OECD: Tax trends in Indonesia, Malaysia and the Philippines

August 31, 2015

The latest OECD publication on revenue statistics in Asian countries looks at trends in Indonesia, Malaysia and the Philippines from 1990 to 2013 and compares them to two OECD countries (Korea and Japan). The study finds that the tax revenue as a

See More

South Africa: SARS publishes “Guide on Income Tax and the Individual 2014/15”

August 31, 2015

The South African Revenue Service has issued an updated version of its “Guide on Income Tax and the Individual 2014/15” on 28 August 2015. The purpose of this guide is to inform individuals who are South African residents of their income tax

See More

Peru – Tax incentives for R&D sector

August 30, 2015

In Peru Decreto Supremo No. 188-2015-EF was published in the official gazette on 12 July 2015. The decree made certain tax incentives available for taxpayers that invest in research projects or that are involved in scientific, technological

See More

Peru – Draft law on tax incentives to promote investment in stock market

August 30, 2015

The parliament of Peru published Draft Law No. 4743/2015-PE on 26 August 2015. The Draft law proposes certain tax incentives designed for increasing investment in the stock market. The proposed tax incentives are as follows: -Providing exemption

See More

Greece: Income Tax Law Amendments Published in the Official Gazette

August 30, 2015

Greece published the amended income tax law in the official Gazette on 14 August 2015. Law 4334/2015 makes amendments which have immediate effect. The 2% discount granted in case of lump-sum payment of personal income tax (including business tax

See More

Ghana: Treaty with Denmark boost Denmark’s investment in Ghana

August 30, 2015

Statistics from the Ghana Investment Promotion Centre (GIPC) reveal that direct investment from Denmark to Ghana in early 2014 amounted to over US$57.6million. The Finance Committee Report of Parliament also indicated that imports from Denmark to

See More

ASEAN discusses trade with China, Japan and Korea

August 29, 2015

The economic ministers of the Association of South East Asian Nations (ASEAN) have been meeting their counterparts from China. Japan and South Korea with a view to concluding an economic partnership agreement. China is aiming to conclude an

See More

DTA between Kazakhstan and Serbia signed

August 28, 2015

An Income and Capital Tax Treaty between Kazakhstan and Serbia has been signed on 28th August

See More

TIEA between Bulgaria and Guernsey approved by Bulgaria

August 28, 2015

The Tax Exchange of Information Agreement (TIEA; 2015) between Bulgaria and Guernsey was approved on 26th August 2015 by the Bulgarian Council of

See More

Angola: IMF report comments on fiscal policy

August 27, 2015

The International Monetary Fund (IMF) issued a report on 25 August 2015 following the conclusion of discussions with Angola under Article IV of the IMF’s articles of agreement. The IMF report notes that Angola’s economy has been hit by the

See More

Russia: MoF clarifies income tax treatment of remuneration paid to remote employees

August 27, 2015

The Finance Ministry (MoF) issued letter No. 03-04-06/40525 on 15th July 2015 for clarifying the income tax treatment paid by a Russian employer to employees working on a remote basis abroad. The MoF noted that the income tax treatment

See More

Canadian non-resident permitted to carry-forward of non-capital losses

August 27, 2015

The Canadian Tax Court issued a decision regarding a case entitled Hatt v. The Queen (2015 TCC 207) on 19th August 2015. The issue was whether the taxpayer was entitled to deduct a non-capital loss from employment in Canada in the 2010 tax

See More

Ukraine-Ireland income tax treaty enters into force

August 27, 2015

The income tax treaty between Ukraine and Ireland entered into force on 17 August 2015. The treaty was signed on 19th April 2013. The treaty generally applies from 1 January

See More

Ukraine: President sigend the law on amendments to transfer pricing regulations

August 26, 2015

President of Ukraine has signed the Law No. 609-VIII on 7 August 2015 regarding Amendments to the Tax Code of Ukraine (in respect of transfer pricing)" (the Law). The Law was officially published on August 10, 2015, and came into force from August

See More

UAE: MoF declares a statement regarding VAT and Corporate tax

August 26, 2015

The Finance Ministry (MoF) of United Arab Emirates has published an official statement on 18th August 2015 regarding Value Added Tax (VAT) proposal and the possible Corporate Tax (CT) outline. The UAE has completed a treaty to implement VAT with the

See More

UK: HMRC issues updated guidance on accelerated payments

August 25, 2015

On 20 August 2015 the UK tax authority HMRC published on its website a fact sheet containing updated information on the requirement to make accelerated payments in connection with tax avoidance schemes. A tax avoidance scheme is defined for this

See More

Spain: IMF recommends increasing indirect tax to boost the economy

August 25, 2015

The IMF has recommended that Spain should expand the indirect tax burden to accelerate the economy and reduce debt. The areas of recommendation set out in the report include increasing excise duties and environmental levies as well as gradually

See More

Bulgaria: Tax reform declared

August 25, 2015

The Finance Ministry has declared a tax reform through a press release on 22nd August 2015. The proposed tax modification would harmonize Bulgarian law with EU law, with the objective of implementing successful control mechanisms and reducing the

See More