ECJ: Advocate General’s opinion in the British Film Institute case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 29 September 2016 in the British Film Institute case. This case concerns the VAT exemption for cultural services. The Court of Appeal (England and Wales) (Civil
See MoreOECD releases schedule for peer reviews under BEPS Action 14
On 31 October 2016 the OECD made available the first schedule for peer reviews of countries under Action 14 of the action plan on base erosion and profit shifting (BEPS). Action 14 is concerned with ensuring that dispute resolution mechanisms for
See MoreOECD: Update on Convention on Mutual Assistance in Tax Matters
The OECD announced on 28 October 2016 that 106 jurisdictions globally have now signed the Multilateral Convention on Mutual Assistance in Tax Matters, the latest signatory being the Cook Islands. The OECD notes that this Convention is the most
See MoreWorld Bank issues 2017 report on ease of doing business
On 25 October 2016 the World Bank issued the 2017 issue of the annual report on ease of doing business entitled Doing Business 2017: Equal Opportunity for All. According to the report 137 jurisdictions carried out important reforms in the past year
See MoreBulgaria: Country-by-country reporting
A bill entitled “Bill 602-1-59” has been submitted to the Bulgarian parliament. The Ministry of Finance has published a draft bill on 16th September 2016 regarding the automatic exchange of country-by-country reports (CbCR). As per the draft
See MoreUK: Statistics on funds raised through the EIS and SEIS
The schemes known as the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts for
See MoreOECD: Update issued on automatic exchange of information
On 20 October 2016 the OECD announced the establishment of the first series of bilateral relationships among jurisdictions committed to the automatic exchange of information from 2017. More than a thousand bilateral relationships are now in place
See MoreEU Council issues state of play note on financial transaction tax proposal
The general secretariat to the Council of the EU issued a note on October 28, 2016, setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note indicates broad lines of
See MoreOECD Issues BEPS Documents on Monitoring Mutual Agreement Procedures under Action 14
Action 14 of the OECD project on base erosion and profit shifting (BEPS) was concerned with making dispute resolution procedures more effective. The final report on Action 14 approved by G20 finance ministers in October 2015 outlined the minimum
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreEthiopia: Introduces Transfer Pricing Rules
Ethiopia has introduced Transfer Pricing rules and the new rules are applicable for all Ethiopian taxpayers with cross-border Intercompany Transactions exceeding 500,000 Ethiopian birr/USD 22,380 and for Ethiopian taxpayers with domestic
See MoreIMF statement comments on fiscal policy in Pakistan
On 25 October 2016 a statement was issued following the conclusion of a visit by the IMF Managing Director to Pakistan. Pakistan has completed an IMF-supported economic reform program and has improved macroeconomic stability. Public finances have
See MoreIMF Managing Director discusses fiscal position of Saudi Arabia
On 26 October 2016 the IMF Managing Director discussed the economic outlook and policy priorities with Saudi Arabia and other GCC countries. A statement issued following the meetings noted that Saudi Arabia has begun a policy shift to adjust to low
See MoreIMF statement summarizes economic position of Uganda
On 26 October 2016 the IMF staff team released an end of mission statement summarizing their preliminary findings following a mission to Uganda. Following this they will prepare a report to submit to the IMF Executive Board for discussion. Although
See MoreUK: Extension of interim securitization regime
Securitization companies are used by some businesses to raise funds by issuing debt to the market and holding assets as security. The transactions depend on the quality of the debt issued and this in turn depends on the rating given by the credit
See MoreMalaysia: Government plans to reduce corporate tax rate in Budget 2017
The Budget for 2017 proposed to reduce the corporate tax for the year of assessment 2017 and 2018. As per the proposal, the reduce tax rate will be between 1 and 4 percentage points for companies with significant increase in taxable income for year
See MoreChile: Document regarding tax reform publishes
The tax administration has published a document entitled ‘Keys to Understanding the Tax Reform’ on 7th October 2016 on its website. The purpose of this document is to explain the opportunity of the tax reform. The document includes questions and
See MoreTIEA between Chile and Jersey approved by Jersey
The Exchange of Information Agreement (2016) between Chile and Jersey has been approved by Jersey's States Assembly on 11th October
See More