UK Issues Guidance on the Diverted Profits Tax

March 31, 2015

The UK included legislation to introduce the Diverted Profits Tax in the Finance Bill for 2015. Guidance on the tax was updated on 30 March 2015 to explain the changes to the provisions since the draft legislation was first published. The guidance

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DTA between Nigeria and Korea (Rep.) entered into force

March 31, 2015

The Income Tax Treaty between Nigeria and Korea Republic has entered into force on 21st March 2015 and it will be applicable from 1st January

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India: Extends Time for Filing Roll-back Applications under APA

March 31, 2015

The Central Board of Direct Tax authorities announced that the deadline for filing APA (Advance Pricing Agreement) rollback applications has been extended to 30 June 2015. Originally, the date for filing rollback applications was 31 March

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EFTA- Philippines: First FTA Negotiations held

March 30, 2015

The FTA (free trade agreement) negotiation (first round) between Philippines and EFTA (European Free Trade Association) - Iceland, Liechtenstein, Norway, and Switzerland was held on 24 to 27 March in Philippines and the second round negotiation is

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Romania: IMF Comments on Fiscal Policy

March 28, 2015

The IMF issued a report on 27 March 2015 following the conclusion of Article IV consultations with the Romanian government. The economic recovery following the financial crisis has become broad based in Romania and economic growth is remaining

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Germany: New regulations approved by German Parliament on the application of the arm’s length principle to profit allocations

March 27, 2015

New regulations approved by The Upper House of the German Parliament on the application of the arm’s length principle to profit allocations between head office and permanent establishments, which follow the authorized OECD approach (AOA) and is

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Russia: Application for participation exemption by a tax agent

March 27, 2015

The Finance Ministry (MoF) has issued Letter No. 03-03-06/1/885 on 19th January 2015 for describing the application of the participation exemption by a tax agent giving dividends to a Russian company. In accordance with article 284 (3) of the Tax

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UK: HMRC Publishes Departmental Improvement Plan

March 27, 2015

On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of

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US: Low Income Taxpayer Clinic Grant Recipients Announced

March 27, 2015

The Internal Revenue Service awarded approximately $10.25 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2015 grant year (Jan. 1, 2015, through Dec. 31, 2015). LITCs are organizations that represent low income taxpayers in

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Ireland: IMF comments on fiscal policy

March 26, 2015

The International Monetary Fund (IMF) has issued a report following discussions with the Irish government under Article IV of the IMF’s articles of agreement. The IMF notes that Ireland has made a robust recovery with economic growth around 5% in

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Pakistan: WTO Conducts Trade Policy Review

March 25, 2015

The World Trade Organization (WTO) is conducting a trade policy review of Pakistan on 24 and 26 March 2015. The report issued in connection with the review notes that Pakistan’s economy has shown resilience and that real GDP growth averaged 3.2%

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Colombia: IMF makes recommendations on tax policy

March 25, 2015

The international Monetary Fund (IMF) has issued a report following a visit by staff to Colombia for discussions under Article IV of the IMF’s articles of agreement. The recent decline in oil prices is a challenge that is affecting Colombia’s

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Belarus and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement

March 25, 2015

Belarus and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement on 20 March 2015 More specifically, Belarus and the United States signed a Model 1 Agreement. Under the agreement, Foreign Financial Institutions (FFIs) in

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Vietnam: Releases Decree on Tax administration

March 25, 2015

Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015. The main changes regarding tax administration are summarized below:  Supporting documents

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Vietnam: Publishes Decree No. 12 on corporate income tax

March 25, 2015

Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 dated 26 November 2014 was issued on 12 February 2015. Decree 12, which is effective from 1 January 2015, supplements and amends a number of tax laws. The main

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Mauritius: Budget for 2015-16

March 25, 2015

The Minister of Finance presented the Budget speech for 2015-16 to the parliament on 23 March 2015. The most important changes are summarized below: Corporate taxation: Interest payments to non-resident companies on bonds listed in the stock

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European Parliament pushing for financial transaction tax as own (EU) resource

March 25, 2015

In its Annual Tax Report, approved on March 25, 2015, the European Parliament emphasised the urgency of acting on the commitment of eleven Member States to introduce a financial transaction tax (FTT) and called for the FTT revenues to be part of an

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Egypt: Rules for Dividend taxation, electronic tax payments

March 25, 2015

In Egypt, there are rules for the taxation of dividends and requirements for electronic tax payments by joint-stock companies and state-owned entities. Dividend tax for corporate entities: For corporate entities, the dividend tax applies at a rate

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