UK: Proposed tax on sugary drinks criticized by pressure group

May 31, 2016

As part of the budget proposals for 2016 the UK announced a proposal to impose a tax on sugary drinks with effect from April 2018. This would apply to soft drinks with sugar content above a certain level and would be imposed on the manufacturers of

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UK: Consultation on reforms to the intermediaries legislation for the public sector

May 31, 2016

The intermediaries legislation was introduced in the UK to ensure that people doing the same work for the same pay were liable to the same tax and national insurance contributions whether employed directly or working through an intermediary such as

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Bulgaria: Guidelines on submission of financial information published

May 30, 2016

The National Revenue Agency has published guidelines and instructions on the submission of financial information on 26th May 2016 under the Bulgaria - United States FATCA Model 1B Agreement (2014). The document covers document submission procedures

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Austria: Publishes Transfer Pricing Documentation draft Law

May 30, 2016

The Austrian Ministry of Finance (MoF) published the draft of the European Union (EU) Tax Amendment Act 2016 on 9 May 2016. The focus of this proposal is the draft of the new Austrian Transfer Pricing Documentation Law (TPDL). The new law serves as

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IMF report comments on fiscal policy in Poland

May 29, 2016

On 16 May 2016 the IMF published a report on Poland following the completion of discussions under Article IV of the IMF’s articles of agreement. Poland’s economy is expanding rapidly and growth reached 3.6% in 2015. Growth is expected to remain

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IMF comments on the economic and fiscal position of France

May 29, 2016

On 24 May 2016 the IMF published a report on its website following the conclusion of consultations with France under Article IV of its articles of agreement. The IMF notes in the report that France’s economy is recovering but major efforts are

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Singapore and Cambodia sign Income Tax Treaty

May 29, 2016

Singapore and Cambodia have entered into a double taxation avoidance agreement, on 20 May 2016, to boost cross-border trade and investment between the two countries The Agreement clarifies the taxing rights of both countries on all forms of income

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China offers tax incentives for software and IC enterprises

May 28, 2016

On 4 May 2016, the State Administration of Taxation (SAT), the Ministry of Finance (MOF), the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued a notice (Cai Shui 2016 No. 49)

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UK: Consultation on changes to double tax treaty passport scheme

May 28, 2016

The UK imposes withholding tax of 20% on interest paid to overseas lenders. This rate is reduced under some double tax treaties and in this case HMRC can issue a notice directing the UK borrower to apply the reduced rate of withholding tax to

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UK: Consultation on changes to landfill tax

May 28, 2016

On 26 May 2016 the UK published a consultation document on changes to the definition of a taxable disposal for the purposes of landfill tax. The government also wants to gather information and views on hazardous waste that comes within the scope of

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Colombia: DIAN rules on non-application of tax benefits for small business

May 28, 2016

According to a recently published ruling, the National Tax Authority of Colombia pronounced on the non-application of tax benefits provided by Law 1429 of 2010 to small enterprises, as follows: Decree 545 of 2011 regulates Law 1429 of 2010,

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UK: Consultation on secondary adjustments in transfer pricing legislation

May 27, 2016

On 26 May 2016 the UK has published a consultation document on the possible introduction of secondary adjustments into the UK transfer pricing legislation. This would in the opinion of the UK government help to ensure taxpayer compliance with the

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Ecuador: Withholding tax on credit transactions between financial entities

May 27, 2016

Administrative Resolution No. NAC-DGERCGC16-0156 issued by the Tax Administration was published in the Official Gazette and it establishes that 1% withholding tax rate will apply even if the Central Bank acts as an intermediary under any contractual

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DTA between UAE and Uruguay ratified

May 27, 2016

The Income and capital Tax Treaty (2014) between United Arab Emirates and Uruguay has been ratified by Uruguay according to the Law No. 19.393 on 20th May

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TIEA between Chile and Uruguay ratified

May 27, 2016

The Exchange of Information Agreement (2014) between Chile and Uruguay has been ratified by Uruguay on 20th May 2016 under the Law No.

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Czech Republic and U.S. : Protocol to social security agreement enters into force

May 27, 2016

The amending protocol of Social Security Agreement (2007) between Czech Republic and United States has been entered into force on 1st May 2016, which was signed on 23rd September 2013 and this protocol generally applies from 1st May

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Czech Republic and Tunisia: Social Security Agreement signed and approved

May 27, 2016

The Social Security Agreement between Czech Republic and Tunisia has been approved by upper chamber of parliament (senate) of Czech Republic on 6th April 2016, which was signed in Prague on 20th November

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UK: Updated guidance on PAYE penalties confirms continuation of penalty easement

May 26, 2016

HMRC has issued updated guidance on penalties for late filing and non-filing of PAYE returns and how to avoid them. The revised guidance confirms that employers filing their full payment within three days after the due date will not have to pay a

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