Venezuela: Tax law changes that will be effective from 2016
The tax reform measures in Venezuela have been published in official gazette on 30th December 2015. Changes to the income tax law are effective from the beginning of January 2016. They include the following measures: The tax inflation
See MoreNew Zealand: Interest rate on low-interest loans
The Minister of Revenue declared that the approved interest rate will be decrease from 6.22% to 5.99% for calculating fringe benefit tax on low-interest loans. The new rate will be applicable from 23 November
See MoreBulgaria: Bill to amend tax laws for 2016 adopted
The parliament has adopted the bill on 25th November 2015 to amend tax laws for 2016. The draft bill was submitted to the parliament on 13th October
See MoreHong Kong signed tax treaty with Romania
The Government of the Hong Kong Special Administrative Region signed an agreement on the avoidance of double taxation with Romania on November 18, 2015. Under the agreement, Romania's withholding tax rate on royalties, currently at 16 per cent, will
See MoreMexico: The tax reform package for 2016 published in the Official Gazette
Mexico published the tax reform package for 2016 including amended Federal Tax Code and Income Tax Law in the Official Gazette on 18 November 2015. The tax reform will be applicable from 1 January 2016.According to the tax reform package the main
See MoreCroatia: Reduced interest rate for related-party loans
National Bank of Croatia has recently reduced bank interest rate from 7% to 3% per annum and was effective from 31 October 2015. This rate will be also decrease for the purposes of corporate profit tax law. The tax rate reduced from 7% to 3% per
See MoreAustria: Withholding tax on dividend increases
In July 2015 the Austrian Parliament approved the Tax Reform Act 2015/2016 and this includes a provision to increase the rate of withholding tax applicable for dividend distributions made to non-resident companies. The law provides that with
See MoreNamibia-Proposed VAT and Income Tax Amendments
The Namibian Minister of Finance submitted the Value-Added Tax (VAT) Amendment Bill and the Income Tax Amendment Bill to the National Assembly on 22 September 2015. The changes to the VAT Act will become effective from the first day of the month
See MorePeru: Proposal for CGT exemption for certain transfers of shares
The President presented to the Peruvian Congress on 24 August 2015 a bill proposing temporary tax exemptions from capital gains tax arising from the transfer of shares carried out through the Lima Stock Exchange. To obtain the exemption certain
See MoreRomania: Chamber of Deputies approves the Fiscal Code and the Fiscal Procedure Code
The Chamber of Deputies has approved on 25 June 2015 the Fiscal Code and the Fiscal Procedure Code. The new Fiscal Code includes measures important to the economy, the most important being the reduction of VAT to 19%, as Romania moves from having
See MoreMauritius: Signing of MOU with South Africa
South Africa and Mauritius have signed a memorandum of understanding (MOU) on 22 May 2015. Following the signature of the MOU the revised Double Taxation Agreement between the two countries is expected to become effective from 1 January 2016. To
See MorePeru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares
In Peru changes have been made to the income tax regulations regarding financial derivatives and the tax basis on indirect transfers of Peruvian shares through Supreme Decree No. 088-2015-EF on 18 April 2015. The changes became effective as from 19
See MoreECJ decision on Germany’s deferred tax on capital gains
On 16 April 2015 the European Court of Justice (ECJ) issued a decision in relation to Germany’s tax rules on hidden reserves. On 27 September 2012 Germany was referred to the ECJ by the European Commission which considered that Germany had
See MoreNamibia: Budget proposals for 2015-16
The Namibian budget speech for 2015-16 was delivered on 31 March 2015. In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining
See MoreCyprus: Central Bank To Reduce Interest Rates
The Central Bank of Cyprus announced lowering its interest rates by 1 percent as of March 1, 2015. The reduction will apply to all loans connected to the bank’s basic interest rate, both serviced and non-performing. In a statement, the bank
See MoreSaudi Arabia: Withholding tax update on freight and insurance on imported leased equipment
The Higher Appeal Committee ruled that freight and insurance paid on import of assets whether owned or leased should not constitute as Saudi source income. This ruling goes against the interpretation issued by the Department of Zakat and Income Tax
See MorePakistan: Government states withholding tax rate for non-filers on registration of immovable property
The government announced on 14 January 2015, through Notification No. 30(I)/2015 that any non-filer (i.e. a taxpayer whose name does not appear on the active taxpayers list issued by the Federal Board of Revenue or who is not a holder of a
See MoreFrance and Singapore Sign Bilateral Double Tax Agreement
A revised double tax treaty was signed between Singapore and France on 15 January 2015. In the case of the Singapore, the treaty covers the income tax. In the case of France, the treaty covers the income tax, corporation tax, contributions on
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