5 January 2017, the Brazilian government gazetted Provisional Measure No. 766/2017 to introduce a Tax Regularisation Programme (PTR) to incentivise individuals and companies to settle their federal tax liabilities. The PTR is an opportunity for companies and individuals to pay their tax or non-tax liabilities, due on or before 30 November 2016, or charged by…
1 January 2017, Uruguay’s Law on International Tax Transparency, the Prevention of Money Laundering and Terrorist Financing was brought into force. It was approved by parliament on 29 December. The Law requires certain resident and non-resident entities to disclose the identity of their ultimate beneficial owners – defined as an individual who, directly or indirectly,…
1 January 2017, new rules obliging EU Member States to automatically exchange information on all new cross-border tax rulings that they issue were brought into force. Exchange will be facilitated through a central depository that is accessible to all EU countries. Every six months national tax authorities will send a report to the depository, listing…
30 December 2016, the government published Decree 354-A/2016 to exclude Jersey, the Isle of Man and Uruguay from Portugal’s list of tax havens. It entered into force on 1 January 2017. It was stated that Jersey, the Isle of Man and Uruguay are all members of the OECD’s Global Forum on Transparency and Exchange of…
21 December 2016, the German cabinet adopted a bill to impose more stringent reporting obligations on German taxpayers with foreign financial interests and financial institutions managing foreign investment structures for their clients. If the bill is approved by parliament, the changes will be introduced on 1 January 2018. Under the proposals, taxpayers must disclose a…
22 December 2016, the Cayman Islands government issued the Tax Information Authority (Amendment) Law 2016 (Commencement) Order and the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations. This represents the second tranche of regulations “to ensure effective implementation” of the OECD Common Reporting Standard (CRS), which is the global standard for automatic…
22 December 2016, the double tax treaty between Switzerland and Liechtenstein entered into force. It was signed on 10 July 2015 and is the first comprehensive tax treaty between the two countries. The provisions of the treaty will apply from 1 January 2017. The new treaty replaces the current agreement of 22 June 1995 between…
16 December 2016, India’s Central Board of Direct Taxes announced that the notification of Cyprus under section 94A of the Income Tax Act 1961 as a notified jurisdictional area for lack of effective exchange of information, had been rescinded with effect from 1 November 2013. It followed the signing on 18 November of a revised…
14 December 2016, Monaco deposited its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters. By doing so, the OECD said, it had taken another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters as well as automatic exchange of Country-by-Country Reports under the…
13 December 2016, the Luxembourg parliament passed a law on non-public country-by-country (CbC) reporting to transpose the EU Directive 2016/881 of 25 May 2016 into domestic law. The law, when gazetted, will apply from 1 January 2016. CbC reporting applies to multinational enterprises (MNEs) whose total consolidated group revenue exceeds €750 million during the previous…
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