Tax & Accounting Blog

Flanders Implements EU DAC 3 on Automatic Exchange of Tax Ruling Information

Flanders Implements EU DAC 3 on Automatic Exchange of Tax Ruling Information

On March 14, 2017, Belgium published the Decree of February 17, 2017 in the official gazette, implementing in Flanders, the Dutch-speaking northern portion of Belgium, the December 8, 2015 amendments to the EU Mutual Assistance Directive (2015/2376) ("Directive" or DAC 3) on the automatic exchange of tax ruling and advance pricing … Read More

Italy Implements Automatic Exchange of Country-by-Country Reports

Italy Implements Automatic Exchange of Country-by-Country Reports

On March 8, 2017, Italy's Ministry of Economy and Finance published the Ministerial Decree of February 23, 2017 in the official gazette, which provides additional rules concerning country-by-country (CbC) reporting requirements in Italy, and implements EU Directive 2016/881 (the "Directive") on the mandatory automatic exchange of CbC reports among EU member … Read More

Australia Publishes New Guidance on Penalties for Significant Global Entities

Australia Publishes New Guidance on Penalties for Significant Global Entities

On March 15, 2017, the Australian Taxation Office published new guidance on increased penalties for significant global entities (SGEs). An entity is a SGE for Australian tax purposes if it satisfies one of the following:  A global parent entity whose annual global income for the period is AUD$1 billion or more. … Read More

Luxembourg Publishes Updated FAQs on Common Reporting Standard

Luxembourg Publishes Updated FAQs on Common Reporting Standard

On March 13, 2017, Luxembourg published updated FAQs on the OECD Common Reporting Standard (CRS). Luxembourg published prior FAQs on April 21, 2016. In general, jurisdictions subject to declaration in Luxembourg are (i) EU member states and (ii) signatories of the OECD Multilateral Competent Authority Agreement (MCAA), implementing the G20's and … Read More

Polish Parliament Approves Law to Automatically Exchange Country-by-Country Reports

Polish Parliament Approves Law to Automatically Exchange Country-by-Country Reports

On March 9, 2017, the Polish Sejm gave final approval of the law on the exchange of tax information with other countries (the “Law”) following consideration of Senate amendments. The Law provides information on obligations of financial institutions (FIs) and the automatic exchange of country-by-country (CbC) reports. The Law does not apply to … Read More