International updates - May 2016

April 29 2016

The latest international updates from our correspondents around the world.

Albania: IMF requests amendments to Albanian property tax

Australia: Australian BEPS update pre-election

Brazil: Brazil’s Senate approves Convention on Mutual Administrative Assistance in Tax Matters

Canada: Federal Court of Appeal agrees with TDL on scope of Canadian interest deductibility purpose test

Chile: Change of scenery: Chilean tax assistance and transparency

China: China’s new VAT rates and rules across all industries

Croatia: Treaty analysis: Croatia-Luxembourg DTA enters into force

Cyprus: Recent developments in Cypriot IP taxation: Are you prepared?

EU: EU Commission proposes public CbCR

Germany: EGC rules German exception to change-in-ownership rule qualifies as unlawful state aid

India: Taxing digital transactions in India

Indonesia: Indonesia targeting cross-border and online transactions

Ireland: New Irish tax appeals system

Italy: Italian Revenue Agency issues guidelines on LBOs

Luxembourg: Luxembourg VAT: CJEU delivers important decision regarding real estate investment funds

Poland: Incoming reporting changes in Poland

Russia: Transfer pricing audits in Russia: Initial results and trends

Serbia: Treaty analysis: Serbia ratifies DTA with South Korea

South Korea: Tax Tribunal rules Korean tax authority had no basis to disregard the existence of domestic holding companies established to facilitate LBO

Spain: Spanish Supreme Court confirms that Brazilian ‘juros sobre o capital próprio’ can benefit from Spanish participation exemption regime

Switzerland: Swiss perspective: Standardised electronic format for the exchange of CbC reports released by the OECD

US Inbound: US proposes new debt-equity regulations regarding interest in a corporation

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Direct Tax

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Pillar two presenting ‘culture change’ challenges in Asia-Pacific: KPMG policy leaders

Belt and Road Initiative countries face tax incentive conundrums due to pillar two, but relatively few countries would seek to scrap the project, ITR has heard

Sam Sholli, May 28 2026

Direct Tax

Gulf Cooperation Council GCC

The future of tax incentives in the GCC after pillar two

Hany Elnaggar examines how the OECD’s global minimum tax is reshaping the GCC’s investment incentive landscape, shifting the region from rate-based competition toward substance-driven economic positioning

Hany Elnaggar, May 27 2026

Direct Tax

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Charles Russell Speechlys adds five-strong private client team in Asia

The acquisition of a two-partner practice from Stephenson Harwood means that Charles Russell Speechlys has the largest private client team in Asia, the firm claimed

Sam Sholli, May 26 2026

Direct Tax

EY US bans overseas working on personal time due to tax risks

Complex and constantly shifting rules on global mobility mean ‘the risk is too great’ for staff to work abroad on personal time, EY’s Maureen Flood tells ITR

Sam Sholli, May 25 2026

Direct Tax

Audit And Fraud Investigation. Auditor Using Magnifying Glass

A taxing week: Waiving pillar two filing penalties a welcome yet sobering move

While it’s great that the OECD is alive to multinationals’ fears of being caught in a compliance trap, the ‘common understanding’ illustrates a worrying lack of readiness

Tom Baker, May 22 2026

Direct Tax

This week in tax: Tax partner headcount at large firms nearly doubles in 20 years

Rising demand for specialist expertise has fuelled the growth in tax partner headcounts, Cain Dwyer found; in other news, Switzerland has been urged to reconsider pillar two

Tom Baker, May 22 2026

Transfer Pricing

G7 flags

G7 backs pillar two SbS deal, opens pillar one dialogue

An OECD report on the taxation of the digital economy is expected by the end of 2026, according to the group of nations

Sam Sholli, May 21 2026

Direct Tax

Super yacht

How family offices are institutionalising the ownership of trophy assets

Trophy assets are evolving from personal indulgences to structured investments, prompting family offices to prioritise tax efficiency, governance discipline, and cross-border compliance

Jacopo Crivellaro, May 21 2026

Direct Tax

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How to build a US private client practice, with Gunnercooke

As demand for complex, cross-border private client counsel spikes, Patrick McCormick sees opportunity in starting from scratch

Tom Baker, May 20 2026

Direct Tax

KPMG embeds Anthropic AI tool to improve tax client outcomes

As part of an exclusive global alliance, KPMG will become one of Anthropic’s ‘preferred consultants’ for private equity

Sam Sholli, May 19 2026