Lithuania proposes new transfer pricing rules
On 15 January 2018, a draft order amending the regulations of controlled transactions was issued by the Ministry of Finance of the Republic of Lithuania (to amend the Order No. 1K-123 dated 9 April 2004). The main points in the draft order are the
See MoreEU: European Commission issues proposals on VAT
Proposals on value added tax (VAT) published by the European Commission on 18 January 2018 would permit EU countries to apply reduced rates to a wider range of goods and services provided that they still kept a weighted average VAT rate of at least
See MoreEU removes eight countries from tax haven blacklist
At the meeting of economic and finance ministers (ECOFIN) on 23 January 2018 a decision was made to remove eight countries from the European Union (EU) blacklist of non-cooperative jurisdictions (tax havens). The countries removed from the list are
See MoreFrance: Requirement for Transfer Pricing Documentations being brought in
After disappearing from the draft, the Finance Bill 2018 undergoes revision of the last year’s requirements for transfer pricing documentation and brings in some additional changes to the requirements: Failure within the ambit of the
See MoreItaly: Ministerial Decrees IFRS 9 and IFRS 15 Published
The Ministerial Decree of 10 January 2018 on the International Financial Reporting Standard 9 Financial Instruments (IFRS 9) and the Ministerial Decree of 10 January 2018 on the International Financial Reporting Standard 15 Revenue from
See MoreSlovak Republic: MoF issues new income tax returns formats for 2017
The Finance Ministry has issued new forms of tax returns for income tax for 2017. For submitting the income tax return for 2017, the pattern of the income tax return form (Form DPFO B) for natural person, and the model of corporate income tax return
See MoreSlovak Republic: President approves the Amendments to Income Tax Act
The amendment to Act No. 595/2003 Coll. on Income Tax has signed by the president on 20 December 2017. Most of the amendments entered into force from 1 January 2018. The main changes are summarized here: Definition of permanent establishment The
See MoreIsrael: DTA with Austria will enter into force on March 1, 2018
On March 1, 2018, the Double Taxation Agreement (DTA) between Austria and Israel will enter into force .This will be applicable from January 1, 2019. From this date, the new DTA replaces the existing DTA of
See MoreCroatia: Tax reforms effect from 1 January 2018
With effects from January 1, 2018, some tax law amendments have occurred in Croatia. These amendments contain tax laws, excise duties, reliefs etc.. The Minister of Finance issued the Ordinance on Amendments to the Ordinance on Profit Tax, which
See MoreFinland:Ministry of Finance publishes draft bill on deduction of interest payment
On January 19, 2018, the Finnish Ministry of Finance published a draft government bill containing proposed changes on the deduction of interest paid to related parties. The Ministry of Finance has requested comments from interested parties by the
See MoreCroatia: Parliament ratifies DTA with Kazakhstan
The parliament ratified the Double Taxation Agreement (DTA) on January 26, 2018, with Kazakhstan for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. It was signed on October 12,
See MorePoland-OECD: Poland submits MLI instruments of ratification
On 23rd January 2018, Poland became the fourth country to deposit its instrument of ratification for MLI (Multilateral Instrument). The MLI will enter into force once five countries have deposited instruments of ratification. On 8th November 2017
See MoreCzech Republic: DTA signs with Korea (Rep.)
A treaty was signed on January 12, 2018, between Czech Republic and Korea (Rep.) for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion. It will replace the existing double tax agreement after being
See MoreItaly: Resolution for Exempting Foreign Branches
Pretty hefty amount of complications were found between the content of instructions related to the income tax return for the fiscal year 2016 and the subsequent ITA Protocol of January 28th, 2017 bringing in rules for implementation for the option.
See MoreSlovak Republic: Government approves several tax amendments
The President has signed an amendment to Law No. 595/2003 Coll. on Income Tax on December 20, 2017. Some of the changes are given below: Related party transaction In accordance with the current amendment, the text of the related party definition
See MoreAustria: Council of Ministers approves the new income tax treaty with Japan
Austria's Council of Ministers approved for ratification the new income tax treaty with Japan on 10 January 2018 for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance. The treaty was
See MoreDTA between Armenia and Germany entered into force
On 23 November 2017, the income and capital tax treaty between Armenia and German entered into force after the completion of ratification procedures on both sides. The agreement was signed on 29 June 2016. The treaty provides for withholding tax on
See MoreItaly: New Regulations Imposed on Corporate Income Tax and Regional Tax
The Budget Law came into effect since 1 January 2018 after being published into the Gazette on 29th December 2017. The following regulations have been imposed in the section of direct tax in the Budget Law: Electronic submission of tax returns
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