Italy Implements Country-by-Country Reporting Overview In the recent past, the Italian Ministry of Economy and Finance released the Ministerial Decree on its official gazette. The decree provides the detailed process of implementing the Country-by-Country Reporting (CbCR) for Italian entities representing Multinational Enterprises (MNE) Groups. The rules outlined in CbCR are based on the guidelines provided…
Amid Protests, Brazil Passes Controversial Labor Reform Bill On July 11, 2017, the Brazilian Senate gave its nod to the controversial labor reform bill. Given the countrywide protests by labor unions, it raised doubts if the bill would ever come into effect. However, in a dramatic turn of events, President Michel Temer finally made the…
Highlights of India’s Finalized GST On May 18th and 19th, 2017, the government-appointed Goods and Services Tax (GST) council finalized a few critical aspects of the GST. After the council gave the green light, the Indian government rolled out the much anticipated GST on July 1st. The much anticipated GST is said to be the…
Taiwan’s Amended Tax Guidelines for E-Commerce Enterprises The Ministry of Finance for Taiwan has issued draft amendments to the Value-Added and Non-Value-Added Business Tax Act that was first announced on December 28, 2016. The revised VAT law made it mandatory for foreign e-commerce operators selling its services to individuals in Taiwan and having annual sales…
China: Increase in the Monthly Minimum Wage to Counter the Economic Slowdown China is gradually revising the minimum monthly wage, but not all at once for the entire nation. Each province and municipality set its minimum wage based on its local economic needs. Recently, the Shanghai Municipal Bureau of Human Resource & Social Security has…
German Parliament introduces a new Tax Exemption Law for Restructuring Gains On April 27, 2017, the German Federal Government has passed legislation enacting new rules on the taxation of restructuring gains. The reason being, the existing practice of having a tax liability arising out of restructuring gains to be deferred and eventually waived violates fundamental…
Australia Introduces Single Touch Payroll The Australian government introduces a real-time reporting system to streamline the reporting of tax and superannuation by employers. The government initiated the process when it passed the Budget Savings – Omnibus Bill – September 2016. Under the proposed legislation, a new electronic reporting framework will be incorporated to simplify the…
Brazil Withdraws Payroll Tax Cuts In a key policy this year, the Brazilian government has concluded that in order to meet the fiscal target of this current year and maintain balanced accounts, they must cut R$42.1 billion from their planned expenses in 2017. This will impact almost all major multinational companies operating in Brazil. This…
India’s Maternity Benefit Bill, Good or Bad? The day after International Women’s Day – March 9th, 2017 – the Indian Parliament passed The Maternity Benefit Bill. As government workers are already allowed 26 weeks of maternity leave, this bill increases it from 12 to 26 weeks for the private sector. It also requires companies to provide daycare…
Permanent Establishment: Staying Compliant Internationally In a recent case, a Swedish Court ruled that a German company has a permanent establishment (PE) in Sweden despite the fact that the company’s was only performing short-term testing activities and maintained no physical office or storage facility in Sweden. Case Study The company markets a tire inflation pressure…
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