UK: Customs Vision for 2020
On 22 January 2016 HM Revenue and Customs issued the Customs Vision for 2020 setting out the aspirations of UK Customs in the next five years. These include the aim to facilitate legitimate trade, protect society and grow the economy. UK Customs
See MoreEcuador: Income tax rates for banana sector
According to a Presidential Decree issued on 30 December 2015, a single corporate income tax regime for the banana sector is established with rates that range from 0.50% to
See MoreGhana: IMF report comments on tax policy
Following the completion of a review of Ghana’s economic performance the IMF has published a report covering the economic outlook. The IMF considers the outlook for Ghana is difficult with downside risks. The fiscal consolidation target for 2015
See MoreChile: Details of administrative interpretation on CFC rules disclosed
The Circular 30 of the tax administration has been effected from January 1, 2016. It was published in the official gazette on May 14, 2015. The main features of the CFC rules are as follows: A controlled foreign entity exists where a Chilean
See MoreJapan: Cabinet Approves 2016 Tax Reform Proposal
The Japanese Cabinet approved the 2016 tax reform proposal (2016 Tax Reform) on December 24, 2015. The proposal contains modifications to Japanese transfer pricing (TP) documentation requirements. The modifications are based on recommendations in
See MoreTurkey: R&D reform package declared
The Prime Minister of Turkey has announced an R&D Reform Package on 14th January 2016 to increase the share of R&D activities in the Turkish economy from 1% to 3%. Moreover, the objectives of the Package are to increase R&D investments,
See MorePoland: President signs into law the bill on Tax on Financial Institutions
Poland's President has signed into law a Bill on the Tax on Financial Institutions which was published in the Official Journal on 15 January 2016. According to the law the tax rate will be 0.0366% of the taxable base and the tax will be charged on
See MoreRomania: Government publishes new Orders on tax rulings and APAs
The Romanian Government published Orders at the end of 2015 regarding binding tax rulings and advance pricing agreement (APAs). Under the provisions on binding tax rulings the tax situation that is to be the subject of the ruling must be in the
See MoreCanada: WHT relief for foreign employers of cross-border workers
Under Regulation 102 of the Income Tax Act, non-Canadian resident employers with non-resident employees working in Canada can now apply to qualify for a new exception from the withholding tax requirements. Under the provisions of many of the double
See MoreIMF report comments on economic policy of Slovak Republic
Following the completion of talks with the Slovak Republic on 11 January 2016 the IMF has issued a report on the economic and fiscal position. Slovakia is one of the stronger economies in Europe and economic growth is projected to be 3% to 3.5% in
See MoreOman: The State Council approves corporate tax rate increase from 12% to 15%
The State Council of Oman approved the proposed changes to the Income Tax Law, Foreign Capital Investment and Insurance Companies Laws for immediate implementation by Royal Decree, on 12 January 2016. The Chairman of the Economic Committee said
See MoreFrance-New country-by-country reporting requirement, transfer pricing declaration
The Finance Act for 2016 and the Amended Finance Act for 2015 were published in the official journal on 30 December 2015. The Finance Act for 2016 introduces a country-by-country reporting obligation in Article 223 C of the French general tax code,
See MoreFinland: Ministry of Finance publishes a proposal regarding transfer pricing documentation rules and CbC reporting requirements
The Ministry of Finance on 21 December 2015 released for public comment a proposal to revise the transfer pricing documentation rules and introduce country-by-country (CbC) reporting. The proposed legislation would follow the three-tiered approach
See MoreCanada and Taiwan: DTA signed
A Tax Agreement between Canada and Taiwan has been signed on January 13, 2016 in Taipei and on January 15, 2016 in Ottawa. It was initialed on May 1,
See MoreCanada: CRA updates T5008 guide for return of securities transactions
The Canada Revenue Agency (CRA) has published an updated T5008 guide 2015 regarding filing securities transactions returns on 12th January 2016. Under the Income Tax Act, the term "filer" refers to the person (individual or organization) that must
See MoreCanada and Peru: Social Security Agreement ratified
The Social Security Agreement (2014) between Canada and Peru has been ratified by Peru by way of Supreme Decree No. 003-2016-EF and it was published in the Official Gazette of 14th January
See MoreUK-Tajikistan DTA in effect
The double taxation agreement (DTA) signed by the UK and Tajikistan on 1 July 2014 entered into force on 16 March 2015 and became effective in Tajikistan in relation to taxes on income and capital, other than withholding tax, for tax years beginning
See MoreNorway: Fiscal Budget for 2016 Approved with Tax Measures
The Norwegian Government has approved its 2016 Fiscal Budget on 14 December 2015. The corporate income tax rate has been reduced from 27% to 25%. The current limit of NOK15 million increases to NOK20 million for in-house research and development
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