Tax & Accounting Blog

Country-by-Country Reporting Proposals Achieve Royal Assent in Canada

Country-by-Country Reporting Proposals Achieve Royal Assent in Canada

On December 15, 2016, Bill C-29 (“Bill”) received Royal Assent by the Canadian Parliament, implementing certain proposed and confirmed provisions from the March 22, 2016 budget. The Bill includes amendments to the Income Tax Act (“Act”) with respect to CbC reporting (proposed in March 22 budget) and the common reporting standard for the … Read More

Portugal Extends Deadline for Country-by-Country Reporting Notifications

Portugal Extends Deadline for Country-by-Country Reporting Notifications

On December 12, 2016, the Portuguese State Secretary for Fiscal Affairs, Fernando Rocha Andrade, issued Order No.254/2016XXI, extending the deadline for country-by-country (“CbC”) reporting notifications for fiscal year 2016 to May 31, 2017. Under Portugal’s CbC reporting requirements, the group must provide electronically the identity and tax residence of the reporting entity to … Read More

French Constitutional Council Declares Public Country-by-Country Reporting Unconstitutional

French Constitutional Council Declares Public Country-by-Country Reporting Unconstitutional

On December 8, 2016, the French Constitutional Council (“Council”) issued Decision No. 2016-741 DC, which held that specific provisions of Article 137 of the law on transparency, the fight against corruption and the modernization of the economy ("Law No. 830") (i.e., public country-by-country reporting (CbCR)) are unconstitutional. See the corresponding Read More

Norway Implements Country-by-Country Reporting Requirements

Norway Implements Country-by-Country Reporting Requirements

Following approval by the Norwegian parliament, on December 2, 2016, Norway amended the Tax Administration Act with the addition of a new § 4-13, implementing country-by-country (CbC) reporting. See BEPS Action 13. Under the new legislation, a parent company domiciled in Norway with enterprises abroad is required to submit, … Read More

Belgium Introduces New Tax Deduction for Innovation Income

Belgium Introduces New Tax Deduction for Innovation Income

On December 2, 2016, the Belgian government issued a press release stating that the Belgian Council of Ministers has adopted a new tax deduction for innovation income, which is being reviewed by the Belgian State Council. Once enacted, the new rules would extend the scheme to small and medium-sized enterprises (SMEs) and replace … Read More