IMF report comments on economic situation of Bahrain

April 30, 2016

The IMF issued a report on 26 April 2016 following consultations with Bahrain under Article IV of its articles of agreement. Bahrain has been affected by the decline in oil prices and the fiscal deficit is projected to remain high over the medium

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IMF report comments on the economic situation of Hungary

April 30, 2016

The IMF released a report on 22 April 2016 following consultations with Hungary under Article IV of the IMF’s articles of agreement. Hungary has been experiencing robust economic growth in the past few years and output expanded by 2.9% in 2015.

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UK: Enterprise Investment Scheme statistics

April 29, 2016

The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two important tax advantaged venture capital schemes in the UK.  In addition to these two schemes there are other tax advantaged schemes such as the tax

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ECJ: Advocate General rules on conditions for VAT exemption on intra community supply

April 28, 2016

The Advocate General of the European Court of Justice (ECJ) ruled on 6 April 2016 in the case Josef Plöckl v Finanzamt Schrobenhausen. The case had been referred to the ECJ for a preliminary ruling on the following question: Do article 22(8), the

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Canada: First reading of federal budget bill 2016 received

April 28, 2016

Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend

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Czech Republic: Senate approves criminal code amendment

April 28, 2016

The Senate has approved an amendment on 27th April 2016 to the Criminal Code to the effect that even the act of preparing for tax evasion is a criminal offense. The amendment must be signed by the President for becoming law. The objective of this

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OECD: Financing SMEs and Entrepreneurs 2016

April 27, 2016

On 14 April 2016 the OECD published Financing SMEs and Entrepreneurs 2016. The study covers 37 countries including China, Russia and many OECD member countries. The report notes that governments are looking to small and medium enterprises (SMEs) and

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UK: Public Accounts Committee publishes report on tackling tax fraud

April 26, 2016

The UK parliament’s Public Accounts Committee (PAC) has published the results of an inquiry into how the tax administration HMRC is tackling tax fraud. The report entitled Tackling Tax Fraud was published by the PAC on 15 April 2016. As part of

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Slovenia: publishes proposal for amendments to the corporate income tax law

April 26, 2016

Recently, the government published several proposals for amendments to the individual and corporate income tax laws with the aim of balancing the tax burden between companies and individuals. According to the proposals, the corporate income tax

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Vietnam: Corporate tax incentives for regular investment activities

April 25, 2016

The Ministry of Finance on 7 April 2016, published Official Letter No. 4769/BTC-TCT which providing criteria on tax incentives for regular investment activities. As per this guidance, “regular investment activities” is defined as regular

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Ukraine: No due regarding tax penalties

April 25, 2016

The State Fiscal Service (SFS) has recently published on its official website clarifications concerning situations when tax penalties relating to the 2015 tax year are not due. According to the transitional provisions of the Tax Code, no tax

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WTO: Trade Policy Review of Ukraine

April 25, 2016

Ukraine acceded to the World Trade Organization (WTO) in 2008. The WTO’s first review of the trade practices in Ukraine took place on 19 and 21 April 2016. A detailed report was prepared by the WTO Secretariat in connection with the trade

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Ecuador: Issued Executive Degree 973 to clarify applicability of CUP method

April 25, 2016

The Executive Decree 973 issued by the president of Ecuador eliminates the application of the CUP method for import and export transactions with public and well-known international prices and the CUP Method for import and export transactions through

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Colombia published inflation component and presumptive interest rates

April 25, 2016

According to Decree 536 of 2016, published on along with applicable as of 5 April 2016, sets out the inflation component rates concerning to financial income exempt from income tax and financial expenses that are non-deductible, and the presumptive

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Colombia: New rules on penalties for failure to submit E-returns

April 25, 2016

According to published Ruling 4024 of 2016, the Colombian National Tax Authority declared the applicable rules for taxpayers having failed to submit tax returns electronically but being willing to correct the error voluntarily. In accordance with

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India: Central Board of Direct Taxes issues draft rules concerning foreign tax credit

April 24, 2016

India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per

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UK: Consultation on reform to disclosure of VAT schemes and IHT hallmark regulations

April 22, 2016

On 20 April 2016 HMRC published a consultation document on reforms to the legislation on disclosure of value added tax (VAT) avoidance schemes and inheritance tax hallmark regulations for the purposes of the Disclosure of Tax Avoidance Schemes

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OECD: Joint Statement on Illicit Financial Flows from Africa

April 20, 2016

A joint statement was released on 19 April 2016 by the OECD secretary general and the Chair of the High Level Panel on Illicit Financial Flows from Africa. Illicit financial flows include money laundering, tax evasion and international bribery and

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