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UK government shaky on Brexit, but HMRC well-organised

Prime Minister Theresa May has rebranded the UK’s exit from the EU as a “red, white and blue Brexit” Leaks and murmurs are providing the best insight into how the UK government is planning to approach Brexit, but company tax departments can at least be thankful that the revenue authority, HMRC, appears to be well prepared for leaving the EU.

Joe Stanley-Smith, December 15 2016

The ATAD and its effect on German tax law

Following the agreement of the European Council on the Anti-Tax Avoidance Directive (ATAD) on July 12 2016, EU member states now are required to implement certain anti-tax avoidance provisions into their domestic laws by December 31 2018 and have them apply as from January 1 2019 (except for the exit tax rules), write Alexander Linn and Thorsten Braun of Deloitte.

December 15 2016

Indonesia: New income tax for REIT schemes enacted

Freddy Karyadi Anastasia Irawati Following the regulation under the 11th Economy Package, the Indonesian government has issued a new tax regulation for real estate investment trust (REIT) schemes.

December 15 2016

Macedonia: Macedonia introduces preferential VAT rate to pellet products

Elena Kostovska The latest addition to the list of preferential VAT goods and services that benefit from a 5% VAT rate was introduced on October 14 2016, and is effective from the same date. It prescribes the application of the reduced VAT rate to the supply of pellet fuel, pellet boilers and pellet stoves.

December 15 2016

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

Bob van der Made Negotiations between the EU's 28 member states are continuing on the European Commission's proposal for public country-by-country reporting (public CbCR), but whether the measure is adopted remains unclear.

December 15 2016

Taxpayers face big financing costs from VAT Bill 2017

Amendments to Mexico’s VAT Law will significantly increase the costs for business taxpayers. Cesar De la Parra and Ignacio Mosquera of Chevez, Ruiz, Zamarripa y Cia explain the changes.

December 15 2016

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

Fernando Giacobbo Ruben Gottberg Brazilian Federal Revenue (RFB, by its Portuguese acronym) issued Normative Instruction (NI) 1.664, establishing the responsible party for withholding income taxes on non-resident capital gains arising from the substitution of shares (incorporação de ações).

December 15 2016

Cyprus: The amended Cyprus IP box regime

Zoe Kokoni The Cyprus House of Representatives approve legislative proposals for a revised intellectual property (IP) box regime on October 14 2016.

December 15 2016

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

Hamish Journeaux The New Zealand Inland Revenue has released a document setting out its compliance focus in respect of multinational enterprises (MNEs).

December 15 2016

Brexit – signed, sealed, and delivered?

When it comes to Brexit, the answers to whether the UK’s departure from the EU is signed, sealed, and delivered are no, no and most definitely not – but that doesn’t mean that businesses are sitting back and waiting for direction. Tim Sarson, tax partner, and Sarah Beeraje, senior manager of international tax, of KPMG UK discuss how businesses have reacted to the UK’s vote to leave the EU.

December 15 2016

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