Slovak Republic: MoF publishes a guideline regarding TP documentation
The principle of transfer pricing is the pricing of goods, services and so on in related party transactions surrounded by multinational enterprises to fulfill the conditions for a self-governing business relationship or to meet the arm’s length
See MoreGreece: Bill regarding transfer pricing provisions enacted
The Greek Parliament has approved a bill of the Finance Ministry on 27th July 2016 introducing significant changes regarding the transfer pricing documentation provisions. The bill, inter alia, amended various provisions of the Greek Tax Procedure
See MoreBelgium issued new rules on CbC reporting and TP documentation requirement
Belgium issued regulation to introduce a requirement for a master file and a local file for MNC group resident in Belgium if it satisfies one of the three thresholds like a sum of operational and financial income of €50 million; or a balance
See MoreAustria: Publishes government bill of new Transfer Pricing Documentation Law
Finance (MoF) published the government bill of the European Union (EU) Tax Amendment Act 2016, including among other provisions, the new Austrian Transfer Pricing Documentation Law (TPDL). This follows the publication of the draft TPDL on 9 May 2016
See MoreSlovenia: Publishes proposal for amending corporate income tax
The government published a proposal on 12 of July 2016, for amending the Corporate Income Tax Law. According to the proposal, the corporate income tax rate will be increased to 19% from 17% and which is effective from 1 January 2017. Similarly, the
See MoreSlovenia: Publishes R&D tax incentives guidance
The Financial Administration published the guidance on the application of research and development (R&D) tax incentives on 14 July 2016. According to the guidance, companies may claim a 100% corporate income tax base reduction for qualifying
See MoreRomania: Government approves a supplementary deduction of 50% of R&D for corporate taxpayers
The Romanian Government published an Official Gazette order approving the norms on the supplementary deduction for research and development (R&D) expenses on 13 July 2016. Under the provisions of the Tax Code, a supplementary deduction of 50%
See MoreLuxembourg: Government passed the tax reform plans for 2017
The government of Luxembourg adopted tax reform plans for the year 2017 on 13 July 2016. The proposed changes are in line with the announcements made during the State of the Nation address on April 26, 2016. The changes announced for corporations
See MoreGreece: A draft bill submitted to parliament
A draft bill was submitted to the parliament on 13th July 2016 for amending unified property tax, Procedural Tax Code and transfer pricing legislation. In accordance with the draft bill, the General Secretary of Public Revenue may discharge very
See MoreCyprus: Government announced CbC reporting legislation
Recently the Ministry of Finance announced its intention to amend the country’s legislative framework in relation to country-by-country (CbC) reporting, following the EU Directive amending Directive 2011/16/EU. The amendments are expected to be in
See MoreFinland: Government published draft legislation on transfer pricing documentation
Recently the Ministry of Finance released for public comments, a draft bill to introduce master file requirement as per the recommendations of the OECD’s base erosion and profit shifting (BEPS) Action 13. Master file will contain information
See MoreGreece: Clarification on carry-forward of losses released
On the basis of article 27 of the Income Tax Code (ITC), the Public Revenue Authority has released a Circular entitled ‘POL 1088’ on 24th June 2016 for providing clarifications on the carry-forward of losses provision. In accordance with article
See MoreUK: Customs Information Paper on Exit from the EU
HMRC has issued Customs Information Paper 42 (2016) in relation to the referendum vote to leave the European Union (EU). The paper clarifies that there will be no immediate change to the movement of goods in or out of the UK. Until Article 50
See MoreBelgian Government approved new draft legislation to implement TP documentation and CbC reporting requirements
The Government of Belgium has approved new draft legislation to effectively implement CbC reporting and introduce formal transfer pricing documentation requirements in Belgium. The draft legislation is according to 3 tiered approach of Action 13 of
See MoreSpain: Compulsory e-filing for large companies
Recently the Spanish government has issued an order addressing several tax filing obligations. Large Companies will have to file tax documents such as returns, declarations or reimbursement requests electronically as from 1 July 2016. The order was
See MoreLuxembourg: explanations regarding modifications to Net worth tax 2016
The Luxembourg administration for direct taxes published Circular which provides explanations regarding the 2016 changes of the Net worth tax (NWT), on 16 June 2016. A reduced rate of 0.05% applies for taxable net worth above EUR 500 million from 1
See MoreEU agrees on draft Directive on anti-avoidance
On 21 June 2016 the EU’s Economic and Financial Affairs Council reached agreement on a draft Directive on tax avoidance practices following expiry of the required period for further issues to be raised. The draft Directive will be presented for
See MoreEU Finance Ministers reach preliminary agreement on tax avoidance proposals
It is reported that on 17 June 2016 the EU finance ministers reached preliminary agreement on a modified version of the European Commission’s proposals on countering tax avoidance originally released at the beginning of 2016. Original
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