IMF and World Bank: Discussion of Global Minimum Tax and Developing Countries
On 13 April 2021 the IMF and World Bank held a tax conference entitled Minimum and Digital Taxation: Consensus or Divide? Discussion of the minimum tax centred on the G20 and OECD Pillar Two proposals currently under discussion. There are two
See MoreIMF: Fiscal Monitor Looks at Tax Policy for the Recovery
The IMF Fiscal Monitor for April 2021 entitled A Fair Shot discusses actions in response to COVID-19 and looks at policies that can prepare for a greener and more durable recovery. Low-income countries currently have large budget deficits and
See MoreWTO: Discussion on MSMEs and Green Technology
At the meeting of the Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS) on 10 and 11 March 2021, members discussed among other topics the use of IP by small businesses in relation to innovations in green technology. The
See MoreIndia: Rationalisation of Labour laws – What’s in it for Hirers and Employees?
By Suraj Nangia,Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In the seven-decade era of independent country, India housed a complex regime of labour laws affecting every person in India working for their livelihood, right
See MoreIndia: Insolvency and Bankruptcy Code – Miles travelled but miles to go!
By Suraj Nangia, Partner and Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP In an attempt to overhaul the insolvency and bankruptcy regime, India had enacted the Insolvency and Bankruptcy Code 2016 (Code) on May 28, 2016. Introduction of
See MoreUK: Statistics on Venture Capital Trusts
On 17 December 2020 the UK released statistics on Venture Capital Trust (VCT) tax relief for the year 2019/2020. The statistics on VCT tax relief are released annually and are important for monitoring and assessment of the effectiveness of the tax
See MoreWTO Adopts Package of Recommendations to Assist MSMEs
On 11 December 2020 the WTO’s Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs) adopted a package of six recommendations and declarations concerning problems encountered by MSMEs when engaging in international trade. The
See MoreOECD: Assessing Compliance by Financial Institutions with Automatic Exchange of Information
On 8 December 2020 the OECD published a document entitled Automatic Exchange of Information: Guide on Promoting and Assessing Compliance by Financial Institutions. The guide has been put together with the help of the of the tax administrations of
See MoreUK: Evaluation of the Patent Box regime
On 17 November 2020 the UK published an evaluation of the patent box regime. The patent box was designed as an incentive for companies to retain and commercialise their intellectual property in the UK. A lower 10% rate of corporation tax is
See MoreBulgaria: Parliament passed the Budget Act 2021
On 26 November 2020, the Parliament passed conclusively the 2021 Budget Act, which will enter into force on 1 January 2021. In the transitional and final provisions, Parliament today voted on child benefits and on tax breaks for childcare. The
See MoreOECD: Tax relief for philanthropic entities
A report published by the OECD entitled Taxation and Philanthropy contains a detailed review of the taxation of philanthropic entities and donors in 40 countries, setting out potential policy options for countries. Reasons for giving tax
See MoreUK: Changes to the Research and Development Tax Credit for SMEs
On 12 November 2020 the UK government published draft legislation aiming to prevent the abuse of research and development (R&D) tax relief by small and medium companies (SMEs). This follows extensive consultation on the issue. The SME
See MoreUK: Further draft legislation published for Finance Bill 2021
On 12 November 2020 the UK government published for consultation further draft legislation in relation to the Finance Bill 2021. Comments are invited by 7 January 2020. This follows the publication of draft legislation on 21 July 2020 in
See MoreWTO: Recommendations to assist small business
At a meeting on 5 November 2020 the Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs) completed a package of six recommendations and declarations to assist the participation of MSMEs in international trade. The
See MoreCroatia: Prime Minister extends Wage Subsidy Scheme amid COVID-19 pandemic
On 20 October 2020, the Prime Minister and Minister of Labor, Pension System, Family and Social Policy presented the continuation of tax relief measures to preserve jobs due to the crisis caused by the coronavirus pandemic. The main objective of
See MoreNigeria: President presents 2021 Budget proposals
On 8 October 2020, the President, Muhammadu Buhari, presented the Federal Budget proposals for the year 2021 at the Joint Session of the National Assembly. The recent developments in this draft Budget includes: The draft 2021 Budget, themed
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2020 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. By monitoring tax relief schemes HMRC can examine the level of use of the schemes and gain some insight into the
See MoreIMF: Securing China’s Post-Pandemic Recovery
On 24 September 2020 a blog post by the IMF’s First Deputy Managing Director Forum on National Affairs looked at reforms needed to ensure China’s recovery from the economic problems caused by the pandemic. Global Economic Outlook The blog
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