Czech Republic and Tunisia: Social Security Agreement signed and approved
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
See MoreUK: Updated guidance on PAYE penalties confirms continuation of penalty easement
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
See MoreKazakhstan: Plans to consolidate Tax Code and Customs Code postponed until 2017
The Prime Minister has made a declaration on 24th May 2016 that the policies to consolidate the Tax Code and Customs Code into one single code will be postponed until
See MoreIMF report comments on economic situation of Czech Republic
On 16 May 2016 the IMF published a report following conclusion of talks with the Czech Republic under Article IV of its articles of agreement. Following a 4.2% expansion of the economy in 2015 growth in the Czech Republic is expected to slow
See MoreIMF report comments on the economic situation in Bosnia
The IMF has reached a staff agreement with Bosnia and Herzegovina on an arrangement under the Extended Fund Facility and on 24 May 2016 published a press release including the statements of IMF staff teams. The economy of Bosnia is recovering and
See MoreAxiom Groupe conference on Transfer Pricing Excellence
The Axiom Groupe conference on Transfer Pricing Excellence was held in Barcelona on 19 and 20 May 2016. The conference included a workshop from the World Bank group. Some of the important issues coming out of the sessions are summarized
See MoreWTO Director General comments on the importance of trade agreements for Colombia
In a speech delivered in Colombia on 19 May 2016 the Director General of the World Trade Organization (WTO) noted that trade can act as a drive of broader economic growth and job creation and is part of any strategy for sustainable economic growth.
See MoreOECD: Technologies for better tax administration
The OECD published a report entitled “Technologies for Better Tax Administration: A Practical Guide for Revenue Bodies” during the meeting of the Forum on Tax Administration on 9 to 11 May 2016. Technologies such as the internet, portal
See MoreOECD: Report on the role of tax service providers
A report entitled “Rethinking Tax Services: The Changing Role of Tax Service Providers in SME Tax Compliance” was published during the meeting of the OECD's Forum on Tax Administration (FTA) on 9 to 11 May 2016. The report looks at the
See MoreMalaysia: Tax incentives regarding ventures capital industry
The Inland Revenue Board of Malaysia has issued Public Ruling No. 2/2016 (PR 2/2016) on 9 May 2016 regarding tax incentives in relation to the venture capital industry in Malaysia. A venture capital company (VCC) that invests in a venture company is
See MoreIMF report comments on economic position of Luxembourg
On 16 May 2016 the IMF issued a report following the conclusion of talks in Luxembourg under Article IV of the IMF’s articles of agreement. Economic growth in Luxembourg has been strong and reached 4.8% in 2015 driven by net exports of financial
See MoreIMF report looks at the economic position in Norway
Norway’s economy has been hit by the fall in oil prices and a decline in offshore investment. The mainland growth fell to 1% in 2015 with a fall in private investment offset by growth in household consumption, an expansionary fiscal policy and an
See MoreIMF report comments on economic position of Saudi Arabia
On 19 May 2016 the IMF issued a report following the completion of consultations with Saudi Arabia under Article IV of the IMF’s articles of agreement. The real GDP growth rate in Saudi Arabia is projected at 1.2% in 2016, a decrease from the
See MoreEgypt: Requirement and procedures introduced with regards to new import registration
Additional formal requirements have been introduced by the Egyptian authorities, for importing goods into Egypt. The purpose of such requirement is to promote local production, reducing reliance on foreign imports and increasing the Egyptian foreign
See MoreSri Lanka: Proposals on corporate and individual tax rates in Budget 2016
Recently the Sri Lankan Inland Revenue Department (IRD) announced that the proposals made in Budget 2016 regarding corporate and individual tax rates. Main corporate income tax rate: As per the proposed revised Budget for 2016, a 28% tax rate will
See MoreItaly: Enacted New Investment Tax Ruling Procedure
The Ministerial Decree of 29 April 2016, issued by the Ministry of Economy and Finance, was published in the Official Gazette No. 110 to enact implementing rules with respect to the tax ruling procedure for new investments recently introduced by
See MoreEcuador: Tax measures to resolve crisis caused by natural disaster
The National Assembly of Ecuador approved the law containing provisional tax measures to help resolve the crisis caused by the natural disaster of 16 April 2016. Generally, the Law establishes that contributions introduced are non-deductible for
See MoreLiechtenstein: Government plans to increase minimum corporate income tax
Recently the Liechtenstein government approved a report providing an increase in the minimum corporate income tax from the current CHF 1,200 to CHF 1,800. The report has been submitted to parliament
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