Every week, KPMG member firms around the world publish updates on developments in their country. In Weekly Tax Matters we’ll highlight a selection that may be of interest to our readers. The complete collection of TaxNewsFlash can be found here.
Venezuela - Changes to the income tax law are effective beginning January 2016, with a financial transaction tax (FTT) effective February 2016.
Canada - Canada and the UK have signed an agreement that clearly outlines procedures for the application of the arbitration provisions of the
Canada-UK income tax treaty.
Panama - The effective date of withholding tax rules has been postponed.
Brazil - The tax authorities have announced new criteria for identifying taxpayers subject to the ‘differentiated tax monitoring’ procedure.
Dominican Republic – The corporate tax and VAT rates for 2016 have been confirmed.
India – Recent tax cases cover the taxation of foreign branches outside India and development charges on long-term leases.
Philippines – KPMG in the Philippines has prepared a tax calendar for 2016.
China – The tax authorities have issued guidance concerning VAT issues on finance leasing activities.
Indonesia - The Government has renewed ‘tax holiday’ incentives for entities in ‘pioneer industries’.
Italy – Corporate tax changes and VAT measures have been enacted as part of the 2016 Budget law.
Belgium – A new law has been enacted to reflect a CJEU judgment in the Tate & Lyle case on the ‘dividends-received deduction’.
Finland - A proposal to revise the transfer pricing documentation rules and introduce country-by-country (CbC) reporting has been released for public comment.
Australia - Australian headquartered organisations with a December year-end may wish to consider the impact of new CbC reporting rules.
The OECD has published a list of the jurisdictions that have committed to an automatic exchange of information (AEOI) pursuant to implementation of the common reporting standard (CRS). Meanwhile, a law implementing CRS in Luxembourg has been enacted, and CRS has been introduced in Cyprus with a new decree. Meanwhile, the implementation of CRS in Mauritius has been delayed.