DTA between Oman and Portugal signed

April 30, 2015

On 27 April 2015 Oman and Portugal signed an income tax treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. No further details are currently

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Sweden: Tax Hikes in Spring Budget

April 30, 2015

On 15 April 2015 the Swedish Government presented to Parliament its proposed Spring 2015 Budget to balance increased spending on education and welfare with tax rises of around SKR8bn (USD930m) this year. The Government is proposing tax hikes that

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Bulgaria: National Revenue Agency issues 2015 manual on personal and corporate income tax

April 30, 2015

The National Revenue Agency (NRA) has issued the 2015 manual on corporate and personal income tax on 28th April 2015. The manual, inter alia, deals with the following matters: Taxation scope Tax returns Tax payments and Penalty

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Slovak Republic: Proposed amendments to tax legislation

April 30, 2015

The Slovak Republic has proposed changes in the tax legislation including corporate income tax, personal income tax and value added tax. The amendments should come into force from 1st January 2016. The changes are summarized below: Corporate

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Argentina – new installment plan for settling tax debts

April 30, 2015

The tax authority of Argentina (AFIP) has introduced a special installment plan through General Resolution No. 3727/2015 with the aim of helping taxpayers to settle tax, customs and social security debts by instalments in certain cases. The regime

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OECD releases discussion draft on cost contribution arrangements

April 30, 2015

On 29 April 2015 the OECD released a discussion draft on cost contribution arrangements. The draft is part of action 8 of the OECD/G20 action plan on base erosion and profit shifting (BEPS) aiming to ensure that transfer pricing outcomes are in line

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DTA between Czech Republic and Iran signed

April 30, 2015

The Income Tax Treaty between Czech Republic and Iran has been signed on 30th April 2015. Future information of the treaty will be reported

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Chile: Tax administration clarifies tax treatment of gains from exclusion of shares

April 30, 2015

Tax administration has issued Ruling 1016 of 14th April 2015 which explains the tax treatment of gains from the alienation of shares issued by joint-stock companies incorporated in Chile. Those gains are omitted from income tax, inter alia, under

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Romania: Government Amends the Fiscal Code

April 30, 2015

Law no. 571/2003 regarding the Fiscal Code has been amended and supplemented by the publication of Government Emergency Ordinance no. 6/ 2015. This Ordinance introduces provisions on the taxation of income from the transfer of immovable property

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Romania signs protocol with Italy to amend DTA

April 30, 2015

The amending protocol to the Income and Capital Tax Treaty (1977) between Romania and Italy was signed on April 25,

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Romania and Norway sign income tax treaty

April 30, 2015

A convention between Romania and the Kingdom of Norway was signed on 27 April, 2015, for the elimination of double taxation and the prevention of income tax evasion. The new treaty will replace the Norway - Romania Income and Capital Tax Treaty

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Peru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares

April 29, 2015

In Peru changes have been made to the income tax regulations regarding financial derivatives and the tax basis on indirect transfers of Peruvian shares through Supreme Decree No. 088-2015-EF on 18 April 2015. The changes became effective as from 19

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Turkey: Draft guidance on APA applications

April 29, 2015

The Turkish revenue administration released draft guidance in early April 2015 on advance pricing agreements (APAs). The guidance sets out the information that may be requested by the tax authorities in order to review APA applications. In

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OECD: Further BEPS discussion drafts planned for May 2015

April 28, 2015

Further discussion drafts are to be issued in May 2015 as part of the OECD/G20 action plan on base erosion and profit shifting (BEPS). A discussion draft on cost contribution arrangements is planned for around the end of April 2015. This is part of

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FATCA agreement between Netherlands and United States entered into force

April 28, 2015

The Foreign Account Tax Compliance Act (FATCA) Model 1A Agreement between Netherlands and United States entered into force on 9 April

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Nigeria: Budget proposal 2015 passed by parliament

April 28, 2015

The parliament has passed 2015 Budget proposal on 28th April 2015. There was a proposal in Budget to raise VAT rate but the rate is still 5%. Future information on this topic will be reported

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

April 27, 2015

Uzbekistan and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement on 3 April 2015. More specifically, Uzbekistan and the United States signed a Model 1 Agreement. Under this agreement, FFIs in Uzbekistan will report the

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Austria: First Details of Tax Reform

April 27, 2015

The Ministry of Finance published the first details of the planned Tax Reform on 20 March 2015. The amendments will generally be applicable with effect from 1 January 2016. Main changes of the reform are as follows: Individual tax: Reduction of

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