Bangladesh: New Tax Provisions in Finance Bill 2015 Passed by Parliament
The Bangladesh Parliament passed the Finance Bill 2015 on June 29, 2015 with some changes in the tax provisions. The Finance Minister has increased the minimum amount of income tax for individuals residing in Dhaka and Chittagong. This year the
See MoreBangladesh: Changes in Transfer Pricing Provisions in Finance Bill 2015 Passed by Parliament
The Bangladesh Parliament passed the Finance Bill 2015 on June 29, 2015 with some changes in the transfer pricing provisions. The legislation relating to the report from an accountant required to be furnished by a person who has entered into
See MoreWTO conducts trade policy review of New Zealand
On 29 June and 1 July 2015 the World Trade Organization (WTO) is conducting the fifth trade policy review of New Zealand. The review is based on a report submitted by the government of New Zealand and the report prepared by the WTO Secretariat. The
See MoreRomania: Chamber of Deputies approves the Fiscal Code and the Fiscal Procedure Code
The Chamber of Deputies has approved on 25 June 2015 the Fiscal Code and the Fiscal Procedure Code. The new Fiscal Code includes measures important to the economy, the most important being the reduction of VAT to 19%, as Romania moves from having
See MoreOECD publishes analysis of taxes on energy use
On 25 June 2015 the OECD published “Taxing Energy 2015 – OECD and Selected Partner Economies”. This analyses energy use in the 34 OECD countries and in Argentina, Brazil, China, India, Indonesia, Russia and South Africa. For the purpose of the
See MoreWTO conducts trade review of Canada
The World Trade Organization (WTO) conducted its tenth review of trade policies and practices of Canada on 15 and 17 June 2015. The review was based on a report issued by the Canadian government and a report by the WTO Secretariat. The WTO
See MoreWTO conducts trade policy review of Chile
On 23 and 25 June 2015 the World Trade Organization (WTO) conducted a trade policy review of Chile. The review was based on a report issued by the government of Chile and a report by the WTO secretariat. The WTO notes in its report that Chile was
See MoreRussia: Corporate tax rate freeze
The Russian President has stated that tax rates will be frozen for the next four years and has indicated that he wants to encourage new and growing businesses. The Government also has a plan to announce investment incentives for existing
See MoreDTA negotiations between Croatia and Kazakhstan ongoing
Under a recent declaration made by the tax authorities of Croatia, tax treaty negotiations between Croatia and Kazakhstan are currently
See MoreMauritius signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters
On 24 June 2015 the OECD announced that Mauritius has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention provides a framework for cooperation between tax authorities to exchange tax information,
See MoreUK: HMRC allocates more resources to customer service functions
The UK tax administration HMRC has announced the allocation of GBP 45 million to improve aspects of its customer service functions. Three thousand additional staff are enlarging the customer service teams, as well as two thousand staff that are
See MoreUS Signs FATCA Agreement with UAE
The United States and the United Arab Emirates have signed their Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement, the text of which was initialed in May last year. FATCA is intended to ensure that the US obtains information on
See MoreIceland Modifies Transfer Pricing Rules
Iceland's Parliament has approved a Bill on 15 June 2015 amending article 57 of the Icelandic Income Tax Act No. 90/2003 setting out transfer pricing rules. According to the Bill entities with turnover or total assets exceeding ISK 1 billion need
See MoreSouth Africa: Parliament ratified Cyprus-South Africa amending protocol
The South African parliament ratified the amending protocol between Cyprus and South Africa on May 20, 2015. The treaty was signed on 1 April 2015. The protocol modifies the Cyprus - South Africa Income and Capital Tax Treaty
See MoreSwitzerland- Cyprus: Swiss parliament approves the treaty
The Swiss parliament approved the Cyprus - Switzerland Income and Capital Tax Treaty of 2014 on 19 June
See MoreSlovak Republic: New transfer pricing documentation guidance
The Finance Ministry has issued new guidance on transfer pricing documentation. This guidance creates three categories of documentation based on the degree of detail of the information required in relation to a taxpayer’s risk profile. The
See MoreIMF comments on Australian fiscal policy
On 24 June 2015 the International Monetary Fund (IMF) issued a concluding statement at the end of discussions with Australia under Article IV of the IMF’s articles of agreement. The strong income growth of the past two decades has slackened off
See MoreAustralia publishes reports on international tax issues
On 4 June 2015 the Australian Treasurer published certain reports on international tax issues for comment. These cover potential areas of tax reform including the following: The advantages of adopting the authorized OECD approach (AOA) in relation
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