Russia will pass legislation to ease consequences for Russian businesses resulting from recent suspension of certain tax treaty provisions, the Finance Ministry has said.Continue Reading
Canada
Transfer pricing news, BEPS news, and international tax news in Canada
Vladimir Putin suspends tax treaties with ‘unfriendly’ countries
Russian President Vladimir Putin has suspended several tax treaties with “unfriendly” countries.
The suspension decree was signed on August 8. The decree includes tax treaties signed with the US, the UK, and Canada, and other countries that had imposed unilateral economic sanctions on Russia.
“In view of the need to take urgent measures in connection with the unfriendly actions of a number of foreign states against the Russian Federation, its citizens and legal entities, the President resolved to suspend a number of provisions of tax treaties with the United States of America, European Union countries and other unfriendly states,” an official statement from the President’s office notes.
The suspension was proposed by the Finance Ministry in March 2023.
NFTC urges Canada to reconsider digital services tax
Canada’s decision to levy a digital services tax despite OECD’s moratorium is shortsighted, Anne Gordon, Vice President for International Tax Policy, National Foreign Trade Council, has said.Continue Reading
Canada publishes draft Global Minimum Tax Act, DST bill
Canada’s government is seeking public input on draft tax legislation to implement a global minimum corporate tax rate, commonly known as GloBE, approved by the OECD’s Inclusive Framework.Continue Reading
Don’t impose digital services tax: US Chambers to Canada
The US Chamber of Commerce has urged the Canadian government to refrain from unilaterally imposing a digital services tax pending international agreement.Continue Reading
Canada will enact digital services tax from 2024: Chrystia Freeland
Canada’s Finance Minister Chrystia Freeland has said that the government will implement its domestic digital services tax measures from January 2024 in the absence of any multilateral agreement on Pillar One.Continue Reading
Canada consulting on transfer pricing reform
Canada’s Department of Finance is consulting on reforming the country’s transfer pricing rules.Continue Reading
Spain, Ireland fastest in closing MAP cases under tax treaties
Spain has been awarded for taking the shortest time in closing transfer pricing cases under the mutual agreement procedure (MAP) set out in tax treaties.
The 2021 MAP Statistics were presented during the OECD Tax Certainty Day, where tax officials and stakeholders took stock of the tax certainty agenda and discussed ways to further improve dispute prevention and resolution. The MAP Award is given in recognition of efforts by competent authorities in dealing with MAP cases.Continue Reading
Cameco wins Canadian transfer pricing tax dispute
That decision was unequivocally in Cameco’s favour in its dispute of reassessments issued by CRA for the 2003, 2005, and 2006 tax years.Continue Reading
Canada, Switzerland ratify instrument to tackle tax avoidance
The BEPS MLI will enter into force in both countries on December 1, 2019.Continue Reading
Mutual Agreement Procedure Statistics Published for 2017
The OECD on October 10 published its 2017 mutual agreement procedure (MAP) statistics covering 85 tax jurisdictions.
According to the 2017 MAP statistics, new transfer pricing MAP cases are up by 25 percent and other MAP cases by 50 percent. Anecdotal evidence suggests that the increase in new MAP cases is due to a range of factors including the effects of the new reporting framework and increased awareness of and expectations from taxpayers about MAP, the OECD noted.Continue Reading
Cameco Wins Transfer Pricing Tax Dispute
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597).
The Tax Court of Canada has ruled in favour of leading uranium miner Cameco in a CAD2.2bn transfer pricing dispute with the Canada Revenue Agency (CRA).
Cameco had disputed reassessments issued by CRA for the 2003, 2005, and 2006 tax years.Continue Reading
Canada Completes 36 Advance Pricing Agreements in 2017
Canada’s tax authority has completed 36 advance pricing agreements (APAs) in the 2017 calendar year, according to latest statistics published on the country’s APA program.Continue Reading
Canada Successfully Initiates CbC Tax Info Exchange
Canada has successfully initiated its first round of exchanges of country-by-country (CbC) tax reports of multinational enterprises (MNEs), Diane Lebouthillier, Minister of National Revenue, has announced.Continue Reading
OECD Issues Further CbC Guidance, Updates Preferential Regime Reviews
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597).
The OECD today released additional guidance for tax administrations and multinational corporations on the implementation of country-by-country (CbC) reporting requirement.Continue Reading
UK, US, Six Others Launch Multilateral Tax Risk Assurance Program For MNEs
The author is Alex Hunter, Editor, TP News. He oversees and updates the publication and also regularly writes news stories about transfer pricing and international tax law. Alex is reachable on email (editor@transferpricingnews.com) and by phone (+447808558597).
Eight tax administrations, including the UK and the US, have launched a pilot program for the multilateral risk assessment of multinational corporations.Continue Reading