UK: Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017
SI 2017/277 sets 1 April 2017 and tax years commencing on or after 6 April 2016 for the coming into force of FA 2016, Sch. 22. The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017 appoints the days on which FA 2016, Sch. 22 comes
See MoreGermany: Ministry of Finance publishes guidance on application of OECD’s Common Reporting Standard
The German Ministry of Finance on 3 March 2017, published official guidance (1 February 2017), on the application of the OECD's Common Reporting Standard concerning the automatic exchange of information and application of the Germany-United States
See MoreBelgium: Federal Public Service publishes information on reporting format
The Federal Public Service for Finance of Belgium published guidance on the reporting format as well as examples of frequent scenarios with respect to the Common Reporting Standard for the automatic exchange of financial account information in
See MoreSweden: No new bank tax before 2018
The government announced on 24 February 2017 its decision to withdraw plans to introduce a special tax on banks and other financial institutions. The bank tax was originally intended to eliminate the tax advantage the banking sector receives due to
See MoreBelgian Council of Ministers approves Multilateral Competent Authority Agreement
On 24 February 2017, the Belgian Council of Ministers approved the Multilateral Competent Authority Agreement on the automatic exchange of Country-by-Country (CbC) reports that was signed by Belgium on 27 January 2016. The agreement will be subject
See MoreGreece: Filing deadline of tonnage tax returns using new online system issues
The Public Revenue Authority has released a Circular 1027/2017 on 23rd February 2017 that the filing deadline for the tonnage tax returns using the new online application system is 20th March 2017 and the deadline applies only for the year 2017.
See MoreIreland: MoF issues a Consultation Paper on review of corporation tax code
On 21 February 2017, the Ministry of Finance (MoF) published a public consultation paper on the review of the corporation tax code. The review, which is to be undertaken by an independent expert, will be conducted in consideration of the following
See MoreIreland updates FED manual
On 15 February 2017, Revenue department of Ireland published an E-brief 15/17, on the update of the Tax and Duty Manual. Tax & Duty Manual Part 34-00-09 in relation to Foreign Earnings Deduction (FED) has been updated to reflect changes made
See MoreCyprus: Cyprus: Tax Authority abolishes minimum margins on loans effective from 1 July 2017
The Cypriot Tax Authorities (CTA) has announced their intention of withdrawing the Minimum Margin scheme (the MMS) with effect 1 July 2017. It is being reminded that in accordance with Article 33 of the Cyprus Income Tax Law, all transactions
See MoreSingapore: Competent authority agreement on automatic exchange of information with Latvia enters into force
The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Latvia entered into force on 27 February 2017. According to the agreement, the Inland
See MoreGermany-India: Social security agreement to enter into force
The Germany - India Social Security Agreement will enter into force on 1 May 2017. The agreement generally applies from 1 May 2017. From this date, the new agreement generally replaces the previous Germany - India Social Security Agreement
See MoreBelgium: innovation income deduction bill gazetted
On 20 February 2017, the bill on a new innovation income deduction replacing the abolished patent income deduction was gazetted and the Belgian parliament adopted it on 2 February 2017. The new innovation income deduction applies retroactively from
See MoreGreece: Submission of aggregate customer statements of voluntary disclosure releases
The Public Revenue Authority has published a document ΔΠΦΥ Β 1018794 ΕΞ 2017 on 7th February 2017 that provides clarifications on the submission of aggregate customer statements by suppliers and traders contained by the framework of the
See MoreMinister of Finance: Ireland is going to sign up to MLI
On 16 February 2017, Mr. Michael James Noonan, the Irish Minister of Finance gave a speech in which he illustrated some of the main issues of action to be followed by Ireland in the field of international taxation. He stressed Ireland's commitment
See MoreGreece: Decision on online application for filing tonnage tax returns
The Public Revenue Authority published Circular 1022/2015 on 16th February 2017. The Circular communicates the decision of the Director of the Public Revenue Authority to permit tonnage tax returns to be submitted using the new online application.
See MoreDTA between Russia and Spain: Russia clarifies taxation of dividends paid to non-resident
The Russian Ministry of Finance (MoF) on 22 February 2017, issued Guidance Letter No. 03-08-05/73316 of 7 December 2016, clarifying the taxation under the Russia - Spain Income and Capital Tax Treaty of the dividends derived by a Spanish
See MoreNetherlands: Updated decree publishes on implication of participation exemption
Decree No. BLKB2016/803M dated 20 January 2017 has been published in Official Gazette No. 5003 on 23 February 2017 regarding implication of the exemption from the participation. The Decree updated and replaced the Decree No. DGB2010/2154M of 12 July
See MoreFrance: Amending Finance Act for 2016 adopted
The Amending Finance Law for 2016 was published in the Official Journal of 30 December 2016 after going through a ruling of the Constitutional Court on the compatibility of the provisions of the law. The Court ruled that the provisions allowing the
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