IMF report comments on the economic position of Germany
On 9 May 2016 the IMF published a staff report following the completion of consultations with Germany under Article IV of the IMF’s articles of agreement. Economic growth in Germany will continue at a moderate pace in 2016 with strong domestic
See MoreAustralia: Tax incentives for early stage innovation investors
On 6 May 2016, the Tax Laws Amendment Bill 2016 received Royal Assent, enacting additional income tax incentives for new investments in Australian early-stage innovation companies (ESICs). From 1 July 2016, investment in a qualifying early stage
See MoreATO published a Practice Statement for TP penalties in transition period
The Australian Taxation Office published a Practice Statement Law Administration 2016/2 (PS LA 2016/2) to deal with the application of transfer pricing penalties during the transition period between 1 July 2004 and 28 June 2013. During that period,
See MoreIMF report comments on the economic policy of El Salvador
On 6 May 2016 the IMF published on its website a staff report following the conclusion of consultations with El Salvador under Article IV of the IMF’s articles of agreement. In the years from 2000 to 2014 economic growth in El Salvador averaged
See MoreWTO: Trade Policy Review of Malawi
The third Trade Policy Review of Malawi was carried out by the World Trade Organization (WTO) on 27 and 29 April 2016. A report issued by the WTO staff in connection with the review has been published on the WTO website. The report notes that the
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
See MoreIndia: APA for earlier year may apply, determining “tested party”
Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in case of: Ranbaxy Laboratories Ltd. v. ACIT (ITA No. 196/Del/2013), held that overseas Associated Enterprises (AEs) being least complex entities in the transaction,
See MoreWTO Public Forum 2016 to discuss inclusive trade
The World Trade Organization (WTO) is to hold its Public Forum 2016 in September 2016 with the theme of inclusive trade. The Public Forum will discuss how a broader range of businesses and individuals can become involved in the world trading system
See MoreIMF report comments on the economic and fiscal position of Malaysia
On 4 May 2016 the IMF issued a staff report following consultations with Malaysia under Article IV of the IMF’s articles of agreement. Although Malaysia has an open, diversified economy it has been hit by the lower oil price, economic problems of
See MoreIMF report comments on economic policy in Colombia
On 5 May 2016 the IMF published a report on the economy of Colombia following the conclusion of discussions under Article IV of the IMF’s articles of agreement. Colombia achieved economic growth in 2015 of 3.1% which was one of the highest growth
See MoreIMF report comments on the economic situation in Latvia
On 3 May 2016 the IMF issued a report following consultations with Latvia under Article IV of the IMF’s articles of agreement. Economic growth in Latvia is expected to slow slightly to 2.5% in 2016 owing to economic uncertainty and the
See MoreIMF report comments on the economic policy of Denmark
On 4 May 2016 the IMF issued a report on the economy of Denmark following the conclusion of consultations under Article IV of the IMF’s articles of agreement. Denmark scores well in international comparisons of business competitiveness and the
See MoreGreece: Circular of Corporate income tax return for 2015 released
The Public Revenue Authority released Circular POL 1049/2016 providing clarifications and examples as regards completion and filing of 2015 tax returns by legal entities subject to income tax on 20 April 2016. The Circular is accessible on the
See MoreArgentina- exemptions for biofuels extended
The Executive Branch’s Decree 630/2016 of Argentina was published in the Official Gazette on 2 May 2016. The Decree became effective from that date and extended the provisions as follows: –Amended article 4, chapter I, title III of Law 23966
See MoreWorld Tax Brief: April 2016
Algeria Interest income from Government bonds: On 14 April 2016, the Algerian Tax Administration has introduced a note relating to the issuance of government bonds. Accordingly, from 17 April 2016 interest relating to those bonds will
See MoreGuatemala- List of companies active in Export and Maquila activities – eligible to continue 10-year income tax exemption period issued
The Ministry of Economy of Guatemala issued on 28 April 2016, Ministerial Agreement No. 162-2016, which contains the list of export and maquila companies that are eligible to continue the 10-year income tax exemption period which was granted by
See MorePeru-New transfer pricing declaration forms
The tax authority (SUNAT) in Peru on 30 April 2016 published two new transfer pricing-related forms (Form No. 3530 & Form No. 3560). Form No. 3560 modifies and replaces the prior version of the electronic form No 1630. These new forms are to be
See MorePortugal: State Budget 2016 approved
On 30 March 2016, the State Budget 2016 (Law 7-A/2016) of Portugal has been promulgated by the President of the Portuguese Republic and published in the official journal Diário da República. Additionally, on 5 February 2016, further budget
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