EU: Plans for digital single market published by European Commission
On 6 May 2015 the European Commission published a document entitled “A Digital Single Market Strategy for Europe” outlining a plan for coordinated action to take advantage of opportunities for innovation, growth and jobs brought about by the
See MoreFrance: IMF comments on fiscal policy
The International Monetary Fund (IMF) issued a concluding statement on 19 May 2015 following its regular discussions with France under Article IV of the IMF’s articles of agreement. The IMF considers that although France is making a solid
See MoreNigeria: System allowing electronic tax payment
The Federal Inland Revenue Service has announced an e-tax system that permits taxpayers to make electronic remittances. All taxes and levies payable to the tax administration in Nigeria can be paid by using this new
See MoreCzech Republic: IMF comments on economic and fiscal position
The International Monetary Fund (IMF) issued a press release on 20 May 2015 containing a concluding statement after a visit by staff to the Czech Republic for discussions under Article IV of its articles of association. The economy of the Czech
See MorePoland: IMF discusses economic and fiscal position
The International Monetary Fund (IMF) issued a press release on 18 May 2015 containing the concluding statement at the end of discussions in Poland under Article IV of its articles of association. Poland’s economic growth reached 3.5% in the
See MoreChile: Circular 30 regarding administrative interpretation published
A Circular 30 of the tax administration (Servicio de Impuestos Internos, SII) about SII's administrative interpretation concerning amendments introduced by Law 20,780 to the Income Tax Law and specifically, it contains the new article 41 G on CFC
See MoreOECD publishes comments received on BEPS action 11
On 13 May 2015 the OECD published on its website comments received on the discussion draft on base erosion and profit shifting (BEPS) action plan Action 11 (Improving the analysis of BEPS). Comments were received from 20 organizations and
See MoreOECD releases new discussion draft under BEPS action 7 on permanent establishments
On 15 May 2015 the OECD published a new discussion draft on action 7 of the action plan on base erosion and profit shifting (BEPS). Action 7 is concerned with changing the definition of a permanent establishment (PE) in the model treaty to prevent
See MoreUK: Government to deliver second budget for 2015
The UK government has indicated that a second set of budget proposals will be announced on 8 July 2015. This follows the recent election of 7 May 2015. The budget would clarify the expected government expenditure reductions and how they are to be
See MoreItaly: Draft legislative decree introduces advance pricing agreement rollback provision
A draft legislative decree was approved by the Italian Government on 21 April 2015 introducing an advance pricing agreement (APA) rollback provision and provisions relating to costs of transactions with tax havens. The draft decree introduces
See MoreKyrgyz Republic: Memorandum sets out economic and financial policies for 2015 to 2018
In connection with a request for IMF support the Kyrgyz Republic has issued a memorandum setting out the economic and financial policies for 2015 to 2018. This includes the aim of reducing the operational balance by increasing tax revenues and
See MoreUganda: IMF holds discussions on economic and fiscal policy
The International Monetary Fund (IMF) issued a press release on 14 May 2015 at the end of a visit to Uganda for discussions under Article IV of the IMF’s articles of agreement and in connection with the fourth Policy Support Instrument (PSI)
See MoreWorld Bank publishes report on steps to a carbon future
A World Bank report entitled “Decarbonizing Development: Three Steps to a Zero Carbon Future” sets out the steps in a transition to a zero carbon future with data, examples and policy advice. The steps involved are firstly planning for the
See MoreLebanon: IMF comments on economic and fiscal policy
The International Monetary Fund (IMF) has held consultations with Lebanon under Article IV of its articles of agreement. A press release was issued on 14 May 2015 summarizing the discussions and IMF recommendations. The short term economic outlook
See MoreLuxembourg: IMF comments on economic and fiscal policy
The International Monetary Fund (IMF) has held consultations with Luxembourg under Article IV of its articles of agreement and issued a press release on 13 May 2015. Economic growth in Luxembourg was close to 3% in 2014 partly owing to buoyant
See MoreBosnia: IMF comments on economic and fiscal policy
The International Monetary Fund (IMF) has issued a concluding statement following a staff visit to Bosnia and Herzegovina for consultations under Article IV of the IMF’s articles of agreement. Although Bosnia’s economic recovery was interrupted
See MoreAustralia: Budget for 2015-2016 Includes BEPS Measures and Exposure Drafts for a New Targeted Anti-Avoidance Rule
The Government of Australia announced the 2015-2016 fiscal budget on May 12, 2015. Australia has included in the budget a country-by-country reporting requirement following the recommendation in the OECD/G20 action plan on base erosion and profit
See MoreUK: New share valuation rules for CGT
The UK tax authority HMRC has published new valuation rules in respect of the valuation of shares for capital gains tax (CGT), corporation tax and income tax purposes. The rules which apply from 6 April 2015 are in the Market Value of Shares,
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