VAT is UAE: Reason of MNC’s Joy
Introduction The UAE is all set to launch VAT which will be applicable to most of the business in the country with effect from 1st January, 2018. Preparations are in full form and authorities are leaving no stone unturned for successful implementation of the law in the country. Though business in the country are apprehensive […]
OECD publishes BEPS peer review documents for exchanges of tax rulings and country-by-country reports
On 1 February 2017, the Organisation for Economic Cooperation and Development (OECD) published documents detailing the processes for review of countries’ implementation of two of the OECD/G20 Base Erosion and Profit Shifting Project (BEPS) minimum standards. These relate to the compulsory spontaneous exchange of information amongst tax authorities of: tax rulings (the ‘transparency framework’), in […]
Revision of Tax Treaty between India and Cyprus: Beginning of New Era
History India and Cyprus had signed an agreement in June 1994 and were bound to exchange information to avoid tax evasions. It is considered to be a tax haven before 2015 and stands seventh on the list of Foreign Direct Investment (FDI) destinations in India. India received foreign investments of approximately INR 42,680 from Cyprus […]
New Base Erosion & Profit Shifting (BEPS) Guidance on Country – By – Country Reporting & Implementation
New information on Country-by-Country reporting should give more certainty to tax administrations and multinationals on how to implement it. On 5 December 2016, the OECD released further guidance on Country-by-Country (CbC) reporting and country-specific information on implementation of the guidance. CbC reporting is linked to action point 13 in the Base Erosion and Profit Shifting […]
Belgium: Parliament Approves Belgian Transfer Pricing Documentation Requirements
On June 29, 2016, the Belgian Parliament adopted the ‘programme law’ (introduced on June 2, 2016) that contains the introduction into Belgian tax law specific transfer pricing documentation requirements (published in the Belgian Official Gazette of July 4, 2016). These requirements are based on Action 13 of the Organisation for Economic Co-operation and Development (OECD)/ […]
Free zones in the UAE
A Free zone (FZ) entity is the UAE offers many tax and business possibilities. The establishment of free zones (FZs) in the UAE has been one of the most significant and promising initiate pursued to attract foreign investments. Dubai was the first emirate to establish a FZ in Jebel Ali. The main advantages of being […]
EU Publishes New VAT Action Plan
The European Commission has released an Action Plan on VAT, setting out plans for the next two years to modernize European Union value-added tax (VAT) rules. By the end of 2016, the Commission is to propose legislation that would extend the current One Stop Shop concept to all cross-border e-commerce, including distance sales. It will […]
India Budget 2016 – Transfer Pricing Amendments
Background The fiscal budget was announced in India on 29 February 2016. Like every year the government released several measures to accelerate growth and development in the country. One of the most important developments from a Transfer Pricing (TP) regulations perspective was introduction of Country-by-Country (CbyC) reporting norms for TP documentation with effect from Assessment […]
31 Countries Have Now signed A Multilateral Competent Authority Agreement (MCAA) Enabling The Automatic Exchange Of Country-By-Country Reports (CbC reports) And Addressing BEPS Action 13.
31 countries have now signed a MCAA enabling the automatic exchange of CbC reports from each reporting entity between the competent authorities. The agreement handles the exchange of CbC reports as stated in BEPS action plan 13. This action plan has amended Chapter V of the transfer pricing guidelines of the OECD. The guidelines are […]
Cyprus: Proposed Tax Legislative Changes
Intellectual Property (IP) Box alignment with the OECD’s BEPS Action 5 conclusions announced, with maximum transitional arrangements The Cyprus Ministry of Finance (MoF) announced on December 30, 2015 that it will propose amendments to the current Cyprus intellectual property (IP) Box in order to introduce a new IP Box as from July 1, 2016 which […]