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Foreign companies need to examine the potential consequences of the US Wayfair case as states consider hunting for more tax dollars abroad, say tax advisers.

The US Treasury Department and the Internal Revenue Service (IRS) have proposed new regulations on the payment of the repatriation rates as part of US tax reform.

The bill that would implement the EU Anti-Tax Avoidance Directive I (ATAD) into Luxembourg law was published on June 20 2018.

In June of this year, Malta concluded treaties with the Federal Democratic Republic of Ethiopia and the Republic of Botswana for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (DTAs). This followed the conclusion of a treaty with the Principality of Andorra as well as the coming into force of the treaties concluded with Azerbaijan and the Socialist Republic of Vietnam, earlier this year.

Indonesia completed the last step in the introduction of new transfer pricing regulations late last year, report Iwan Hoo, Aaron Brunier and Fachrur Rifqi Nugroho of KPMG. While the regulations covering the master file, local file and country-by-country reporting were issued in 2016, the implementing regulations for CbCR were not completed until late December 2017.

Proposed changes to the Income Tax Act, contained in the 2018 draft Taxation Laws Amendment Bill (DTLAB), were released for comment on July 16 2018. This update focuses on certain international tax-related proposals.

From 1 July 2018, Poland became one special economic zone (SEZ) with extensive tax exemptions available. Since the early 90s, taxpayers have been able to benefit from public aid in the form of the income tax exemption that applies to profits earned in SEZs. Most of the exemptions resulted from qualifying expenses relating to new investments and increases in employment, but only within very specified locations.

The Ministry of Finance of Serbia has adopted the 'rulebook' on arm's-length interest rates for 2018 (Official Gazette of the Republic of Serbia, No 18/18). The new rulebook applies when determining corporate income tax in 2018, while when determining the income tax for 2017, the interest rates to be used are those prescribed in the 2017 version of the rulebook (Official Gazette of the Republic of Serbia, No 21/17).

I don’t know if it is because of my age, or not using social media much, or because I have spent more than 30 years advising companies that actually manufacture physical goods and sell them to customers, but I don’t really understand the current enthusiasm on the part of the OECD, the EU and governments to investigate ways to change the taxation of the ‘digitalised’ economy.

Transfer pricing is on the radar again in the Philippines, reports Maria Carmela Peralta of KPMG. It’s too early to tell whether the lengthy discussions taking place will bear fruit and the Philippines will have something other to show than its 2013 TP regulations, which the Philippine Bureau of Internal Revenue (BIR) is perceived to have overlooked.