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Elena Kostovska At the end of March 2017, the German Federal Council approved the protocol amending the tax treaty concluded with FYR Macedonia. The amending protocol was signed by both countries in November 2016 to amend the treaty signed in 2006.

Sandra Benedetto B Jonatan Israel N Since the end of 2016, Chile's already wide network of agreements for the avoidance of double taxation (DTAs) adds a couple of new treaties. These include Japan, Czech Republic and Italy, which are effective from January 1 2017. In addition, from November 2016, the Chile-Argentina DTA was also enacted.

Khoonming Ho Lewis Lu On June 7 2017, the OECD hosted a signing ceremony in Paris at which representatives of 68 jurisdictions, including Wang Jun, commissioner of the Chinese State Administration of Taxation (SAT), signed the G20/OECD BEPS Project's Multilateral Instrument (MLI). This is set to update 1,100 double tax agreements (DTAs) and as a further eight countries have formally expressed their intent to sign the MLI, and an additional 25 plus countries are anticipated to join the MLI by the end of 2017, further swathes of the 3,000 plus DTAs in existence are set for update.

Andra Casu Recently, the Romanian tax authorities have been scrutinising taxpayers' situations very closely. Also, it is worth mentioning that currently, the tax authorities are mainly focused on the large taxpayers, as well as on certain industry areas (such as oil & gas and financial services).

Dajana Topic The Law on financial business activities in Bosnia and Herzegovina (FBiH) was published in the Official Gazette of FBiH No. 48/16 in June 2016, while it became effective as of December 30 2016.

Bob van der Made On June 12 2017, the European Parliament's joint ECON and Legal Affairs (JURI) Committee members adopted their joint report on the European Commission's draft directive on public country-by-country reporting (CbCR), with 38 votes in favour, nine against and no less than 36 abstentions, i.e. not exactly a slam dunk. The consolidated committee's compromise report will be published at the end of June or at the beginning of July.

Fernando Giacobbo Ruben Gottberg On May 24 2017, the Brazilian senate ratified the text of the agreement for the avoidance of double taxation (DTA) between Brazil and Russia, signed on November 22 2004, as well as the amendment to the protocol of the DTA between Brazil and India, signed on October 15 2013.

Eddie Ahn In a major Australian transfer pricing decision on April 21 2017, the Full Federal Court dismissed Chevron Australia Holdings Pty Ltd's appeal related to the deductibility of interest on the Australian dollar equivalent of $2.45 billion loans from its US subsidiary, Chevron Texaco Funding Corporation.

Sean Foley Cameron Taheri On March 27 2017, the Internal Revenue Service (IRS) Advance Pricing and Mutual Agreement (APMA) Programme issued its annual report on advance pricing agreements (APA) statistics for 2016 contained in Announcement 2017-03. The highlights include:

The Philippines government has established the primary basis for a comprehensive tax reform package that is part of a wider ambitious plan for national development. Emmanuel P Bonoan, vice chairman and chief operating officer of KPMG R.G. Manabat & Co, and former undersecretary of the Philippines Department of Finance (DoF), examines the provisions of package 1 of the tax reform, which will affect multinational corporations (MNCs) and major industries.