International updates - March 2018

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International updates - March 2018

International Updates

The latest international updates from our correspondents around the world.

Albania: Albania approves changes to accounting standards; introduces IFRS 15

Argentina: Argentine Congress passes comprehensive tax reform

Australia: Treaty benefits, DPT, MAAL and BEPS MLI

Brazil: Conversion into law of amendments to the oil and gas tax framework

Bulgaria: Changes in the Bulgarian Value Added Tax Act effective as of 2018

Canada: Application and interpretation of the principal purpose test

China: Tax treaty relief clarifications issued

Croatia: Double tax treaty between Croatia and Kosovo enters into force

Cyprus: Cyprus amends VAT; imposes 19% on sale of building land and leasing

Georgia: Georgia updates tax legislation

Germany: Lower tax court rules on direct shareholding requirement under EU PSD

Greece: Clarifications pending on the use of foreign terminal losses

Hong Kong: Hong Kong’s latest tax updates

India: Indian budget 2018-19; Recent rulings on the India-Mauritius treaty

Indonesia: Income tax facility in the industrial sector and draft of regulations on e-commerce tax

Ireland: Closing of the consultation on Ireland’s corporation tax code

Italy: Italian tax police, transfer pricing and business restructuring: still hot topics meriting inspection

Mexico: Lack of business purpose as factor in determining sham transactions

Poland: The CIT-8 return involving new transfer pricing obligations

Portugal: Personal income tax on cryptocurrencies: is the recent ruling a final take?

Serbia: Serbia narrows down list of services subject to withholding tax

South Africa: CBC reporting in South Africa - new guidelines and practical challenges

South Korea: New rights for taxpayers subjected to a dawn raid

Spain: How should irrevocable trusts be treated for Spanish tax purposes? Quick review of the Spanish tax agency approach

Switzerland: Beware of equity incentive reporting obligations in Switzerland

Turkey: Restrictions on foreign currency loans

US Outbound: BEAT to hit inbound taxpayers hard

US Outbound: New LB&I directives both change and clarify IRS transfer pricing procedures

more across site & shared bottom lb ros

More from across our site

Luxembourg’s reform agenda continues at pace in 2025, with targeted measures for start-ups and alternative investment funds
Veteran Elizabeth Arrendale will lead the new advisory practice, which will support clients with M&A tax structuring, post-deal integration, and more
MAP cases keep increasing, and cases closed aren’t keeping pace with the number started, the OECD’s Sriram Govind also told an ITR summit
Nobody likes paperwork or paying money, but the assertion that legal accreditation doesn’t offer value to firms and clients alike is false
Ryan hopes the buyout will help it expand into Asia and the Middle East; in other news, three German finance ministers have called for a suspension of pillar two
SKAT, which was represented by Pinsent Masons, had accused Sanjay Shah and other defendants of fraudulent dividend tax refund claims
TP managers must be able to explain technical issues in simple terms, ITR’s European Transfer Pricing Forum heard
Prudential had challenged HMRC over VAT group relief; in other news, Donald Trump unveiled timber and wood tariffs, and the European Commission published a ViDA implementation strategy
Australia’s CbCR rules have ‘widespread support’ and do not put American companies at a competitive disadvantage, the FACT Coalition said
Baker McKenzie advised two of the member firms involved, while several advisers provided transaction counsel to US-based Grant Thornton Advisors
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