The United Arab Emirates will complete and sign a Model 1 FATCA IGA this month and will send the agreement electronically to the US IRS in September 2015, UAE HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance told reporters February 15. The UAE had reached an agreement . . .
Taiwan’s tax authority, in an English-language release issued January 8, provided a brief description of transfer pricing disclosure and documentation requirements that must be met by profit-seeking enterprises when filing their annual income tax return. See, release.
Singapore and the US on December 9 signed a FATCA Model 1 Intergovernmental Agreement (IGA), following the initialing of the agreement May 5, the Inland Revenue Authority of Singapore has announced. The IGA is designed to simplify FATCA information reporting for Singapore financial institutions. See, Singapore release.
The Australian tax office (ATO) has revoked six advance pricing agreements (APAs) with multinationals within the last six months because the government had been misled and the companies were engaging in aggressive tax planning, reports Nassim Khadem of the Brisbane Times in a November 7 report, quoting ATO deputy commissioner, Mark Konza. Konza also said the ATO is reviewing the activities of 80 high risk multinationals. See, Brisbane Times.
The European Commission has concluded that a Spanish tax scheme benefiting companies that acquire foreign shareholdings is incompatible with EU state aid rules . . .
The Qatar Financial Centre Authority has released an updated version of the Qatar financial centre (QFC) tax regulations, writes EY, in an August 11 report. For an analysis of the new regulations, see, EY.
Inland Revenue of Singapore, on May 19, released a tax guide for issuers, investors, and potential investors of hybrid instruments. The guide lists the factors the Comptroller of Income Tax (CIT) considers to determine if an instrument is classified as debt or equity and describes the income tax treatment of such instruments. The guide also clarifies that an advance ruling can be obtained from the CIT on the tax treatment of a hybrid instrument. IRAS e-Tax Guide
The Australian Taxation Office, on April 17, released four documents providing guidance on the transfer pricing laws . . .
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