UK: Chancellor announces plan to cut the corporation tax rate
The UK’s Chancellor of the Exchequer has suggested in an interview that he intends to reduce the corporation tax rate to less than 15% in an effort to attract business. This would be part of an effort to build a “super-competitive economy”
See MoreWTO: Landlocked developing countries and world trade
The fifth meeting of ministers of landlocked developing countries (LLDCs) was held on 23 June 2016. Trade is a driver of inclusive growth and is key to achieving the Sustainable Development Goals. However the LLDCs face very high trade costs that
See MoreEl Salvador: Financial statements need to be submitted electronically by large taxpayers
The tax authorities issued Circular DG-001/2016 on 13 June 2016, launching that large taxpayers must file their 2015 financial statements together with the notes and tax report electronically using digital Form F-457 through the Ministry of
See MoreIMF report comments on the fiscal position of El Salvador
On 1 July 2016 the IMF published a report and selected issues paper following the conclusion of consultations under Article IV of the IMF’s articles of agreement. El Salvador’s economic growth rate has been significantly lower than other
See MoreUK publishes text of double tax agreement with the United Arab Emirates
On 28 June 2016 the UK published the text of the double taxation agreement with the United Arab Emirates (UAE) that was signed on 12 April 2016. The agreement generally follows the provisions of the OECD Model Tax Convention but the following points
See MoreUK publishes double taxation agreement with Turkmenistan
On 27 June 2016 the UK published the text of the double tax agreement with Turkmenistan. The agreement was signed on 10 June 2016 and has not yet entered into force. The following aspects of the treaty should be noted: Permanent establishment The
See MoreUK publishes text of double tax agreement with Uruguay
On 28 June 2016 the UK published the text of the double tax convention with Uruguay signed on 24 February 2016. The agreement is not yet in force. The provisions of the agreement generally follow the OECD Model but the following items are of
See MorePlatform for Collaboration on Tax releases discussion draft on effective capacity building
The Platform for Collaboration on Tax was set up by the IMF, OECD, UN and World Bank at the request of the G20 group of countries to recommend mechanisms to ensure effective implementation of technical assistance programs. The February 2016 meeting
See MoreColombia: DIAN issued Administrative Regulation for filing the transfer pricing informative return
The Colombian National Tax Authority (DIAN) issued an Administrative Regulation 50 of 16 June 2016 regarding the procedure and technical conditions for filing the transfer pricing informative return for the tax year 2015. In this Administrative
See MoreOECD: Kyoto meeting takes forward the new inclusive framework for tackling BEPS
An initial meeting was held in Kyoto on 30 June and 1 July 2016 to take forward the new inclusive framework for tackling base erosion and profit shifting (BEPS). Delegates representing more than 80 countries at various stages of development
See MoreTransfer Pricing Brief: June 2016
UK: Secondary adjustment: HMRC launched a consultation on May 26, 2016 to introduce and design secondary adjustment rule into the transfer pricing legislation of UK. See the story in Regfollower Germany: BEPS related compliance General rule for
See MoreOECD: Guidance on implementation of country by country reporting
On 29 June 2016 the OECD published guidance on aspects of country by country (CbC) reporting. The guidance covers the following aspects: Transitional filing options for multinationals voluntarily filing in the parent jurisdiction; The
See MoreGreece: Clarification on carry-forward of losses released
On the basis of article 27 of the Income Tax Code (ITC), the Public Revenue Authority has released a Circular entitled ‘POL 1088’ on 24th June 2016 for providing clarifications on the carry-forward of losses provision. In accordance with article
See MoreNigeria: Withholding tax rate for construction-related payments
The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the
See MoreUnited States: ADD/CVD Roundup for June 2016
Following table shows the Federal Register notices related to ADD/CVD cases for June 2016 in United States. Country Product Investigations Case Number Details Belgium Stainless Steel Plate in Coils Antidumping Duty Order, Finding, or Suspended
See MoreWorld Tax Brief: June 2016
Tanzania Incentives: The Budget for 2016/17 was presented to the National Assembly by the Minister of Finance and Planning on 8 June 2016. According to the budget the skills and development levy will be reduced from 5% to 4.5%. See the story in
See MoreArgentina- Exempt income limit increased for withholding tax on domestic payments
In Argentina, General Resolution 3884(AFIP) was published in the Official Gazette of 26 May 2016 and became in force from that date. The new Resolution amends General Resolution 830 (AFIP) which establishes a widespread system of withholding tax on
See MoreBangladesh: Budget measures for FY 2016-17
The Budget for fiscal year 2016-2017 was presented on 2 June 2016. Budget measures relating to corporate taxation, once adopted, will take effect from 1 July 2016. Some of the proposed measures are following: the minimum tax rates will be
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