Uruguay- period of validity extended for tax benefits for manufacturing agricultural machinery and equipment
In Uruguay, Decree No. 325/015 of 7 December 2015 extended the period of validity of tax benefits provided for manufacturing agricultural machinery and equipment under Decree No. 220/998, Investment Promotion Law No. 16,906 of January 1998 and
See MoreItaly: Published the Stability Law for 2016 in the Official Gazette
The Stability Law of Italy for 2016 was published in the Official Gazette No. 302 the measures of which are applicable from 1 January 2016. The depreciable base of certain plants, machinery and equipment, purchased between 15 October 2015 and 31
See MoreUK-Sweden double tax agreement enters into force
The double taxation agreement (DTA) signed by the UK and Sweden on 26 March 2015 entered into force on 20 December 2015. The new agreement replaces the previous bilateral DTA between the two countries signed in 1983. The agreement takes effect in
See MoreEU-Ukraine Deep Comprehensive Free Trade Agreement
The EU-Ukraine Deep Comprehensive Free Trade Agreement came into effect from 1 January 2016. On trade related matters the objective of the agreement is to progressively establish a free trade area within a transitional period of ten years from the
See MoreLiberia: IMF report comments on economic and fiscal position
On 8 January 2016 the IMF published a staff report in connection with the extended credit facility arrangement with Liberia. The IMF reports that poverty and food insecurity remain higher than before the Ebola crisis and that the commodity price
See MoreFrance-New tax and social security changes including mandatory e-filing of tax returns
The French Social Security Financial and Income Tax Bills of 2016 will bring changes to the countries income tax and social security rates and bands. Additionally, e-filing of returns will be mandatory for any individual earning in excess of EUR
See MoreThailand-Tax incentives for targeted industries
The Deputy Prime Minister of Thailand announced on 4 January 2016 some further tax incentives for targeted industries. According to the announcement 10% to 15% income tax exemption will be provided for professionals working in targeted
See MoreNorway Published a Public Consultation Paper Regarding CbC Reporting for Tax Purposes
Norway has published a public consultation paper regarding country-by country (CbC) reporting for tax purposes. As per the proposal, multinational groups when the ultimate parent company is a resident in Norway would be required to submit country-by
See MoreVenezuela: Tax law changes that will be effective from 2016
The tax reform measures in Venezuela have been published in official gazette on 30th December 2015. Changes to the income tax law are effective from the beginning of January 2016. They include the following measures: The tax inflation
See MoreUK: Double tax agreement with Kosovo
The double tax agreement between the UK and Kosovo which was signed on 4 June 2015 entered into force on 16 December 2015. The agreement takes effect in Kosovo from 1 January 2016 and in the UK from 1 January 2016 for withholding tax; for
See MoreUK: Double tax agreement with Bulgaria
The double tax agreement (DTA) between the UK and Bulgaria which was signed on 26 March 2015 entered into force on 15 December 2015. The agreement takes effect in Bulgaria from 1 January 2016 and in the UK from 1 January 2016 for withholding tax;
See MoreUK: Double taxation agreement with Croatia
The double taxation agreement (DTA) between the UK and Croatia which was signed on 15 January 2015 entered into force on 19 November 2015. The agreement takes effect in the UK from 1 January 2016 for withholding tax; for corporation tax from 1 April
See MoreECJ: Advocate General issues opinion in BRE Ubezpieczenia case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 23 December 2015 in the case of Minister Finansow v BRE Ubezpieczenia Sp z.o.o. This case concerned a Polish insurance company (Aspiro) that provided insurance services
See MoreIMF Managing Director addresses policy priorities of CEMAC
The Managing Director of the IMF addressed policy issues in a speech to the Central African Economic and Monetary Community (CEMAC) published on 8 January 2016. The speech covered economic issues facing the Central African region including the slump
See MoreUK: Memorandum of Understanding on Northern Ireland Corporation Tax
A Memorandum of Understanding on the Northern Ireland Corporation Tax (NICT) was published by HMRC and the Department of Finance and Personnel for Northern Ireland (DFPNI) on 7 January 2016. The transfer to the Northern Ireland Assembly of the
See MoreThe Dutch Parliament approved bill on supplementary transfer pricing documentation requirements
The Dutch Parliament approved the Other Fiscal Measures Bill that includes supplementary transfer pricing documentation requirements in order with the three tiered approach of Action 13 of the OECD Base Erosion and Profit Shifting (BEPS) project, on
See MoreNigeria: IMF Managing Director Speaks at National Assembly
In a speech to the National Assembly on 6 January 2016 the IMF Managing Director summarized the global and regional economic position and the implications for national policy. The sub-Saharan Africa region is entering a period of reduced commodity
See MoreSingapore: Changes to Transfer Pricing Guidelines
The Inland Revenue Authority of Singapore (IRAS) published the third edition of the e-Tax Guide on the transfer pricing guidelines on 4 January 2016. The latest changes are summarized as follows: Amended guidance on the cost-plus method (CPM);
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