Tax & Accounting Blog

India Publishes Guidelines to Determine Company’s Place of Effective Management

India Publishes Guidelines to Determine Company’s Place of Effective Management

On January 24, 2017, India’s Ministry of Finance published Circular No. 6 of 2017, which provides guidelines for determining the place of effective management (“POEM”) of a company. See BEPS Action 6. Finance Act 2015 amended Section 6(3) of the Income Tax Act (“ITA”), effective from April … Read More

What Does the United States’ Withdrawal from the TPP Really Mean?

What Does the United States’ Withdrawal from the TPP Really Mean?

Headlines around the world announced U.S. President Donald Trump’s formal withdrawal of the United States from the Trans-Pacific Partnership (TPP) agreement on Monday.  In a reversal of the former Obama administration’s position on the multi-lateral trade deal, President Trump signed an executive order, effectively killing the TPP for the 12 countries involved in the negotiations.  … Read More

Finland Issues Guidance on Country-by-Country Reporting

Finland Issues Guidance on Country-by-Country Reporting

On December 21, 2016, the Finnish Tax Administration (VERO) issued Draft Guidance A240/200/2016 on country-by-country (CbC) reporting requirements ("Guidance"), the provisions of which entered into force on January 1, 2017. The Guidance provides information on CbC reporting requirements and deadlines, and is aligned with the OECD BEPS Action 13 final report. The first … Read More

U.S. IRS Releases Information on Early Filing of Form 8975 and Schedule A

U.S. IRS Releases Information on Early Filing of Form 8975 and Schedule A

On January 19, 2017, the U.S. Internal Revenue Service (IRS) released Revenue Procedure 2017-23, which describes the process for filing Form 8975, Country-by-Country Report, and accompanying Schedule A, Tax Jurisdiction and Constituent Entity Information (collectively, Form 8975), by ultimate parent entities of U.S. multinational enterprise (MNE) groups for reporting … Read More

“Make in India” – Tread The Digital Highway to Move Forward

“Make in India” – Tread The Digital Highway to Move Forward

The supply chain management challenges affecting or likely to affect “Make in India” Initiative ’Make in India’ is  defined as a vision to transform India into a global manufacturing and export hub, but it is much more than simply that. The primary objective of this initiative is to attract foreign investments and strengthen India’s manufacturing … Read More