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Canada – KPMG in Canada have prepared a summary of recent changes to income tax rates and their potential impact on financial statements.
Brazil - Dutch holding companies have been included on the government’s list of ‘privileged tax regimes’, with implications for transfer pricing, thin capitalisation, and tax deductibility rules.Brazil – The ICMS tax base has been reduced for operations involving industrial and agricultural equipment.
Japan - The government has agreed to tax reform proposals for 2016.
Australia – The tax authorities have published their first tax transparency report.
China - Customs measures intended to promote the growth of foreign trade have been introduced.
India – The tax authorities have released guidance for determining if a company is a resident in India or has its place of effective management in India.
Italy – The tax authorities have issued initial guidance on the new patent box regime.
Netherlands - Proposals to amend the tax law relating to private equity investment have been made.
Norway - A public consultation paper regarding country-by country reporting for tax purposes has been released.
Belgium - A draft law has been passed containing tax measures that implement the ‘tax shift’, with the aim of imposing lower tax burdens on professional income while providing for increased indirect taxation and taxes on the financial income of individual taxpayers.
Luxembourg - The Parliament has approved tax measures affecting both corporate and individual taxpayers.
Luxembourg – New rules on employee stock option plans have been circulated.
Argentina – The ‘white list’ of countries which are subject to a narrower application of Argentina’s transfer pricing rules has been updated.
Korea – Rules requiring ‘full’ transfer pricing reporting have been announced.
Ireland has released Common Reporting Standard (CRS) regulations, effective from 31 December 2015, and Argentina’s tax authorities have published CRS guidance. In addition, the Portuguese FATCA deadline for financial institutions has been extended.
The latest edition of our international tax newsletters, giving an overview of international tax developments being reported globally by KPMG member firms in the American, Africa, Europe, ASPAC and MENASA regions, can be found here.