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Maria Nicolaou Zoe Kokoni Cyprus, one of the sunniest and safest locations in Europe, is an ideal location for both EU and non-EU nationals looking for a high quality standard of living. The recently introduced simplified procedures for issuing permanent residency and citizenship certificates in Cyprus have made this relocation much easier and have increased foreign investments into the island.

Dajana Topic The Law on financial business activities in Bosnia and Herzegovina (FBiH) was published in the Official Gazette of FBiH No. 48/16 in June 2016, while it became effective as of December 30 2016.

Bob van der Made On June 12 2017, the European Parliament's joint ECON and Legal Affairs (JURI) Committee members adopted their joint report on the European Commission's draft directive on public country-by-country reporting (CbCR), with 38 votes in favour, nine against and no less than 36 abstentions, i.e. not exactly a slam dunk. The consolidated committee's compromise report will be published at the end of June or at the beginning of July.

Loreto Pelegrí Bernardita Parodi On October 26 2016, Law No. 20,956 was published in the Official Gazette. The purpose of this law is to encourage Chilean productivity. As such, it introduced a series of measures aiming to achieve this target.

Fernando Giacobbo Ruben Gottberg On May 24 2017, the Brazilian senate ratified the text of the agreement for the avoidance of double taxation (DTA) between Brazil and Russia, signed on November 22 2004, as well as the amendment to the protocol of the DTA between Brazil and India, signed on October 15 2013.

Eddie Ahn In a major Australian transfer pricing decision on April 21 2017, the Full Federal Court dismissed Chevron Australia Holdings Pty Ltd's appeal related to the deductibility of interest on the Australian dollar equivalent of $2.45 billion loans from its US subsidiary, Chevron Texaco Funding Corporation.

Freddy Karyadi Nina Cornelia Santoso On April 28 2017, the Directorate General of Tax (DGT) issued Circular Letter No. SE-11/PJ/2017 concerning the plan, strategy, and measurement of audit performance of 2017 (Circular Letter 11). The circular is essentially issued to increase tax audit effectiveness that will ultimately increase the results of tax audits and be used as a deterrent to promote tax compliance. The DGT stipulates that the 2017 tax audit will focus on, among others, the implementation of the tax amnesty programme. The DGT will differentiate tax audit treatment between taxpayers who have and those who have not joined the tax amnesty programme. For those who have not joined the tax amnesty programme, the DGT may conduct a tax audit for a tax period, part of a tax year or a tax year in which the tax stipulation has not expired. In the event that such a taxpayer is undergoing a tax audit, the tax auditor may also conduct asset tracing for any undisclosed assets in income tax annual tax returns.

Lewis Lu Curtis Ng The Hong Kong government has revised the concessionary tax regime for certain aircraft leasing activities to ensure it requires require real economic substance and activity in Hong Kong.

Patrick Schrievers Mark de Vaan Since the introduction of BEPS Action 13, a lot of countries have implemented, or are implementing, new transfer pricing documentation obligations for multinational groups in their domestic law. Such obligations have also entered Dutch law and have effect from financial years beginning on or after January 1 2016. Dutch law, decrees and policy, covering country-by-country reporting (CbCR) and master and local filing, are in line with what was agreed by the OECD and G20. Based on these obligations, multinational companies with a consolidated group turnover of €750 million ($857 million) or more must file an annual CbC report. In addition, Dutch taxpayers that are part of a multinational group with a consolidated turnover of at least €50 million in the preceding year should prepare an OECD-style master and local file for transfer pricing and branch allocation documentation purposes.

Khoonming Ho Lewis Lu On May 9 2017, the State Administration of Taxation (SAT), together with five other government ministries and agencies, issued the Administrative Measures for Due Diligence Investigation of Financial Accounts of Non-Residents as Announcement 14 [2017].