International updates - December 2016 / January 2017

Australia: Australia proposes several legislative changes

Brazil: Withholding tax obligation on the substitution of shares; New rules on documentation for Brazilian non-resident capital gains taxation

Bulgaria: Bulgaria introduces VAT rules on food donations

Canada: Revised draft legislation introduces arm's length exception to back-to-back rents and royalties rules

Chile: Taxpayers able to obtain credit on income from non-treaty countries

Chile: Chile adopting the Common Reporting Standard

China: Preferential tax treatments for equity incentives

Cyprus: The amended Cyprus IP box regime

EU: European Commission's public CBCR proposal moves beyond challenges

Hong Kong: BEPS gains momentum in Hong Kong

India: Demonetisation of high currency notes in India

Indonesia: New income tax for REIT schemes enacted

Iran: US Treasury relaxes dollar transaction rules for Iran

Luxembourg: Luxembourg's transition from the EU Savings Directive to CRS

Macedonia: Macedonia introduces preferential VAT rate to pellet products

Malta: Malta concludes tax treaty with Vietnam

Montenegro: Electronic submission of tax returns becomes mandatory in Montenegro

New Zealand: New Zealand Inland Revenue releases MNE compliance focus document

Poland: Time to prepare for new TP obligations in Poland

Romania: Romania to introduce EU Anti-Tax Avoidance Directive two years early

Serbia: Serbia introduces widely-disputed VAT rulebook

Spain: Court ruling could facilitate recovery of Spanish municipal capital gains tax payments

Switzerland: Swiss Parliament ends Swiss Supreme Court practice on intra-group dividend distributions by adopting taxpayer friendly legislation

Turkey: A new period for tax audits