Thailand: IMF comments on economic and fiscal position
On 7 May 2015 the International Monetary Fund (IMF) issued a staff report resulting from consultations with officials in Thailand under Article IV of the IMF's articles of agreement. Thailand’s growth rate has fallen behind those of its
See MoreUK: HMRC explains new VAT refund scheme for charities
The UK tax authority HMRC has issue VAT Notice 1001 giving details of the VAT rules where charities can obtain VAT refunds under legislation effective from 1 April 2015. Charities that qualify under the new rules can claim a refund of VAT on most of
See MoreCroatia: IMF reports on economic and fiscal policy
The International Monetary Fund (IMF) has issued a concluding statement of preliminary findings following consultations with Croatia under Article IV of its articles of agreement. In 2015 Croatia’s economy is expected to grow for the first time in
See MoreOECD Proposes Threshold for MNEs to File Country-By-Country (CbC) Report
The OECD has confirmed that all multinational enterprises (MNEs) should be required to file the Country-by-Country (CbC) report every year. MNEs with annual consolidated revenues in the immediately preceding fiscal year of less than €750 million
See MoreSri Lanka: IMF comments on economic and fiscal policy
The IMF has concluded the third Post Program Monitoring discussion with Sri Lanka and issued a press release on 5 May 2015 summarizing its findings. Sri Lanka’s GDP growth was 7.4% in2014 and is estimated to be 6.5% in 2015 and later years.
See MoreIMF Publishes Working Paper on Tax Policy in MENA Countries
A working paper issued by the International Monetary Fund (IMF) looks at taxation trends in the countries of the Middle East and North Africa in the period from 1990 to 2012, focusing on non-resource taxes. Revenues from these taxes have slightly
See MoreOman: IMF comments on economic and tax issues
The IMF has held consultations with Oman under Article IV of its articles of agreement and has issued a report on the discussions. Oman’s non-hydrocarbon growth rate was 6.5% in 2014 but is estimated to fall to 5% in 2015 and to 4.5% in later
See MoreRussia: Appeal Court agrees that payments made under a sham transaction are not tax deductible
The Appeal Court of Russia has ruled in Case no. А40-28065/13 on 25th February 2015 regarding fees paid for the use of know how. The fees are not deductible for corporate income tax purposes if the transaction is a fake. Summary of the case: LLC
See MoreDTA between UAE and Romania signed
The Income Tax Treaty between United Arab Emirates and Romania has been signed on 5th May 2015. When in force and effective the new treaty will replace the Romania and United Arab Emirates Income and Capital Tax Treaty
See MoreCanada: Notice to implement tax provisions in Economic Action Plan 2015 and other tax measures
The Ministry of Finance has scheduled a complete notice of ways and means motion to implement certain tax provisions in Economic Action Plan 2015 and other tax measures on 5th May 2015. This notice contains the following measures and specific
See MoreTransfer Pricing Brief: April 2015
UK: BEPS Country-by-Country Reporting Requirement: Clause 122 of the Finance Bill gives the UK Treasury the power to make regulations for implementing the guidance of the OECD on country-by-country reporting. This would be part of the transfer
See MoreECJ issues preliminary ruling on VAT taxable amount of a building
On 23 April 2015 the European Court of Justice (ECJ) ruled on a question relating to the VAT taxable amount where part of the purchase price of a building relates to interest on borrowed capital. The relevant legislation applicable in this case was
See MoreTurkey: Personal Tax Allowances Increased
Law no. 6645 has been published in the official gazette on 23rd April 2015. The law amends the individual income tax law. Article 8 of this law raises the minimum living allowance rate approved for the third child to 10% from 5%. The basic
See MoreTax agreement between Canada and Taiwan initialed
The Tax Agreement between Canada and Taiwan has been initialed on 1st May
See MoreMali: IMF reports on fiscal and tax measures
Following a visit to Mali IMF staff have issued a preliminary report of their discussions and their view of the economic position of Mali. Mali’s economy grew by 7.2% in 2014 and real growth is estimated to be 5% in 2015. The end-2014 tax revenue
See MoreIreland: IMF comments on fiscal position
The IMF has held consultations with Ireland in connection with Article IV of its articles of agreement and a Concluding Statement has been published setting out the preliminary findings of its staff. The IMF considers that the high economic growth
See MoreUS: Propsed Amendment to Regulations Applicable to Refund and Credit Claims
The US Department of the Treasury and the Internal Revenue Service (IRS) have released Notice 2015-10 on 28 April 2015 announcing their intention to amend regulations applicable to refund and credit claims for amounts withheld on payments to foreign
See MoreCanada: Tax proposals in Manitoba budget 2015
The Ministry of Finance in Manitoba has delivered the province's budget for the year 2015. The budget does not propose any corporate or individual tax rate changes. The province budget 2015 proposals include: The Manitoba's budget increases the
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