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.
South Africa – Changes have been made to the tax treatment of unrealised gains on foreign currency loans.
Asia Pacific – KPMG in Hong Kong have prepared a tax update for financial institutions across the Asia Pacific region.
China – Guidance on the new ‘high and new technology enterprise’ incentive has been published by the tax authorities.
Thailand – A programme offering small and medium enterprises (SMEs) protection from tax audits has been launched.
India – Recent tax cases cover the claiming of additional depreciation on machinery and interest paid on partners’ capital.
EU - The EC launched a public consultation to help identify ways to facilitate dispute resolution for businesses experiencing problems with double taxation in the EU.
EU - A pilot project in the EU allows taxable persons to obtain advance rulings on the VAT treatment of complex cross-border transactions.
EU - The new EU customs regulation (UCC), effective 1 May 2016, includes a change to customs valuation rules, and specifically a change to the ‘first sale
for export’ concept
Luxembourg - New R&D incentives are expected in the upcoming 2017 tax reform package.
Netherlands – The Minister of Finance has sent a letter to Parliament about the implementation of the ultimate beneficial owner (UBO) register.
Netherlands – New legislation on seconded employees is pending.
France – According to press reports, the Government is considering extending the ‘exceptional depreciation’ deduction until the end of 2016.
Poland - A new law effective 1 February 2016 provides for a tax on banks, lending institutions, and insurance companies.
United States - US Treasury Secretary Jacob Lew has written to President Jean-Claude Juncker of the EC concerning the EC state aid investigations.
Belgium - The tax authorities have launched a new wave of transfer pricing audits.
Romania – New guidance on transfer pricing documentation has been published.
India – Guidelines have been issued concerning valuation of related-party imports.
The US tax authorities have issued a release with details of changes to timing of certain FATCA reporting. The Canadian Department of Finance have also confirmed their intention to implement the Common Reporting Standard (CRS) on 1 July 2017. The EU have also signed a tax transparency agreement with Andorra.