Greece: Draft Budget 2017 has been submitted to parliament
The draft Budget for 2017 has been submitted to the parliament (Committee of Economic Affairs) on 3rd October 2016. Now, it is available on the official website of the Finance Ministry. The following main things are enclosed with the Budget:
See MorePGA Highlights: September 2016
In the United States the following events have taken place under the several PGA during the month of September 2016. Agencies Summary Federal Register Application to export electric energy: Rassini Energy Project, LLC (Applicant or REP) has
See MoreNorway: Published proposal on Country-by-country reporting
The Norwegian Government published its proposal for the 2017 Fiscal Budget on the domestic Country-by-Country (CbC) reporting rules in line with the OECD BEPS Action 13 recommendations to the Norwegian tax authorities. As per the proposal, all
See MoreItaly: Resolution publishes regarding interest on medium or long-term loans
The Italian Tax Authorities issued Resolution No. 84/E on 29 September 2016, providing clarifications on the tax treatment of qualifying interest on medium or long-term loans, following the amendments introduced by Law Decree No. 91 of 24 June
See MoreSwitzerland: Parliament adopted the final Corporate Tax Reform III
On June 17, 2016, the Swiss parliament adopted the final Corporate Tax Reform III package (CTR III) to strengthen Switzerland’s competitiveness as a business location. The Corporate Tax Reform III includes several notable tax reform measures
See MoreRomania: Ministry of Finance published a proposal for tax incentives and administrative simplification measures
Romanian Finance Ministry recently published a press release regarding proposals for tax incentives and administrative simplification measures for both individuals and companies. The following matters are included in the proposals; Encourage
See MoreHungary: Introduces a new type of tax audit of binding rulings
Tax audit of binding rulings From July 1, 2016, a new type of tax audit was introduced whereas binding rulings may be fact-checked by the tax authority. The tax authority may start this type of audit regarding a taxpayer’s past tax years to find
See MorePeru: Government proposes higher corporate taxes
In August 2016 the Government of Peru presented a bill to the parliament which stated its intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for large companies
See MoreIMF comments on economic position of Jamaica
On 19 September 2016 the IMF issued a press release following the 13th Review under the Extended Fund Facility (EFF) with Jamaica. Jamaica’s economy is improving with an agricultural recovery, a strong performance in tourism and manufacturing and
See MoreIMF report comments on tax policy in Greece
On 23 September 2016 the IMF issued a concluding statement following a staff visit to Greece for consultations under Article IV of the IMF’s articles of agreement. Greece has reduced its fiscal primary and current account deficits to around zero
See MoreIMF comments on tax policy in Sri Lanka
On 23 September 2016 the IMF issued a press release following the conclusion of a staff visit to Sri Lanka to discuss the progress of the economic reform program. Sri Lanka’s economic performance in the first half of 2016 shows an improved
See MoreOECD report on tax policy reforms in 2015
The OECD has issued a report entitled “Tax Policy Reforms in the OECD 2016”. This is the first edition of an annual monitoring project that will provide a summary of tax reforms in OECD countries each year. This report identifies the tax policy
See MoreNetherlands presented tax plan 2017
On 20 September 2016, the Tax Plan 2017 was presented by the Minister of Finance to the lower house of the parliament. The most important proposals regarding corporate income tax and dividend withholding tax, which unless otherwise indicated will
See MoreSweden: Presents Budget for 2017
The Budget for 2017 was presented to the parliament on 20 September 2016. The Budget, measures will apply from 1 January 2017. The following measures relate to corporate tax: -The deductibility of representation expenses (relating to lunch, dinner,
See MoreFrance: Announces draft Finance Bill for 2017
The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that
See MoreEuropean Commission to investigate Luxembourg tax rulings
On 19 September 2016 the European Commission announced that it is commencing an investigation into the tax treatment of GDF Suez Group (now known as Engie) in tax rulings issued by Luxembourg. The tax rulings may in the view of the Commission have
See MoreEgypt: Parliament approves draft law on tax disputes resolution
The parliament approved a draft law on tax disputes resolution on 30 August 2016. The purpose of the law is to streamline the settlement of pending tax cases. The law covers ongoing tax disputes related to all types of taxes, including individual
See MoreUruguay: Publishes Decree regulating modifications to tax rules made by National Budget Law
The Ministry of Finance issued Decree No. 279/016 on 12 September 2016 that contains regulatory provisions for the application of the modifications to tax rules made by Law No. 19,355 of 15 December 2015. The main provisions of the Decree are
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