UK: Final guidance on tax relief for irrecoverable peer to peer loans

March 31, 2016

Peer to peer (P2P) lending permits individuals and businesses to lend to each other through the intermediary of an internet platform. A traditional financial middleman such as a bank is not required as the platform acts as a conduit to arrange loans

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IMF Technical Note Considers WTO Tax Rules

March 31, 2016

A technical note published by the IMF on 29 March 2016 considers to what extent the World Trade Organization (WTO) rules affect the freedom of policy makers to frame their tax policy. The paper entitled Is the WTO a World Tax Organization? A Primer

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IMF considers fiscal policies for innovation and growth

March 31, 2016

The IMF’s Fiscal Monitor for April 2016 entitled “Acting Now, Acting Together” looks at fiscal policies for innovation and growth. Fiscal policy can promote growth in productivity by encouraging innovation. R&D incentives Fiscal policy

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Venezuela: Primary sector income tax exemption published

March 31, 2016

Decree 2,287 that establishes an income tax exemption for income derived from agriculture, forestry, livestock, poultry, fisheries, aquaculture and fish farming activities was published in the Official Gazette and entered into force on 28th March

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Japan approves tax reforms for 2016

March 31, 2016

The parliament (National Diet) on 29 March 2016 passed the tax reform  for 2016. The main changes are set out below: Corporate income tax: The main corporation tax rate is to be reduced to 23.4% from 23.9% for taxable years beginning on or after 1

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Singapore: Finance Minister presents the 2016 budget to Parliament

March 30, 2016

The Budget for 2016 was presented to Parliament by the Finance Minister on 24 March 2016. A summary of the Budget with regard to corporate taxation is set out below: Tax incentives: -Under the Productivity and Innovation (PIC) Scheme the cash

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Peru- guidelines published on corporate and personal income tax returns for tax year 2015

March 30, 2016

The Peruvian tax administration published on its website the guidelines (cartilla de instrucciones) for filing the corporate and individual income tax returns for tax year 2015. The guidelines are available as from March 2016. The guidelines clarify

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IMF report comments on tax policy in Slovenia

March 29, 2016

On 29 March 2016 the IMF issued a concluding statement on the completion of discussions with Slovenia under Article IV of its articles of agreement. The report notes that employment and private consumption have been strengthened by an export led

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IMF report comments on tax policy of Pakistan

March 29, 2016

On 25 March 2016 the IMF issued a press release in connection with the tenth review under the Extended Fund Facility for Pakistan. The IMF notes that economic activity has continued to gain strength. Further progress is required on structural

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IMF report comments on fiscal policy of Thailand

March 29, 2016

On 28 March 2016 the IMF issued a report following discussions in Thailand under Article IV of the IMF’s articles of agreement. The economy of Thailand recovered in 2015 following a slowdown and output reached 2.8%. The recovery is expected to

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OECD: Consultation document on treaty access for non-CIV funds

March 27, 2016

The OECD has issued a consultation document inviting comments on issues arising from the tax treaty entitlement of non-CIV vehicles. This consultation follows on from the final report on action 6 of the project on base erosion and profit shifting

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UK: Responses to consultation on company distributions

March 26, 2016

On 24 March 2016 the UK published a summary of responses to the consultation on company distributions. This consultation followed the announcement by the government in the summer budget of 2015 that the taxation of dividend income would be reformed

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UK: Responses to call for evidence on cash and noncompliance

March 26, 2016

On 24 March 2016 HMRC published a summary of responses to the call for evidence on cash, tax evasion and the hidden economy. The call for evidence had asked for views on the relative decline in the use of cash and its impact on tax compliance, the

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Ireland: Advance pricing agreement regime announced

March 25, 2016

The Irish revenue authority has announced that it will introduce a formal Advance Pricing Agreement (APA) program and are expected to be published in 2016. Ireland has accepted and concluded bilateral advance pricing agreements (APAs) for many years

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Finland: Parliament amendments the law in respect of tax collection and tax procedures

March 25, 2016

The Government of Finland proposed an amendment of law regarding tax collection and tax procedures. The law was presented in Finish Parliament on March 17, 2016. Reduce administrative burden and simply tax procedures are the main objective of the

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UK: Finance Bill 2016 Published

March 24, 2016

The UK Finance Bill for 2016 was published on 24 March 2016. The Bill contains tax measures announced in the Budget proposals on 16 March. Individual income tax As announced in the Budget the annual exempt amount for individual income tax is to

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UK: HMRC Clarifies Gift Aid Rules

March 24, 2016

HMRC has clarified aspects of the rules for UK tax relief for individuals under the Gift Aid provisions. Under these provisions tax relief may be claimed when an individual donor who pays tax in the UK makes a donation, even if the donor includes a

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Poland publishes new R&D tax incentives

March 24, 2016

The Council of Ministers published a bill introducing amendments to the Corporate Income Tax Law regarding tax incentives for the development of research and development (R&D) activities on 7 March 2016. The bill foresees the following

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