Issue 53 - December 2019

Welcome to the latest edition of BDO’s World Wide Tax News.

As always, there are many new tax developments to report and keep track of.

In the first article we share the latest insights on Taxation of the Digital Economy, highlights of the interview with the OECD which took place on 3 December with Stewart Brant, Head of Transfer Pricing, OECD and members of BDO’s Taxation of the Digital Economy taskforce, and of the views gathered to date from global business through our ongoing survey. The survey remains open and we encourage participation. We also share links to the submissions made by BDO to the OECD in respect of this important policy area.

We also highlight our new World of Private Clients website, with key themes including transparency and worldwide reporting, global opportunities for relocation, and family and generational wealth.

Other articles deal with the important topics of the introduction of digital services taxes in Italy, new guidance on the Diverted Profits Tax in Australia, Brexit and corporation tax implications of Conservative party win in the United Kingdom, and other current developments in tax, across the globe.

If you would like more information on any of the items featured, or would like to discuss their implications for your business, please contact the person named under the item(s). The material discussed in this newsletter is intended to provide general information only, and should not be acted upon without first obtaining professional advice tailored to your particular needs.

In this issue:

International
- Latest on Taxation of the Digital Economy
- The World of Private Clients
Asia Pacific
- AUSTRALIA:
  - Australia’s hybrid mismatch rules and their departures from the OECD’S recommendations
  - Australian Tax Office finalises guidance on diverted profits tax
- KOREA: 2019 Korean Government’s tax reform proposal on international tax issues
- SRI LANKA: Permanent Establishment - Key developments
Europe and the Mediterranean
- BELGIUM: Implementation of multi-lateral instrument
- HUNGARY: Recent tax changes
- ITALY: Italian Digital Services Tax to be introduced from 1 January 2020
- THE NETHERLANDS: 2020 Tax Budget
- UNITED KINGDOM:
  - Brexit and corporation tax implications of Conservative party win
  - UK taxation of offshore receipts in respect of intangible property (ORIP)
Latin America
- ARGENTINA: Creation of “Knowledge Economy Promotional Regime”
- PANAMA: General tax amnesty for the payment of interest, surcharges and fines
North America and the Caribbean
- UNITED STATES: Tariffs: List 4A exclusion process opened on 31 October 2019
Africa
- ZIMBABWE: 2020 Budget