Tax & Accounting Blog

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

Swedish Parliament Approves Government Proposals to Implement Country-by-Country Reporting and Master and Local Filing Requirements

Swedish Parliament Approves Government Proposals to Implement Country-by-Country Reporting and Master and Local Filing Requirements

On March 1, 2017, the Swedish Parliament approved the Government’s proposals in the 2016/17:47 bill to implement transfer pricing documentation (master and local file) and country-by-country (CbC) reporting. (Parliament rejected proposals to introduce public CbC reporting.) Parliament agreed to align the transfer pricing documentation rules to the OECD Action 13 standard. … Read More