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.

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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

Kenya – New business laws have been enacted to encourage growth and foreign investment. 

Botswana – The 2016-2017 Budget has been presented.

Americas

Mexico – 2016 could bring multiple increases in state and local taxes. 

Panama - New guidance for requesting tax residence certificates has been introduced.

Asia Pacific

Australia – In a recent speech, the Treasurer suggested that tax reform in the near future is unlikely, and announced new tax compliance requirements with respect to foreign investment applications.

Vietnam - Changes have been made to the rules governing representative offices and branches of foreign entities.

India – A recent tax case held that when interest has not been paid to the payee, there is no liability to withhold tax.

Indonesia - The rate of withholding tax with respect to interest income from deposits or savings has been reduced.

Azerbaijan – Recent tax changes include tax exemptions for investors and entrepreneurs. 

Europe

EU – The EU and Monaco have initialled a new tax transparency agreement. 

Hungary – The Court of Justice of the European Union (CJEU) has ruled that certain employer-provided cards and benefits are incompatible with EU law.

Transfer pricing

New Zealand - The tax authorities have released a discussion document on implementing the automatic exchange of information (AEOI) regime, which would include the exchange of all private taxpayer rulings and unilateral transfer pricing rulings in effect as of 2014.

India – A recent transfer pricing case concerned the functional comparability of a taxpayer’s business segments.

FATCA update

The US tax authorities have released their final regulations relating to provisions that require ‘domestic entities’ to report their foreign financial assets. In addition, Australia is expected to pass their common reporting standard (CRS) legislation soon and it will apply from 1 July 2017 (not 1 January 2017 as originally expected).

BEPS update

The Organisation for Economic Cooperation and Development (OECD) has announced a proposal for broadening participation in the base erosion and profit shifting (BEPS) project. The proposal will be presented to the Finance Ministers of the G20 countries at a 26-27 February 2016 meeting.

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