International updates - June 2014

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International updates - June 2014

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The latest international updates from our correspondents around the world.

Albania: Changes to tax legislation impacting hydrocarbon operations

Australia: Draft guidance on new Australian transfer pricing rules

Bosnia and Herzegovina: Bosnia and Herzegovina ratifies double tax treaty with Macedonia

Bulgaria: New appendix to the corporate annual tax return

Canada: Canadian treaty shopping proposals compared to OECD recommendations

China: VAT reform of telecommunications sector

Cyprus: Cyprus to sign FATCA agreement with US Treasury

EU: Update on PPLs/hybrid loans in the European Union

Germany: ECJ on exit taxation – Roma locuta, causa finita?

Hong Kong: No refund of tax paid due to fraudulent conduct of directors

India: Ruling on Service PE trigger on deputation and income effectively connected to PE

Italy: Parliament sets forth guidelines for broad tax reform

Luxembourg: Luxembourg signs FATCA agreement with the US

FYR Macedonia: FYR Macedonia introduces reverse charge mechanism for select categories of services

Malta: Double tax treaty developments

Mexico: Rules to identify when tax paid abroad qualifies for foreign tax credit

Montenegro: Tax treatment of severance payments and vouchers

New Zealand: Tax Bill reported back

Norway: Ministry of Finance issues exceptions to interest deduction limitation rules

Romania: Granting default interest to taxpayers for delayed refund of the excess input VAT

Serbia: Interest on loans between related parties

South Africa: Pay now, argue later

South Korea: Supreme Court of Korea rules on country-of-origin determination issue under domestic law

Spain: A holding company’s paradise: New corporate income tax legislation in the Basque Country

Switzerland: Swiss cantons announce lower headline tax rates in anticipation of Swiss Corporate Tax Reform III

US Outbound: President Obama releases FY2015 Budget

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