UK: Amendment to provisions for farmers’ averaging of profits
A policy paper released by the UK government on 9 December confirms that legislation is to be included in the Finance Bill 2016 to amend the provisions on farmers’ averaging of profits. The new provisions will allow an individual engaging in a
See MoreUK: Annual report on code of practice for banks
The Code of Practice on Taxation for Banks was published in December 2009. This voluntary Code of Practice was a non-statutory statement of principles on bank governance, openness and attitudes to tax planning. The larger financial institutions are
See MoreChile: IMF Working Paper considers impact of structural reforms
On 29 December 2015 the IMF published a Working Paper entitled Long-term Gain, Short-Term Pain: Assessing the Potential Impact of Structural Reforms in Chile. IMF Working Papers are published for the purpose of encouraging comments and do not
See MoreSweden: IMF Working Paper considers effects of taxation on housing and debt
An IMF Working Paper published in December 2015 entitled Housing Price and Household Debt Interactions in Sweden makes some comments on the effects of the taxation system on these issues. The study notes that household debt in Sweden is higher than
See MoreFrance: Abolition of add-back on dividends within tax-consolidated groups
An amendment was adopted by the National Assembly on 2 December 2015 to abolish the neutralization within tax consolidated groups of the 5% add-back on dividends qualifying for the participation exemption. The add-back will therefore be reduced to
See MoreECJ Rules in Fiscale Eenheid case
On 9 December 2015 the European Court of Justice (ECJ) issued a decision in the case of Staatssecretaris van Financiën v. Fiscale Eenheid X N.V. Fiscale Eenheid X NV was the name of a fiscal unity in the Netherlands, one of the companies of which
See MoreECJ: Advocate General’s opinion in the Gemeente Borsele case
The Advocate General of the European Court of Justice (ECJ) has issued an opinion in the Gemeente Borsele case. This concerns the question of whether a local authority should be treated as a taxable person for value added tax (VAT) purposes where it
See MoreUK: Examples published to illustrate hybrid mismatch rules
On 22 December 2015 the UK published some examples as part of the guidance on the hybrid mismatch rules. The examples are intended to illustrate the operation of the rules in practice. The hybrid mismatch rules will implement in UK legislation the
See MoreIMF: Working Paper looks at fiscal policy and institutions in Africa
The IMF has published a Working Paper entitled Exiting from fragility in sub-Saharan Africa: The role of fiscal policies and fiscal institutions. This Working Paper looks at the role of fiscal policies and institutions in building resilience in
See MorePakistan: IMF comments on economic position
On 18 December 2015 the International Monetary Fund (IMF) issued a report on Pakistan’s economic position following its ninth review under the External Fund Facility. The report notes that Pakistan’s economic growth remains robust.
See MoreUK: Statistics for Creative Industries Tax Relief
The UK has published statistics relating to the claims made for creative industry tax relief. The statistics include data for the film tax relief, high end television tax relief and animation tax relief for periods to April 2015. In the case of high
See MoreGabon: IMF comments on economic position
On 24 December 2015 the IMF issued a report following the conclusion of discussions with Gabon under Article IV of the IMF’s articles of agreement. The report notes that the oil price collapse is a major challenge to Gabon’s economy as oil
See MoreIndia: CBDT issues draft guidelines for determination of a company’s place of effective management
India's Central Board of Direct Taxes (CBDT) has issued draft guiding principles for determining if a company is a resident in India or has its place of effective management in India. The Finance Act 2015 amended the provisions of section 6(3) of
See MoreOman: Lower house approves multiple changes to income tax law
On 23 December 2015, the lower house of the Council of Oman has approved a number of changes to Income Tax Law 2010, proposed by the Oman Government, for immediate implementation. The Government of Oman has not yet officially published
See MoreUkraine: IMF Statement on the 2016 Budget
On 18 December 2015 the IMF issued a statement expressing concern that discussions in the Ukrainian parliament had effectively rejected the government proposals for a new tax code and the 2016 budget. The IMF emphasized its view that is important to
See MoreIndonesia: IMF comments on fiscal position
The International Monetary Fund (IMF) has issued a report following the conclusion of discussions with Indonesia under Article IV of its articles of agreement. Indonesia’s economic outlook remains solid despite a difficult external environment in
See MoreWTO: Ministers Agree Nairobi Package
A number of measures have been implemented by Ministerial Decisions issued at the Tenth Ministerial Conference of the World Trade Organization (WTO) that concluded in Nairobi on 19 December 2015. Preferences for LDC services The waiver period
See MoreUS: Treasury and IRS Issued Proposed Regulations on Country-by-Country Reporting on 21 December 2015
The Internal Revenue Service (IRS) and the Treasury Department (Treasury) released proposed regulations (REG-109822-15) on country-by-country (CbC) reporting on 21 December 2015. The Proposed Regulations are modeled on the Organization for Economic
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