Posts by admin

France-Approved Finance Bill 2016 and amended Finance Bill 2015

December 24, 2015

The French Parliament approved the Finance Bill for 2016 and and the amended Finance Bill for 2015 on 17 December...

UK: Legislation to ratify agreements with Jersey, Guernsey, and Kosovo

December 23, 2015

Legislation was forwarded on December 9, 2015 to the House of Commons to ratify the UK’s pending tax agreements with...

Russia: Draft amendments to CFC rules

December 23, 2015

A draft of Federal Law No. 953192-6 regarding the СFC provisions was submitted to the lower chamber of the parliament on...

Italy: Budget for 2016 Approved with Reduction of Corporate Tax Rate and CbC Reporting Requirement

December 23, 2015

The 2016 budget law that has now been approved includes reduction of corporate tax rate for 2017 and Country-by-Country (CbC) reporting...

Bolivia: IMF comments on fiscal policy

December 22, 2015

On 18 December 2015 the IMF issued a report and selected issues paper following discussions with Bolivia under Article IV...

Malawi: IMF comments on economic position

December 22, 2015

On 14 December 2015 the IMF issued a report and selected issues paper following the conclusion of discussions in Malawi...

UK: Scottish rate of income tax

December 22, 2015

On 16 December 2015 the UK updated its guidance on the Scottish rate of income tax. From 6 April 2016...

UK: Consultation on changes to National Insurance Contributions

December 22, 2015

On 9 December 2015 the UK issued a consultation document proposing changes to Class 2 and Class 4 national insurance...

UK: VAT changes following Le Credit Lyonnais case in the ECJ

December 22, 2015

A change to the VAT regulations in the UK will affect partly exempt businesses that have establishments both inside and...

Argentina: Income tax and net worth tax surcharges abolished

December 22, 2015

In Argentina General Resolution 3819 was published in the Official Gazette on 17 December 2015. The Resolution abolishes the Income...

Korea: Tax reform bill of 2016 enacted

December 20, 2015

The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on...

Chile: Legislation intended to simplify provisions of tax reform 2014

December 17, 2015

The Government of Chile has sent to Congress a bill on 15th December 2015 that would make changes to the...

UK issues timetable for digital tax accounts

December 16, 2015

On 14 December 2015 the UK issued a document entitled Making Tax Digital. This outlines the future of digital returns...

Mexico: New requirements for documentation

December 12, 2015

Mexico has introduced transfer pricing documentation requirements for a master file and local file in line with the OECD Base Erosion...

Canada: Increased tax exemption amount for small businesses in Manitoba

December 11, 2015

In December 2015  an increase was announced from the previous small business tax-free threshold of $450,000. From the beginning of...

UK: Measure to increase large business tax transparency

December 10, 2015

Following an announcement in the Summer Budget 2015 and a public consultation legislation is to be introduced in the Finance...

Hungary: Tax amendments approved by parliament

December 10, 2015

The parliament of Hungary approved a bill on 17 November 2015 establishing some additional amendments to the country’s current tax...

Russia: MoF clarifies interest expense regarding loans

December 10, 2015

The Ministry of Finance (MoF) has recently released Letter No. 03-03-06/1/63388 to clarify the applicable tax treatment of interest expense...