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Worldwide Tax News

Approved Changes (2)

OECD- G20

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OECD to Hold Live Webcasts to Present Final Reports for the BEPS Project

The OECD has announced that it will hold a webcast on 5 October 2015 to present the final reports on the measures developed under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project. Following the presentation, a separate webcast will be held to provide a technical briefing of the BEPS deliverables.

The main presentation will begin at 2:00 PM CET (Paris time) and the technical briefing will begin at 4:00 PM CET.

Click the following link to the OECD website to register for the webcasts and submit questions in advance.

Puerto Rico

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Puerto Rico Repeals Remittance Tax

The Legislative Assembly of Puerto Rico has repealed Act 136-2014 (the Act), which amended the Money Service Business Regulatory Act to include a 2% remittance tax. The Act, approved in August 2014, introduced the remittance tax on every money transmission processed or completed electronically or by check, money order, fax, air transportation, or other means, from the jurisdiction of Puerto Rico. The repeal was approved by the House of Representatives on 21 September 2015 and by the Senate on 23 September.

Proposed Changes (3)

Denmark

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Denmark Planning to Implement New Transfer Pricing Documentation Requirements including CbC Reporting

According to recent reports, the Danish government has drafted legislation for the implementation of new transfer pricing documentation requirements, including country-by-country (CbC) reporting. The requirements are in line with the guidance developed as part of Action 13 of the OECD BEPS Project.

Danish multinational groups with consolidated revenue of at least DKK 5.6 billion would be required to submit the CbC report to the Danish tax authority. If the ultimate parent is a Danish tax resident, the parent submits the report. If the ultimate parent is not a Danish tax resident, a Danish subsidiary of the group would be required to submit the report if it has been designated as the reporting entity, or the CbC report is not available from the parent entity's jurisdiction of residence because:

  • The parent is not required to submit a CbC report in the jurisdiction; or
  • There is not adequate exchange of information between Denmark and the parent's jurisdiction of residence.

Aside from CbC reporting, Denmark's current documentation requirements are already largely in line with the new OECD guidance, although additional information would be required concerning tax agreements, intangible assets, and financing.

Additional details of the proposed documentation requirements will be published once available.

European Union

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EU Commission Launches Public Consultation on Modernizing VAT for Cross-Border e-Commerce

On 25 September 2015, the European Commission launched a public consultation on modernizing value added tax (VAT) for cross-border e-commerce in the EU. The consultation is part of the Commission's plans to create a Digital Single Market for the EU, and includes an assessment of the 1 January 2015 change in the place of supply rules for B2C supplies of telecommunications, broadcasting and e-services, and the associated Mini One-Stop Shop (MOSS).

Measures the Commission is currently considering include:

  • Extending the current single electronic registration and payment mechanism to cover the sale of tangible goods;
  • Introducing a VAT threshold to help online start-ups and small businesses;
  • Allowing cross-border businesses to be audited only by their home country for VAT purposes; and
  • Removing the VAT exemption for the import of small consignments from suppliers in third countries.

Click the following links for the European Commission press release and the Public Consultation.

The consultation will run until 18 December 2015.

Kenya

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Kenya Revenue Authority Announces Launch of 6th Corporate Plan

On 22 September 2015, the Kenya Revenue Authority (KRA) announced the launch of its 6th corporate plan for the tax years 2015/2016 through 2017/2018. The plan focuses on increasing tax revenue and compliance with four key objectives, which include:

  • Enhancing revenue mobilization by broadening the taxpayer base, combating tax evasion and using smart intelligence and risk-based compliance strategies;
  • Strengthening administrative capacity and enhancing transparency and fairness through organizational change and business process optimization;
  • Creating a staff establishment that is professional, courteous, accessible and proactive in responding to customer problems; and
  • Enabling business by leveraging technology to achieve full electronic service leading to enhanced operational efficiency and high customer satisfaction.

Click the following link for the KRA press release.

Treaty Changes (3)

Dominican Rep-Mexico

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TIEA between the Dominican Republic and Mexico under Negotiation

Officials from the Dominican Republic and Mexico have reportedly begun negotiations for a tax information exchange agreement. Any resulting agreement will be the first of its kind between the two countries, and must be finalized, signed and ratified before entering into force.

Luxembourg-Ukraine

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Luxembourg and Ukraine Conclude Tax Treaty Negotiations

On 22 September 2015, officials from Luxembourg and Ukraine concluded negotiations with the initialing of new tax treaty. The treaty must be signed and ratified before entering into force, and will replace the 1997 income and capital tax treaty between the two countries that was signed, but was not ratified.

Nigeria-Seychelles

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Tax Treaty between Nigeria and Seychelles to be Negotiated

On 15 September 2015, officials from Nigeria and Seychelles met to discuss the negotiation of an income tax treaty. Any resulting treaty would be the first of its kind between the two countries, and would need to be finalized, signed and ratified before entering into force.

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