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 Africa – Changes have been made to the tax treatment of unrealised gains on foreign currency loans.

Americas

Canada – KPMG in Canada have prepared a report with predictions on what could be in the country’s first Budget following the new Government’s election last year.

Mexico – Further information on customs and tax incentives available for
importers
has been published.

Asia Pacific

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.

Europe

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.

Transfer pricing

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.

FATCA update

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.

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