New Zealand: Interest rate on low-interest loans
The Minister of Revenue declared that the approved interest rate will be decrease from 6.22% to 5.99% for calculating fringe benefit tax on low-interest loans. The new rate will be applicable from 23 November
See MoreSpain: EC requests amendment of taxation of foreign non profit entities
The European Commission has urged Spain to amend its rules on the taxation of certain income obtained by foreign non-profit entities and of certain contributions to such entities. According to the European Commission’s statement foreign
See MoreMalaysia: IRBM highlights key steps in response to BEPS
The Inland Revenue Board of Malaysia (IRBM) has released a statement highlighting the key steps taken by the Government to overcome base erosion and profit shifting (BEPS) and transfer pricing abuse. The statement was released in the Commonwealth
See MoreASEAN and China sign FTA protocol
The Association of South East Asian Nations (ASEAN) and China signed a protocol to upgrade their Free Trade Agreement (FTA) on November 22 2015 in Kuala Lumpur, Malaysia. China is already ASEAN's largest trading partner, accounting for 14.5
See MoreDTA between Japan and Taiwan signed
Japan and Taiwan signed a double taxation agreement (DTA) in Tokyo on 26 November 2015. This DTA is the first agreement regarding taxes between Japan and Taiwan. The agreement provides for a withholding tax rate of 10% on payments of dividends,
See MoreUK: Call for evidence on cash and the hidden economy
The hidden economy has generally been understood as an economy that uses cash to avoid leaving a record of transactions. Recently the decline in the use of cash within the UK economy has been highlighted as consumers and businesses use other methods
See MoreUK: Consultation on Companies Excluded from the Employment Allowance
The Employment Allowance introduced in 2014 allows most businesses a deduction of GBP 2,000 a year (GBP 3,000 a year from April 2016) from their liability for employers’ national insurance contributions. With effect from April 2016 the Employment
See MoreUK Urges Offshore Tax Evaders to Use Disclosure Facilities
The UK Financial Secretary to the Treasury is warning offshore tax evaders that the government will soon begin receiving information about UK taxpayers from more than ninety countries under the international agreement on automatic exchange of
See MoreRussia: MoF clarifies determination of tax residence status in case of dual resident
The Finance Ministry (MoF) of Russia has issued a clarification on 30th October 2015 regarding the determination of the tax residence of an individual under the Income and Capital Tax Treaty (1996). The MoF clarified that his status should be
See MoreDTA between Kazakhstan and Serbia ratified
The Income and Capital Tax Treaty (2015) between Kazakhstan and Serbia was ratified by Serbia on 16th November 2015. The treaty was signed on 28th August
See MoreUK: Proposed Tax Measures in Autumn Statement
The Autumn Statement was delivered on 25 November 2015 and the following tax measures were announced: Apprenticeships levy With effect from April 2017 an Apprenticeships Levy will be introduced at a rate of 0.5% of total payroll and will be
See MoreBulgaria: Bill to amend tax laws for 2016 adopted
The parliament has adopted the bill on 25th November 2015 to amend tax laws for 2016. The draft bill was submitted to the parliament on 13th October
See MoreFrance adopts country-by-country reporting requirement
The lower house of the parliament in France adopted an amendment to the Finance Bill for 2016 on 12 November 2015. The amended Finance Bill introduces a country-by-country reporting requirement for multinational companies which will be applicable
See MoreEgypt: Clarification guideline with respect to corporate taxation
The Egyptian Tax Authority published Guideline No. 28 for 2015 on 12 November 2015. The Guideline clarifies certain issues with respect to changes introduced by Decree Law No. 96 for 2015 which amended Income Tax Law No. 91 for 2005. The most
See MoreKazakhstan: IMF report comments on economic and fiscal position
The IMF staff issued a report on the conclusion of discussions in Kazakhstan under Article IV of the IMF’s articles of agreement. The economy has recently declined sharply owing to challenges such as the lower oil price and the slowdown in Russia
See MoreUK: Autumn Statement Includes Measures Effective from 25 November 2015
The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 25 November 2015. The measures with immediate effect from 25 November 2015 are as follows: Loans to participators, trustees of charitable trusts: This measure affects
See MoreUruguay-Decree and Resolution published on new tax benefits for investments in electronic invoicing systems
The Ministry of Economy and Finance of Uruguay issued Decree No. 274/2015 which was published in the Official Gazette on 20th October 2015. On the other hand on 17th October 2015, the Resolution No. 4,126/2015 had been published in the Official
See MoreSouth Africa: SARS issues revised guide on the determination of medical tax credits
The South African Revenue Service (SARS) has issued a revised Guide on the Determination of Medical Scheme Fees Tax Credits and Additional Medical Expenses Tax Credits. This guide provides general guidelines regarding the medical scheme fees tax
See More