UK publishes text of double tax agreement with Uruguay
On 28 June 2016 the UK published the text of the double tax convention with Uruguay signed on 24 February 2016. The agreement is not yet in force. The provisions of the agreement generally follow the OECD Model but the following items are of
See MoreNigeria: Withholding tax rate for construction-related payments
The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the
See MoreArgentina- Exempt income limit increased for withholding tax on domestic payments
In Argentina, General Resolution 3884(AFIP) was published in the Official Gazette of 26 May 2016 and became in force from that date. The new Resolution amends General Resolution 830 (AFIP) which establishes a widespread system of withholding tax on
See MoreDTA between Somalia and Turkey signed
An Income Tax Treaty between Somalia and Turkey has signed on 3rd June 2016 in
See MoreOECD releases request for input on multilateral instrument to implement tax treaty related BEPS measures
On 31 May 2016 the OECD released a request for input inviting comments from interested parties on the multilateral instrument to implement the tax treaty related measures in the OECD/G20 action plan on base erosion and profit shifting (BEPS). Input
See MoreGreece: Withholding tax on dividends and taxation of dividend income
The Public Revenue Authority has published Circular POL 1068 on 2nd June 2016 for providing clarifications on the increased 15% withholding tax rate and the taxation of dividend income earned. The Circular settles the provisions of Law 4389/2016
See MoreSingapore and Cambodia sign Income Tax Treaty
Singapore and Cambodia have entered into a double taxation avoidance agreement, on 20 May 2016, to boost cross-border trade and investment between the two countries The Agreement clarifies the taxing rights of both countries on all forms of income
See MoreUK: Consultation on changes to double tax treaty passport scheme
The UK imposes withholding tax of 20% on interest paid to overseas lenders. This rate is reduced under some double tax treaties and in this case HMRC can issue a notice directing the UK borrower to apply the reduced rate of withholding tax to
See MoreDTA between UAE and Uruguay ratified
The Income and capital Tax Treaty (2014) between United Arab Emirates and Uruguay has been ratified by Uruguay according to the Law No. 19.393 on 20th May
See MoreCzech Republic and U.S. : Protocol to social security agreement enters into force
The amending protocol of Social Security Agreement (2007) between Czech Republic and United States has been entered into force on 1st May 2016, which was signed on 23rd September 2013 and this protocol generally applies from 1st May
See MoreTreaty between Botswana and Czech Republic negotiated
The second round of negotiations for a tax treaty between Botswana and the Czech Republic is arranged to take place in Prague from 18th to 21st April
See MoreDTA between Morocco and Slovenia signed
An Income Tax Treaty (2016) between Morocco and Slovenia was signed on 5th April 2016 in
See MoreDTA between Chile and Uruguay signed
An Income and Capital Tax Treaty (DTA) between Chile and Uruguay has been signed on 1st April 2016 in
See MoreDenmark proposes amendments for the several laws
The Ministry of Taxation submitted a law proposal (L 123) to the parliament on 23 February 2016, amending several laws. The proposal includes the following amendments: Participation exemption: -The rules on the participation exemption are enhanced
See MoreIndonesia: Reduced final withholding income tax rates on interest income
As per the new Regulation No. 123/2015 issued in late December 2015, final withholding income tax rates have been reduced on interest received or earned from deposits, savings or Bank Indonesia (BI) Certificate discounts, provided that the source
See MoreTurkey: Clarifications to Corporate Tax Law General Application Communiqué declared
The website of the Revenue Administration published Corporate Tax Communiqué No. 9 (regarding clarifications to the Corporate Tax Law General Application Communiqué of 3 April 2007) on February 11, 2016. This measure has not yet been published in
See MoreBulgaria: Clarification to DTA with UK
The Revenue Agency of Bulgaria issued a clarification on 5 February 2016 regarding the application of the Bulgaria - United Kingdom Income Tax Treaty (2015). The main clarifications include the following: Several types of income that were exempt
See MoreNew Zealand: IMF selected issues paper looks at tax changes
A selected issues paper published on 8 February 2016 was prepared by IMF staff as background to consultations in New Zealand under Article IV of the IMF’s articles of agreement. The paper notes that New Zealand’s economy has performed well in
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