Japan-Slovak Republic: Social security agreement signed
Japan and the Slovak Republic signed a social security agreement in Bratislava on 30 January
See MoreLithuania, Russia signed the Multilateral Competent Authority Agreement for CbC reporting
According to a press release of 27 January 2017, published by the OECD, Lithuania, Mauritius, Gabon, Hungary, Indonesia, Malta, and the Russian Federation have now signed a tax co-operation agreement, the Multilateral Competent Authority Agreement
See MoreFinland: E-services rule to reduce VAT refund fraud
The Finnish government is going to add e-service rule in value added tax system from February 1 to mitigate the VAT refund fraud. Taxpayers who are registered for value-added tax must use the MyTax e-service when providing their bank account
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
See MoreGermany: Government plans to limit the royalty deductions as from 2018
The Federal Ministry of Finance recently approved a draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill focused on foreign IP boxes incompatible with the OECD nexus approach, and to make their use
See MoreBelgium adopted TP documentation
The transfer pricing documentation structure has been implemented in Belgium proposed by the Organisation for Economic Cooperation and Development (OECD). In accordance with the guidance of OECD under Action plan 13, Belgium initiated transfer
See MoreSweden: Government plans excise duty on certain electronic products
Recently, the Swedish Government proposed a new legislation regarding tax on chemicals in certain consumer products. Accordingly, the following procedures are proposed: (i) Products subject to excise duty are defined using the tariff classification
See MoreDTA between Luxembourg and Uruguay enters into force
The Double Taxation Agreement (DTA) between Luxembourg and Uruguay entered into force on 11 January 2017. The agreement applies from 1 January 2018. From this date, the new treaty generally replaces the Uruguay-Luxembourg Income and Capital Tax
See MoreGermany: Approves the draft bill on the limitation of the deduction of royalties
The German Government has approved the draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill generally is based on a draft law that was published by the federal ministry of finance on 19 December
See MoreTIEA between Denmark and Vanuatu enters into force
The Exchange of Information Agreement regarding tax matters (TIEA) between Denmark and Vanuatu has been entered into force on 9 September 2016. The agreement generally applies from 9 September 2016 for criminal tax matters and from 1 January 2017
See MoreDTA between UK and Uruguay now in force
The comprehensive Double Taxation Agreement (DTA) between UK and Uruguay has taken effect from 1 January 2017. The UK and Uruguay signed a convention to avoid double taxation and prevent fiscal evasion related to taxes on income and on capital on 24
See MoreUK, Estonia MFN provision: 0% withholding tax on royalty income
Paragraph 7 of the Exchange of Notes to the 1994 Double Taxation Agreement (DTA) contains a “Most Favoured Nation” (MFN) provision relating to royalties (Article 12). It gives UK residents access to any lower rates agreed by Estonia in
See MoreItaly-the protocol to treaty with Philippines approved
The protocol to the Income Tax Treaty between Italy and Philippines of 1980 was approved by the Italian government on 12 January 2017. The protocol was signed on 9 December 2013. According to the protocol, article 2 of the treaty would be modified
See MoreSaudi Arabia- Initiating Income and Capital tax treaty with Latvia
Following the conclusion of the negotiation process in Riga from 16 to 19 January 2017, the government of Saudi Arabia and Latvia will initiate an income and capital tax
See MorePoland: Corporate tax law changes enters into force
New amendments regarding the corporate income tax and individual income tax acts of Poland have been entered into force on 1st January 2017. In accordance with the new amendments, a 15% reduced corporate income tax rate (previously it was 19%
See MoreAustria: Announces social security rates for 2017
The Social Security act of Austria has been amended and published in the Official Gazette on 18 January 2017. The amendment provides that the total social security rate is set at 14.12% for employees not earning more than EUR 425.70 per
See MoreUK: £60 million tax reform to improve digital revolution
The United Kingdom’s digital revolution is set to benefit from a multi-million pound boost, under plans announced by Communities Secretary Sajid Javid. On 13 January 2017, a new Local Government Finance Bill published that will make it easier
See MoreBelgium ratifies TIEA with Aruba
On 12 January 2017, Belgium ratified the Tax Information Exchange Agreement (TIEA) with Aruba. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities including automatic exchange of
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