International updates - March 2018

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International updates - March 2018

International Updates

The latest international updates from our correspondents around the world.

Albania: Albania approves changes to accounting standards; introduces IFRS 15

Argentina: Argentine Congress passes comprehensive tax reform

Australia: Treaty benefits, DPT, MAAL and BEPS MLI

Brazil: Conversion into law of amendments to the oil and gas tax framework

Bulgaria: Changes in the Bulgarian Value Added Tax Act effective as of 2018

Canada: Application and interpretation of the principal purpose test

China: Tax treaty relief clarifications issued

Croatia: Double tax treaty between Croatia and Kosovo enters into force

Cyprus: Cyprus amends VAT; imposes 19% on sale of building land and leasing

Georgia: Georgia updates tax legislation

Germany: Lower tax court rules on direct shareholding requirement under EU PSD

Greece: Clarifications pending on the use of foreign terminal losses

Hong Kong: Hong Kong’s latest tax updates

India: Indian budget 2018-19; Recent rulings on the India-Mauritius treaty

Indonesia: Income tax facility in the industrial sector and draft of regulations on e-commerce tax

Ireland: Closing of the consultation on Ireland’s corporation tax code

Italy: Italian tax police, transfer pricing and business restructuring: still hot topics meriting inspection

Mexico: Lack of business purpose as factor in determining sham transactions

Poland: The CIT-8 return involving new transfer pricing obligations

Portugal: Personal income tax on cryptocurrencies: is the recent ruling a final take?

Serbia: Serbia narrows down list of services subject to withholding tax

South Africa: CBC reporting in South Africa - new guidelines and practical challenges

South Korea: New rights for taxpayers subjected to a dawn raid

Spain: How should irrevocable trusts be treated for Spanish tax purposes? Quick review of the Spanish tax agency approach

Switzerland: Beware of equity incentive reporting obligations in Switzerland

Turkey: Restrictions on foreign currency loans

US Outbound: BEAT to hit inbound taxpayers hard

US Outbound: New LB&I directives both change and clarify IRS transfer pricing procedures

more across site & bottom lb ros

More from across our site

In-house teams who want a balance of internal control and external expertise for pillar two should seriously consider co-sourcing models, Russell Gammon of Tax Systems argues
The OECD has vowed to continue working with the US despite the president effectively pulling the country out of the organisation’s global minimum tax deal
Norton Rose Fulbright highlights a Brazilian investment fund as a practical example of how new Dutch tax rules will require significant attention from foreign companies
Thomson Reuters now has ‘end-to-end capability’ for its tax workflow business, according to its president for tax accounting and audit professionals
Patrick O’Gara, who is rated as a ‘highly regarded practitioner’ by World Tax, had spent over 20 years at Baker McKenzie
If approved, it would become the first ‘big four’ firm to practise law in the US; in other news, Morrison Foerster hired a new global tax co-chair
The ‘birth date’ of the service, which will collect tariffs, duties and other foreign revenue, will be January 20
Awards
Submit your nominations to this year's WIBL Americas Awards by February 28
Awards
Research for the annual Women in Business Law Awards has begun – submit your entries by February 28
In-house counsel across a number of regions are unimpressed with their tax advisers’ CSR efforts, according to ITR+ research
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