2017

The government on 31 August 2017, extended the deadline for all Income Tax returns and audit reports till 31 October 2017, for all taxpayers who were liable to file returns by 30 September 2017. “The ‘due-date’ for filing Income Tax Returns

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India: Research & Development expenditure qualified for deduction prior to approval

August 31, 2017

The Delhi High Court in the case of Maruti Suzuki India Ltd v. Union of India & Anr (W.P. (C) 9306/2015, dated 4 August 2017) held that Research & Development (R&D) expenditure acquired in earlier years is eligible for weighted deduction

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Morocco: Social Security Agreement with Bulgaria approved

August 30, 2017

The Council of Ministers in Morocco, on August 24, 2017, approved the pending Social Security Agreement with Bulgaria. This treaty was signed by Bulgaria's Labor and Social Policy Minister, Zornitsa Roussinova and the Morocco's Employment and

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Pakistan: Cabinet ratifies DTA with Hong Kong

August 27, 2017

On 15 August 2017, the federal cabinet ratified an agreement between Pakistan and Hong Kong (special administrative region of the People’s Republic of China) for the avoidance of double taxation and the prevention of fiscal evasion with respect to

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Indonesia updates CFC rules

August 27, 2017

The Indonesian Ministry of Finance has updated the Controlled Foreign Company (CFC) rules by issuing Regulation No. PMK-107/PMK.03/2017 on 27 July 2017. The Regulation is effective from same date. Regulation PMK-107/PMK.03/2017 has extended the

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Vietnam: Ministry of Finance proposes to cut taxes for small and medium-sized firms 

August 27, 2017

Recently, the Ministry of Finance (MoF) has proposed a number of changes to the country's tax regime, including a reduced corporate income tax rate. Small and medium-sized firms currently pay 20% in corporate income tax. If the proposal is approved,

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Kenya approves Finance Act 2017

August 26, 2017

The Finance Act 2017, has been gazetted on 23rd June 2017. The Finance Act seeks to amend the law relating to various taxes and duties. Corporate tax related reforms:  New motor vehicle assemblers in Kenya will now enjoy a decreased corporate

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Taiwan: MOF publishes draft amendment to transfer pricing guidelines

August 26, 2017

The Tax Administration of the Ministry of Finance (MOF) has published a draft amendment to the  transfer pricing guidelines for public consultation on 27th July 2017. According to the draft regulations, the Master File should include an overview of

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Brazil: Provisional Measure publishes in the official gazette regarding revised CFC rules

August 25, 2017

On 18th August 2017, Brazil published Provisional Measure No. 795 ("MP No. 795/2017") in the official gazette 2017 regarding revised CFC rules for Brazilian organization. Provisional Measure No. 795/2017 which provides for changes in the tax

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Brazil announces a strategy to simplify tax complex control system

August 25, 2017

Brazil’s Inland Revenue provided four fiscal simplification measures aimed at reducing costs for businesses and enhancing the business environment of the country on 7th August 2017 at a meeting and those are given below: Improving the

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Slovak Republic: Government approves a draft Law on R&D tax credit

August 24, 2017

The government passed a series of laws from the Ministry of Finance on August 16, 2017. Most of them related to tax issues. The Ministry of Finance announced that the government has approved draft legislation that would introduce measures

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Argentina: DTA with Mexico enters into force

August 23, 2017

On August 23, 2017 the Agreement for Avoiding Double Taxation (DTA) between Argentina and Mexico entered into force. It will be applicable from January 1, 2018 for withholding taxes (for payments made from that date) and for income and asset taxes

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Indonesia updates Form DGT-1 for non-resident taxpayers

August 20, 2017

Indonesian tax authority issued a Regulation PER-10/PJ/2017 that commences a new “certificate of domicile” standard for non-resident taxpayers and it is effective from 1 August 2017. According to the new Regulation, there are 2 types of

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Bulgaria: CbC reporting legislation adopted through significant changes to TSSPC

August 20, 2017

A Law on Amendment and Supplementation of the Tax and Social Security Procedure Code (TSSPC) was published in issue 63/04.08.2017 of the State Gazette. The country-by-country reporting (“CbCR”) legislation introduced by the Directive is

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Malta amendments fringe benefits rules

August 17, 2017

On 8 August 2017, the Minister for Finance (MoF) made amendments to Fringe Benefits Rules and Inland Revenue Department published a guide to provide explanations and instructions on the application of the Fringe Benefits Rules (SL 123.55). It

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