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UK Criminal Finance Act imposes corporate tax evasion controls

All companies operating in the UK and abroad could be liable to criminal penalties if they or their associates are found to be facilitating tax evasion. Dominic Stuttaford, head of tax at Norton Rose Fulbright for the EMEA region, highlights the impact of the new Criminal Finance Act and what companies need to being doing now to ensure compliance.

August 23 2017

Tax risk pendulum: Collaboration vs. uncertainty

Tax risk is a modern ‘term of art’ perception; this risk can be viewed as a pendulum. Keith Brockman looks at the advantages of corporate collaboration and threats of uncertainty and public distrust.

August 23 2017

Georgia: Kyrgyzstan ratifies double tax treaty with Georgia

Irina Lopatina On June 22 2017, the parliament of Kyrgyzstan approved the bill ratifying the tax treaty signed with Georgia on October 13 2016. Currently, the ratification from the Georgian side is still pending, and in order to become law and to be ratified, the bill still needs to be signed by the presidents.

August 23 2017

Egypt: VAT increased to 14%

Samar Abdel Rahman The Egyptian Minister of Finance Amr El Garhy has announced that the VAT rate will increase by one percentage point, effective July 1 2017. The general VAT rate will now be 14% instead of 13%, subject to the provisions of the Egyptian VAT Law No. 67/2016.

August 23 2017

The Netherlands and UK sit at the heart of the global tax haven industry

The Netherlands is the world’s leading conduit offshore financial centre

Salman Shaheen, August 23 2017

New substance-over-form litigation procedures in Mexico

Mexico has introduced new substance-over-form procedures that change the country’s formal approach into one more compliant with the BEPS project. Taxpayers should take note of these developments as they may impact tax disputes, writes Bernardo Ramírez and Valentín Ibarra of Chevez, Ruiz, Zamarripa y Cía.

August 23 2017

Brazil: Obligation to file CbC report when there is no effective competent authority agreement in place for its automatic exchange clarified; Double tax treaty with Russia now in force

Fernando Giacobbo Ruben Gottberg On July 27 2017, the Brazilian tax authorities published Normative Instruction 1.722/2017, clarifying that Brazilian affiliates of non-Brazilian multinational enterprises may be required to file the country-by-country report (CbCR) in Brazil, in relation to the fiscal year 2016, even if a CbCR has been filed by either the ultimate parent entity (UPE) or a surrogate entity (SE) in another jurisdiction.

August 23 2017

Portugal: New VAT payment regime on import of goods

Isabel Reis The budget law for 2017 (Law No. 42/2016 of December 28 2016) introduced a new VAT regime that provides rules for the payment of VAT due on the import of goods by self-assessment through the corresponding periodic return. The procedure to follow for its application is established in Ordinance 215/2017, of July 20.

August 23 2017

Montenegro: Montenegro and US sign intergovernmental agreement to implement FATCA

Ivan Petrovic Montenegro has shown its commitment to improving compliance with international tax standards. The Foreign Account Tax Compliance Act (FATCA) agreement is yet another example of a set of steps taken towards broadening the cooperation between the US and Montenegro and following the international standards of cross-border tax assistance.

August 23 2017

South Africa: Proposed international tax amendments

Anne Bennett Proposed changes to the Income Tax Act, contained in the 2017 draft Taxation Laws Amendment Bill (draft TLAB), were released for comment on July 19 2017. This article discusses some of the international tax related proposals. The amendments discussed below, other than the last one, will, if enacted, apply in respect of tax years starting on or after January 1 2018.

August 23 2017

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