Italy: The Ministerial Decree that has Made Country-by-Country Reporting (CbCR) a Reality

Overview In the recent past, the Italian Ministry of Economy and Finance released the Ministerial Decree (the Decree) on its official gazette. The decree provides the detailed process of implementing the Country-by-Country Reporting (CbCR) for Italian entities representing Multinational Enterprises (MNE) Groups. The…

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Brazilian Senate Passes Controversial Labor Reform Bill Amid Protests

On July 11, 2017, the Brazilian Senate gave its nod to the controversial labor reform bill. Given the countrywide protests by labor unions, it raised doubts if the bill would ever come into effect. However, in a dramatic turn of events, President Michel…

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India’s Goods and Service Tax (GST) has been Rolled out

The much anticipated Goods and Services Tax (GST) has been rolled out in India on July 1, 2017. It is said to be the most significant tax reform in the country’s history. The President of India, Mr. Pranab Mukherjee and Prime Minister Mr.…

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Taiwan Has Rolled Out Amended Tax Guidelines to Impose VAT on Foreign e-commerce Operators

The Ministry of Finance for Taiwan has issued draft amendments to the Value-Added and Non-Value-Added Business Tax Act that was first announced on December 28, 2016. The revised VAT law made it mandatory for foreign e-commerce operators selling its services to individuals in…

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China: Increase in the Monthly Minimum Wage to Counter the Economic Slowdown

China is gradually revising the minimum monthly wage, but not all at once for the entire nation. Each province and municipality set its minimum wage based on its local economic needs. Recently, the Shanghai Municipal Bureau of Human Resource & Social Security has…

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