Poland: Parliament approves new R&D tax incentives

September 30, 2015

The parliament accepted a bill proposed by the former president amending the Corporate Income Tax Law to establish new research and development (R&D) tax incentives and promote modern technologies, on 25 September 2015. According to the bill,

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Lithuania issues a proposal to amend the Law on Corporate Income Tax

September 30, 2015

The Ministry of Finance of Lithuania issued a proposal to amend the Law on Corporate Income Tax on 3 September 2015. If approved by parliament the amendments will enter into force on 31 December 2015. Under the proposed amendments, anti-abuse rules

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Denmark publishes information on the Budget for 2016

September 30, 2015

The Danish government published information on the Budget for 2016 on 29 September 2015. The tax measures set out in the Budget, which will be presented to the parliament on 8 October 2015,  include some important changes as summarized below:  -

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Canada and Spain: Protocol to DTA will enter into force

September 30, 2015

The amending protocol of the Income and Capital Tax Treaty (DTA; 1976) between Canada and Spain will enter into force on 12th December 2015 and it was signed on 18th November 2014. The effective date for withholding taxes on amounts paid or credited

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DTA between Chile and Japan will be negotiated

September 29, 2015

The first round of negotiations for a tax treaty between Chile and Japan will take place from 1st October

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Austria: Withholding tax on dividend increases

September 29, 2015

In July 2015 the Austrian Parliament approved the Tax Reform Act 2015/2016 and this includes a provision to increase the rate of withholding tax applicable for dividend distributions made to non-resident companies. The law provides that  with

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India: Minimum Alternate Tax not applicable to foreign companies without a PE

September 29, 2015

A press release was issued on 24 September 2015 stating that, with effect from 1 April 2001, the minimum alternate tax (MAT) provisions will not apply to a foreign company if that foreign company is a resident of a country that has concluded a tax

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IMF publishes letter of intent from Cyprus

September 28, 2015

The IMF has published on its website a Letter of Intent prepared by Cyprus in connection with a request for financial support. The Letter of Intent includes an updated Memorandum of Economic and Financial Policies that outlines policy Cyprus is

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Kazakhstan: Draft law amending excise duties has sent to government

September 28, 2015

A draft law along with the amendments to the excise duty rates has been sent to the Government on 15th September 2015. The changes are as follows: The excise duty for wholesale of locally produced petrol and petrol transfers is currently set at

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OECD to release final BEPS package on 5 October 2015

September 25, 2015

The OECD has announced that it is to release the final package of measures to tackle base erosion and profit shifting (BEPS) on 5 October 2015. The final package will result from the BEPS action plan which set out 15 actions targeting key areas in

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WTO: Trade Policy Review of Guyana

September 25, 2015

The World Trade Organization (WTO) conducted a trade policy review of Guyana on 15 and 17 September 2015. To prepare for the review a report was written by the WTO Secretariat. Guyana’s economic performance has improved in recent years with

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Kazakhstan: VAT withdraws

September 25, 2015

Kazakhstan has accepted plans to withdraw its VAT regime next year and it will be substituted with a simple sales tax. This sales tax will be levied at 12% regarding cash payments. To discourage non-disclosure, there will be a 7% discount on this

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Czech Republic: Filing date VAT ledger statements

September 25, 2015

The government has revealed its plans to amend the tax law and it seems the changes would not totally affect the income tax law. All taxpayers who claim for value added tax (VAT) deductions will have to file VAT ledger statements that means

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Namibia-Proposed VAT and Income Tax Amendments

September 24, 2015

The Namibian Minister of Finance submitted the Value-Added Tax (VAT) Amendment Bill and the Income Tax Amendment Bill to the National Assembly on 22 September 2015. The changes to the VAT Act will become effective from the first day of the month

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WTO: Trade Policy Review of Angola

September 24, 2015

The World Trade Organization (WTO) is conducting a Trade Policy Review of Angola on 22 and 24 September 2015 and the Secretariat has issued a report on the economic and trading position of Angola. The reviews are mandated by the WTO agreement and

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Brazil: Government declares new tax measures

September 24, 2015

Brazil’s Executive branch has proposed different tax measures that would decrease the expected 30 billion Reais (R$) deficit for 2016 to avoid a budget deficit. Tax incentives Under the proposal, tax incentive for export companies will reduce

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IMF: Policies in support of sustainable development goals

September 23, 2015

A Staff Discussion Note published by the IMF on 22 September 2015 looks at policies that countries could adopt in pursuing sustainable development goals. The Note entitled From Ambition to Execution: Policies in Support of Selected Sustainable

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Kuwait: IMF comments on economic and fiscal position

September 22, 2015

On 21 September 2015 IMF staff issued a report under Article IV of their articles of agreement following consultations in Kuwait. The recent drop in oil prices has adversely affected the economy and has slowed growth. Non-oil sector growth slowed

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