Category: Taxation
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Act on the Disclosure and Exchange of Information on Tax Matters (448/2017) in Finland
The Act on the Disclosure and Exchange of Information on Tax Matters (448/2017) in Finland implements the European Union’s directives regarding the mandatory disclosure and exchange of information on tax matters, particularly focusing on cross-border tax arrangements and cooperation between tax authorities. This act is a key component of Finland’s commitment to international tax transparency…
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Order HFP/1978/2016 (Spain)
The Order HFP/1978/2016, dated December 28, establishes Form 231 for the Country-by-Country Reporting (CbCR) in compliance with the recommendations of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan. This form is designed to assess risks related to transfer pricing policies within multinational groups, but it does not allow direct adjustments by the tax authorities. Key Points:…
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Article 13.1 of the Corporate Income Tax Regulations (Spain)
Article 13.1 of the Corporate Income Tax Regulations (Reglamento del Impuesto sobre Sociedades, RIS), approved by Royal Decree 634/2015, regulates information and documentation on related entities and transactions. This article establishes that entities resident in Spain that qualify as the parent of a group, as defined in Article 18.2 of the Corporate Income Tax Law (LIS),…
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Article 76-A of the Mexican Income Tax Law in Mexico
Article 76-A of the Mexican Income Tax Law (Ley del Impuesto sobre la Renta, LISR) outlines specific obligations for taxpayers involved in transactions with related parties. These obligations focus on filing annual informative declarations to ensure compliance with transfer pricing rules and transparency in multinational operations. Below are the key details: Obligations Under Article 76-A Taxpayers…
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Income Tax Act 1959 in Papua New Guinea
The Income Tax Act 1959 is a foundational legislative framework in Papua New Guinea that governs the imposition, assessment, and collection of income tax. Below is an overview of its key features: Key Provisions Legislative Updates Since its introduction in 1959, the Act has undergone numerous amendments to address evolving economic activities and administrative needs. For further…
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General Communiqué on Disguised Profit Distribution Through Transfer Pricing (Serial No: 4 & 5) in Turkey
The General Communiqués on Disguised Profit Distribution Through Transfer Pricing (Serial No: 4 and 5) in Turkey introduce significant changes to transfer pricing regulations, aligning them with international standards and providing detailed guidance for taxpayers. General Communiqué No. 4 Published in the Official Gazette on September 1, 2020, Communiqué No. 4 revises the original General…
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Law No. 52 of 2016 in Panama
Law No. 52 of October 27, 2016, enacted by the Panamanian government, introduced significant changes for legal entities in Panama, effective from January 1, 2017. The law primarily focuses on accounting record obligations and related requirements for offshore companies and other legal entities. Key aspects of this law include: Accounting Requirements Supporting Documentation Registered Agent Responsibilities…
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Inland Revenue (Amendment) (No. 6) Ordinance 2018 in Hong Kong
The Inland Revenue (Amendment) (No. 6) Ordinance 2018 in Hong Kong was gazetted on July 13, 2018. Its primary purpose was to align Hong Kong’s tax laws with international standards under the Base Erosion and Profit Shifting (BEPS) package developed by the OECD. Below are the key features and objectives of this ordinance: Objectives Key Provisions Compliance Guidance The Inland…
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Austrian Transfer Pricing Documentation Act (VPDG)
The Austrian Transfer Pricing Documentation Act (Verrechnungspreisdokumentationsgesetz, VPDG) was enacted on August 2, 2016, and is effective for fiscal years starting from January 1, 2016. This law implements the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan 13 recommendations and establishes mandatory transfer pricing documentation requirements for multinational enterprise (MNE) groups with entities in Austria.…
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Tax Administration Act 1953 (Subdivision 815-E)
Subdivision 815-E of the Income Tax Assessment Act 1997 in Australia relates to reporting obligations for significant global entities regarding transfer pricing documentation and country-by-country reporting. Key aspects of Subdivision 815-E include: Subdivision 815-E works in conjunction with other transfer pricing rules in Australian tax law, such as Subdivisions 815-B and 815-C, which deal with…
CbC Reporting 