Israel: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
See MoreTransfer Pricing Brief: December 2015
Mexico: Financial Services: Interest-accruing debts incurred in constructing, operating or maintaining production infrastructure linked to strategic areas in Mexico will not subject to the thin capitalization rules. Base Erosion and Profit
See MoreMalaysia: Thin capitalization rules deferred till 2018
The Ministry of Finance has issued a noticed on 30 December, 2015, regarding the effective date of the Income Tax (Thin Capitalization) Rules. The Rules has been deferred to till 2018 and will take effect from 1 January
See MoreTax Treaty News: December 2015
Sweden and United Kingdom On 31 December 2015, the income tax treaty between Sweden and United Kingdom was entered into force. From this date, the new treaty replaced the existing DTA of 1983. Japan and Qatar On 30 December 2015, the income tax
See MoreDTA between Venezuela and Saudi Arabia ratified
An Income Tax Treaty (2015) between Venezuela and Saudi Arabia has been ratified by the National Assembly of Venezuela by approving a law on 30th December
See MoreWorld Tax Brief: December 2015
Australia GAAR: The Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent on 11 December 2015. The Bill implements a new anti avoidance rule designed to counter the erosion of the Australian tax base by
See MoreUnited States: ADD/CVD Roundup for December 2015
Following table shows the Federal Register notices related to ADD/CVD cases for December 2015 in United States. Country Product Investigations Case Number Details Australia Certain Hot-Rolled Steel Flat Products Antidumping and Countervailing
See MoreCanada: Tax rates for 2015-2016 enacted as of 31 December 2016
Under the provisions of the 2015 federal budget and the 2015 provincial budgets, changes to the federal and provincial corporate tax rates for active business income earned by a Canadian-controlled private corporation (CCPC) which is eligible for
See MoreFATCA agreement between Slovak Republic and U.S. entered into force
A FATCA Model 1A (2015) Agreement between the Slovak Republic and the United States entered into force on 9th November
See MorePGA Highlights: December 2015
In the United States the following events have taken place under the several PGA during the month of December 2015. Agencies Summary Link Federal Register Customs Brokers user fee payment for 2016: This document gives notice to customs brokers
See MoreTurkey: Entry into force of electronic notification postponed
General Communiqué No. 467 (the Communiqué) on Tax Procedure Law was published in the Official Gazette on December 29, 2015. This amends General Communiqué No. 456 on Tax Procedure Law. In accordance with the provisions of the Communiqué the
See MoreNigeria: Budget for the year 2016
The budget measures for 2016 were delivered to the National Assembly on 22nd December 2015. The government proposes to reduce reliance on oil revenues (which are expected to amount to NGN 820 billion) in 2016. Non-oil revenues, comprising company
See MoreVenezuela: Amendment to Income Tax Law published in official gazette
Under the Presidential Decree No. 2.163, an amendment to the Income Tax Law (ITL) was published in the Official Gazette on 30th December 2015 which circulated on 4 January 2016. The amendment contains an increase in the corporate income tax rate
See MoreSouth Africa: SARS announces to implement country-by-country reporting requirement
In line with the OECD base erosion and profit shifting (BEPS) initiative (action 13), effective 1 January 2016, South Africa Revenue Service (SARS) has announced that it will implement country-by country (CbC) reporting. The CbC report is the third
See MoreAzerbaijan: Parliament Approves Tax Code Amendments to Introduce Excise Tax
Azerbaijan has introduced excise tax on precious metals, and set new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. Excise on imported diamonds will be set at AZN200 (USD255) per carat, at AZN2 per gram
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