Oman: Lower house approves multiple changes to income tax law
On 23 December 2015, the lower house of the Council of Oman has approved a number of changes to Income Tax Law 2010, proposed by the Oman Government, for immediate implementation. The Government of Oman has not yet officially published
See MoreIMF, OECD, UN and World Bank issue report on use of tax incentives by low income countries
A report on the options for low income countries to use tax incentives has been prepared for the G20 Development Working Group by the IMF, OECD, UN and World Bank. Based on practical experience the report suggests that there is room for the
See MoreUK publishes statistics on employment allowance
The UK has published statistics on employers taking up the employment allowance for the first six months of the 2015/16 tax year (6 April 2015 to 5 October 2015). The Employment Allowance was introduced from 2014 and gives up to GBP 2,000 relief
See MoreUK: Two year plan to increase SME awareness of R&D tax relief
Following a consultation on research and development tax relief the UK government has announced a two-year plan to make it easier for small and medium enterprises (SMEs) conducting research and development (R&D) to claim the tax relief. The
See MoreMalaysia: Budget 2016
The Malaysian Prime Minister announced Malaysia's 2016 budget on 23 October 2015 highlighting some tax measures including corporate and personal income taxation changes. Corporate taxation A special reinvestment allowance of 60% of qualifying
See MoreUK: Research Report on Employment Related Securities
On 17 September 2015 HMRC published on its website a research report on employment related securities. The research report is the product of a series of hour-long in-depth interviews with advisers, employee benefit consultants and
See MoreOECD Issues Policy Framework for Investment
The 2015 edition of the OECD publication Policy Framework for Investment published on the OECD on its website on 14 September 2015 provides guidance on improving the environment for investment in a number of fields of policy. The publication
See MorePeru – Tax incentives for R&D sector
In Peru Decreto Supremo No. 188-2015-EF was published in the official gazette on 12 July 2015. The decree made certain tax incentives available for taxpayers that invest in research projects or that are involved in scientific, technological
See MorePeru – Draft law on tax incentives to promote investment in stock market
The parliament of Peru published Draft Law No. 4743/2015-PE on 26 August 2015. The Draft law proposes certain tax incentives designed for increasing investment in the stock market. The proposed tax incentives are as follows: -Providing exemption
See MoreWTO Public Forum to discuss how to make trade work
The World Trade Organisation (WTO) Public Forum for 2015 is to be held from 30 September to 2 October 2015. The Forum will include a high-level plenary debate on “Making Trade Work More Inclusively” looking at the contribution of trade to
See MoreUK: Film tax credit gains EU approval
The UK’s enhanced tax relief for film production has gained EU approval under its State aid rules. This enhanced 25% film tax credit was announced in the pre-election budget in March 2015 subject to approval by the EU. A film can claim the tax
See MoreUK: Statistics on funds raised through the EIS and SEIS
The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts. Owing to demand for
See MoreUK: Changes to EIS and venture capital trusts
In the UK the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and the venture capital trust (VCT) rules allow companies to raise capital by providing income tax relief on a percentage of the investment in shares of
See MorePeru: New law on tax incentives for medium-sized, small and micro enterprises
In Peru, Law 30327 providing tax incentives for medium-sized, small and micro enterprises was published in the Official Gazette on 21 May 2015. According to the new law medium-sized, small and micro enterprises are now subject to tax under the
See MoreMalaysia: Government offers tax incentives to MNCs
Malaysian Government issued guidelines on April 6, 2015, regarding tax incentives to Multinational Companies that set up a principal hub in Malaysia.  The incentives include low tax rates and customs-free imports that create high paying jobs and
See MoreVietnam: Publishes Decree No. 12 on corporate income tax
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 dated 26 November 2014 was issued on 12 February 2015. Decree 12, which is effective from 1 January 2015, supplements and amends a number of tax laws. The main
See MoreCanada: New funding announces to support mining oil and gas exploration
The Canadian Finance Minister has declared the current intention of Government is to give support for the mining and oil and gas industry: Federal Mineral Exploration Tax Credit: This private tax credit has been extended to 31st March 2016. Tax
See MoreNigeria: Tax withheld on dividends from gas operations
A decision of a case entitled “Nigeria Agrip Co. Ltd v. Federal Inland Revenue Service (10th December 2014)” has been issued by the Tax Appeal Tribunal and it states that dividends paid by a gas exploration and production company and paid out of
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