UK: Regulations on Country by Country Reporting

February 29, 2016

The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 contain detailed regulation on country by country (CbC) reporting. The regulations provide the detailed procedure for CbC reporting in line with the

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Hong Kong: Tax measures in Budget for 2016/17

February 29, 2016

The Budget for 2016/17 was presented to the Legislative Council by the Financial Secretary on 24 February 2016. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2015/16 by 75%, subject to a ceiling of

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South Africa: Finance Minister proposes to increase capital gain tax rate in Budget 2016-2017

February 28, 2016

The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from 18.6% to 22.4%. The rate will be

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Turkey: R&D reform package enters into force

February 26, 2016

The Law No. 6676 on the Research and Development (R&D) Reform Package was published in Official Gazette on February 26, 2016 and will be entered into force on March 1, 2016. It enhances the opportunity of R&D incentives under the Income Tax

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IMF Managing Director Discusses Revenue Mobilization and International Taxation

February 25, 2016

On 22 February 2016 the IMF Managing Director spoke in Abu Dhabi on the issue of revenue mobilization and international taxation. A text of the speech has been published on the IMF’s website. At the moment many countries need to generate higher

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Turkey: Communiqué regarding pre-filled online tax returns published

February 25, 2016

Tax Procedure Law General Communiqué No. 470 that concerns pre-filled online tax returns pertaining to certain types of income has been published in the Official Gazette of February 25, 2016. The Communiqué aims to improve the opportunity of

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Finland: IMF report on the value added tax compliance gap

February 24, 2016

On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Finland. The estimates of the VAT gap in Finland were made by the IMF for the years 2008 to 2014 under the Revenue Administration

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Denmark: IMF report on the value added tax gap

February 24, 2016

On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Denmark. Estimates of the VAT gap in Denmark were made for the years 2008 to 2012. The IMF’s methodology for the Revenue

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UK: IMF report and selected issues paper look at property taxation

February 24, 2016

The IMF has published a staff report and a selected issues paper following the conclusion of consultations with the UK under Article IV of the IMF’s articles of agreement. The UK economy has been growing steadily and growth is set to continue at

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OECD to broaden participation in BEPS

February 24, 2016

On 23 February 2016 the OECD agreed a new framework to broaden participation in the OECD/G20 project on base erosion and profit shifting (BEPS). The new framework will be submitted to the G20 Finance Ministers for approval at their meeting on 26 and

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Thailand-Program for tax audit protection for SME taxpayers

February 22, 2016

The government of Thailand recently released an emergency decree providing a “tax audit exemption program” which has become effective and available to taxpayers beginning in 2016. According to the program, any kind of tax examination, inquiry,

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China: Administrative measures to qualify as a high and new tech Enterprise

February 20, 2016

On 29 January 2016, the Ministry of Science and Technology (MOST), Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued a notice revising the administrative measures with regard to the classification of high and new

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UK: Parliamentary Committee launches inquiry into corporate tax system

February 19, 2016

The UK Parliament’s Treasury Select Committee has launched an inquiry into the UK corporate tax system, covering tax policy and the tax base. Written evidence has been requested by 31 March 2016. The terms of reference include the making of tax

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Russia: Amendments to CFC rules entered into force

February 19, 2016

The president of Russia has signed Federal Law No. 32-FZ on February 15, 2016 that amends the СFC provisions. This Law has published on 15th February 2016 and will enter into force on 1st January 2017. For bank loans that will already be exempt

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Austria: IMF Selected Issues Paper looks at the tax system

February 18, 2016

Following consultations with the Austrian government the IMF has published a staff report and a selected issues paper looking at the tax revenues and government expenditure. The selected issues paper notes that the Austrian government announced an

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Russia: Amendment in thin capitalization rules passed

February 18, 2016

Federal Law No. 25-FZ amending the thin capitalization rules was passed by the Parliament on 15 February 2016. As per the amended thin capitalization rules, interest on loans from banks and Russian companies will not be subject to the thin

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Indonesia: Reduced final withholding income tax rates on interest income

February 18, 2016

As per the new Regulation No. 123/2015 issued in late December 2015, final withholding income tax rates have been reduced on interest received or earned from deposits, savings or Bank Indonesia (BI) Certificate discounts, provided that the source

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Malaysia: Tax incentives for companies participating in the MY Carbon programme

February 18, 2016

The Finance Ministry has approved tax incentives on 18 February 2016 for companies participating in the National Corporate Greenhouse Gas Reporting Programme for 2015 and 2016 (MY Carbon programme) said Natural Resources and Environment Minister of

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