KPMG’s Week in Tax: 18-22 January 2016

KPMG’s Week in Tax: 18-22 January 2016

In France, there are new tax law provisions concerning corporate taxpayers, including the parent-subsidiary regime, revenue distributed to foreign companies in liquidation, country-by-country reporting, and a transfer pricing declaration.

Related content

Read a summary of the new corporate tax law provisions in France: TaxNewsFlash-Europe

Europe

Other developments in Europe reflect:

  • Czech Republic: The deadline for businesses to file the initial value added tax (VAT) ledger statements is 25 February 2016.
  • EU: The EU has lifted nuclear-related economic and financial sanctions imposed against Iran.
  • Serbia: Changes to Serbia’s tax laws concern tax administration and tax procedure provisions and the excise tax (duties) imposed on certain oil and gas products, alcoholic beverages, and supplies of electricity.
  • EU: The European Commission is requiring the Netherlands to repeal an exemption from corporate tax for six seaports, to align the tax regime with EU state aid rules. The EC also proposed in two separate decisions that Belgium and France align their taxation of ports with state aid rules.

Asia Pacific

  • China: Guidance was issued concerning implementation of the 150% “super deduction” available under the research and development (R&D) regime.
  • Hong Kong: Proposed legislation includes tax incentives to encourage companies to establish corporate treasury centres in Hong Kong.
  • Indonesia: Tax payments in Indonesia—made after 30 June 2016—must be made using a new electronic tax payment system.
  • Korea: An official public tax ruling allows for a reduced rate of withholding tax on dividends distributed from South Korean real estate fund trusts.
  • Vietnam: Certain preferential treatment or incentives are offered to foster the development of “supporting industries,” including corporate income tax incentives.

Africa

  • South Africa: Binding General Ruling (BGR) No. 30 has been issued to clarify the treatment of expenses of insurance companies acceptable to the South African Revenue Service (SARS).

FATCA

  • United States: Notice 2016-08 announces that regulations will be amended reflecting a revised timing of certain FATCA reporting.
  • Hong Kong: A bill has been published in the official gazette that would provide the legal framework for Hong Kong to implement the OECD’s standard for automatic exchange of financial account information (AEOI).
  • Mauritius: The implementation date for the common reporting standard (CRS) regime has been deferred to 1 January 2017.

U.S. industry-related guidance

  • A notice provides the 2015 inflation adjustment factor for Indian coal production under section 45.
  • An IRS Office of Chief Counsel memorandum addresses the calculation of an insurance company’s share of the dividends received deduction (DRD) for separate account assets invested in partnership funds.
  • Notice 2016-10 provides guidance for regulated investment companies (RICs) on how to account for refunds of foreign withholding taxes under sections 853 and 905(c).
  • Notice 2016-9 extends the date for section 501(c)(4) social welfare organizations to provide notice to the IRS.  

 

Read these and other items reported this week at the TaxNewsFlash United States and Global websites

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