International round up

International round up

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.

Also on KPMG.com

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.

Africa

South AfricaGuidance has been issued on the tax treatment of direct and indirect operating expenses of insurers.

Americas

Canada – The tax authorities have announced a new reporting requirement for all registered charities.

Canada - Non-Canadian resident employers with non-resident employees working in Canada can now apply to be eligible for a new exception from withholding tax requirements.

Canada - The limit on the deduction of automobile allowances paid by employers has been reduced for 2016.

United States - Leaders and members of the Senate Finance Committee have written to Treasury Secretary Jack Lew concerning the recent EU state aid investigations of US multinational companies.

Dominican Republic – A new law allows for corporate restructuring and liquidation.

Brazil Oil and gas industry taxes in Rio de Janeiro have been amended. 

Asia Pacific

Australia - The tax authorities have issued a final version of guidelines concerning taxpayer engagements with them in relation to the ‘Multinational Anti-Avoidance Law’ (MAAL) provisions, pursuant to the recently published MAAL ‘client experience roadmap’.

Hong Kong - Tax incentives intended to encourage companies to establish corporate treasury centres in Hong Kong have been proposed.

South Korea – A reduced rate of withholding tax on certain dividends distributed from real estate fund trusts has been introduced.

Thailand – KPMG in Thailand have prepared a tax calendar for 2016. 

Indonesia - Tax payments made after 30 June 2016 must be made using a new electronic tax payment system.

Europe

EU - The EU has lifted nuclear-related economic and financial sanctions imposed against Iran.

France - Several pieces of legislation, including the Finance Act for 2016 and the Amended Finance Act for 2015, have been published in the official journal.

Gibraltar - The filing obligations of companies incorporated in Gibraltar that declare dividends have been revised.

Transfer pricing

Brazil - The tax authorities have revised their previous position concerning cost-reimbursement arrangements.

France - New legislation has been published which provides rules for country-by-country (CbC) reporting and transfer pricing declarations

FATCA update

The IRS have published a Notice to revise the timing of certain FATCA reporting. In Hong Kong, legislation has been published which would provide the legal framework to implement the OECD’s standard for automatic exchange of financial account information.

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