Malta: Extended the deadline for electronic filing of 2016 corporate income tax returns
On 13 April 2016, the Inland Revenue Department of Malta notified that the deadlines for electronic filing of corporate income tax returns for assessment year 2016 are extended as follows: Tax Return Filing Date Electronic Filing Extended
See MorePoland: Proposes amendments for corporate and personal income tax law
Minister of Finance presented the proposal of amendments to laws on income taxes for both corporate and personal on 25 February 2016. According to the amendments the exemption from withholding tax on interest, royalties and fees for intangible
See MoreTreaty between Botswana and Czech Republic negotiated
The second round of negotiations for a tax treaty between Botswana and the Czech Republic is arranged to take place in Prague from 18th to 21st April
See MoreCzech Republic: Income Tax Law amendment regarding participation exemption
The Senate has approved a bill on 6th April 2016 that introduces changes to the Income Tax Law. The bill must be signed into law by the President for becoming law. It has been predicted that the bill will be applicable the first day of the calendar
See MoreUK: Budget for 2016-2017 Updates Transfer Pricing Guidelines as Per Amended OECD Guidelines
The UK budget for 2016-17 includes an update of the transfer pricing guidelines in line with OECD Guidelines. This measure amends from 1 April 2016 the references within the relevant legislation to incorporate the most recent revisions to the OECD
See MoreDTA between Morocco and Slovenia signed
An Income Tax Treaty (2016) between Morocco and Slovenia was signed on 5th April 2016 in
See MoreCzech Republic: Website on electronic reporting of revenues of VAT launched
The General Tax Directorate announced a new website on 4th April 2016 devoted to electronic reporting of revenues: www.e-trzby.cz. The president signed the Bill on electronic reporting of revenues and reduction of VAT regarding catering services on
See MoreBulgaria: Supreme Court of Cassation issues interpretation of tax evasion
The Supreme Court of Cassation of Bulgaria has issued interpretative ruling No. 4 of 2016 regarding criminal misreporting and evasion of tax liabilities on 12th March 2016. It has been determined by the Court that in cases of misreporting and
See MoreGreece: Amended Transfer Pricing Penalty in Adjustment
The most important development that took place with regard to Greece’s transfer pricing regime was the enactment of Law 4337/2015 and inclusion of revised transfer pricing penalty in adjustment in new law. As per Law 4337/2015, additional tax
See MoreItaly: Tax Authorities Issue Regulation to Clarify APA Procedure
The director of the Italian Revenue Office (Agenzia delle Entrate) issued regulation no. 42295/2016 (the regulation) on March 21 2016 which contains provisions for the application of the rules on advance pricing agreements (APAs) for enterprises
See MoreUK: Final guidance on tax relief for irrecoverable peer to peer loans
Peer to peer (P2P) lending permits individuals and businesses to lend to each other through the intermediary of an internet platform. A traditional financial middleman such as a bank is not required as the platform acts as a conduit to arrange loans
See MoreIreland: Advance pricing agreement regime announced
The Irish revenue authority has announced that it will introduce a formal Advance Pricing Agreement (APA) program and are expected to be published in 2016. Ireland has accepted and concluded bilateral advance pricing agreements (APAs) for many years
See MoreFinland: Parliament amendments the law in respect of tax collection and tax procedures
The Government of Finland proposed an amendment of law regarding tax collection and tax procedures. The law was presented in Finish Parliament on March 17, 2016. Reduce administrative burden and simply tax procedures are the main objective of the
See MorePoland publishes new R&D tax incentives
The Council of Ministers published a bill introducing amendments to the Corporate Income Tax Law regarding tax incentives for the development of research and development (R&D) activities on 7 March 2016. The bill foresees the following
See MoreEuropean Commission and IMF discuss revenue mobilization
Representatives of the European Commission and the international Monetary Fund (IMF) met on 14 March 2016 to discuss strengthening their partnership in areas such as mobilizing domestic revenue. In the next few months the two organizations are
See MoreRomania: Significant changes brought by the New Fiscal Code
The New Fiscal Code entered into force in Romania on 1 January 2016 addressing important changes in tax area. The New Tax Code introduced the definition of place of effective management, which represents the place where strategic decisions for the
See MoreEU Joint Transfer Pricing Forum Discusses Comparables in the EU
The meeting of the EU Joint Transfer Pricing Forum (EU JTPF) on 18 February 2016 considered some of the relevant issues concerning transfer pricing including joint audits in the EU and the use of pan-European comparables. Joint audits in the EU A
See MoreUK: Introduced Country-by-Country (CbC) Reporting Requirement as Final Regulation
UK has introduced Country-by-Country (CbC) reporting requirement for domestic entities with consolidated group revenue of €750 million or more for an accounting period. The Commissioners may give a general or specific direction to a reporting
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