UK: Research report on intermediaries legislation
On 12 July 2016 HMRC published the results of research undertaken to understand the implications for employers and engagers if they are given responsibility for operating the intermediaries legislation. The intermediaries legislation combats tax
See MoreGreece: A draft bill submitted to parliament
A draft bill was submitted to the parliament on 13th July 2016 for amending unified property tax, Procedural Tax Code and transfer pricing legislation. In accordance with the draft bill, the General Secretary of Public Revenue may discharge very
See MoreIMF report comments on the economic position of Italy
On 6 July 2016 the IMF released a staff report following consultations with Italy under Article IV of the IMF’s articles of agreement. Italy’s economy is recovering from a deep recession and growth was 0.8% in 2015 with continued expansion in
See MoreTurkey: Draft General Communiqué on CIT Law issued
The Revenue Administration has submitted a draft General Communiqué No. 10 on 30th June 2016 regarding Corporate Tax Law (Law No. 5520) to the Prime Minister for publication in the Official Gazette. This draft addresses the changes of General
See MoreCyprus: Government announced CbC reporting legislation
Recently the Ministry of Finance announced its intention to amend the country’s legislative framework in relation to country-by-country (CbC) reporting, following the EU Directive amending Directive 2011/16/EU. The amendments are expected to be in
See MoreIsrael: Announcement of corporate tax rate cut
On 19th of July 2016, the government and finance minister of Israel declared that the corporate income tax rate will be reduced by 2% in the next two years. Currently, the corporate income tax rate is 25%. As per declaration, the rate will be 24% in
See MoreFinland: Government published draft legislation on transfer pricing documentation
Recently the Ministry of Finance released for public comments, a draft bill to introduce master file requirement as per the recommendations of the OECD’s base erosion and profit shifting (BEPS) Action 13. Master file will contain information
See MoreUruguay-Tax measures of the Accountability Bill
The chamber of Deputies of Uruguay received for discussion the Accountability Bill on 20 June 2016. The Bill was issued by the Executive Branch. The Bill consists of several tax measures. The corporate income tax measures included in the Bill are as
See MoreIndonesia announced tax incentives for apparel, leather and footwear industries
A government regulation No. 9, 2016 increases the locations where tax incentives are available for investments. According to this regulation, tax incentives previously either not available or limited to investments in certain regions and are being
See MoreOECD: Conforming amendments to guidelines on business restructurings
On 4 July 2016 the OECD published a document for public review containing the conforming amendments to Chapter IX of the OECD Guidelines (business restructurings) following the changes made to other parts of the Guidelines as a result of the final
See MoreUS: IRS released final regulations on country-by-country reporting
The Treasury Department and IRS released the final regulations that require annual country-by-country reporting (CbCR) for US multinationals with annual revenue during the preceding annual accounting period of USD 850 million or more. The Treasury
See MoreOECD: Revised guidance on profit splits
On 4 July 2016 the OECD released a consultation document containing revised guidance on profit splits. This is part of the follow-up work on BEPS actions 8 to 10 in relation to assuring that transfer pricing outcomes are in line with value creation.
See MoreOECD: Discussion draft on attribution of profits to permanent establishments
On 4 July 2016 the OECD published a discussion draft on additional guidance on the attribution of profits to permanent establishments, as part of the follow-up to the work on base erosion and profit shifting (BEPS). Comments are invited from
See MoreTurkey: Guidelines on CIT incentive for capital increase
The Turkish Revenue Administration has published guidelines regarding corporate income tax (CIT) incentive on 30th June 2016 for capital increase. According to that incentive, capital companies may able to deduct 50% of the interest calculated over
See MoreUK: Double tax agreement with Algeria enters into force
The double taxation agreement between the UK and Algeria entered into force on 26 June 2016. The agreement was signed on 18 February 2015. The agreement will be effective in the UK from 1 January 2017 for withholding tax; from 1 April 2017 for
See MoreIMF report comments on Poland’s tax plans
On 27 June 2016 the IMF published a report following the conclusion of consultations under Article IV of the IMF’s articles of agreement. Poland’s economy has been performing strongly. Growth in 2016 remains strong and is projected to
See MoreIMF report comments on the economic position of Germany
On 24 June 2016 the IMF published a report and selected issues paper following the conclusion of consultations with Germany under Article IV of the IMF’s articles of agreement. Germany’s economy has continued its growth momentum with domestic
See MoreNamibia-increase of withholding tax rate of non-resident directors’ fees
In Namibia, the withholding tax rate applicable to directors’ fees paid to non-residents has become 25% with effect from 21 June 2016. Non-resident directors are no more obliged to include the directors. Fees in their income tax returns since the
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