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International updates - May 2014

The latest international updates from our correspondents around the world.

Albania: VAT Reimbursement Procedure Directive

Australia: Australian offshore voluntary disclosure initiative 2014

Brazil: Attorney general of the National Treasury issues opinion so as to apply treaty provisions regarding the payment of service fees

Bulgaria: Bulgarian National Revenue Agency’s official position on reinvoicing of expenses

Canada: Canada’s 2014 budget eliminates tax benefits of immigration trusts

China: New foreign exchange policies on supporting the development of China (Shanghai) pilot free trade zone

Cyprus: Timeframes for registration of Cyprus international trusts

EU: Political agreement on new EU rules on PPLs/hybrid loans

Germany: Restrictive application of the German trust model

Hong Kong: TIEA signed with US

India: Indian government proposes revised version of Indian Tax Laws

Italy: New exchange of information rules implemented in Italy

FYR Macedonia: FYR Macedonia ratifies double tax treaty with Bosnia & Herzegovina

Malta: Malta’s recent efforts towards effective exchange of information

Mexico: Limitation on income tax deductions affecting international transactions

Montenegro: Witholding tax on dividends and its methodology

New Zealand: New Zealand’s Inland Revenue finalises interpretation statement on tax residence

Serbia: Determining the income tax for non-profit organisations in Serbia

South Africa: Tax dispute resolution

Spain: Government prepares sweeping tax reform

Switzerland: Revised guidance on the taxation of Swiss principal companies

Ukraine: Ukraine enacts a package of anti-crisis tax changes

more across site & bottom lb ros

More from across our site

Multinational companies fear the scrutiny of aggressive tax audits may be overstepping the mark on transfer pricing methodology.
Standardisation and outsourcing are two possible solutions amid increasing regulations and scrutiny on transfer pricing, say sources.
Inaugural awards announces winners
The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.
Companies including Valentino and EveryMatrix say the early adoption of EU public CbCR rules could boost transparency of local and foreign MNEs, despite the short notice.
ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.
Tax authorities and customs are failing multinationals by creating uncertainty with contradictory assessment and guidance, say in-house tax directors.
The CJEU said the General Court erred in law when it ruled that both companies benefitted from Italian state aid.
An OECD report reveals multinationals have continued to shift profits to low-tax jurisdictions, reinforcing the case for strong multilateral action in response.