France: Announces draft Finance Bill for 2017
The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that
See MoreUK: Update on advance assurance for R&D tax relief
On 24 August 2016 HMRC held a webinar to provide an update on the advance assurance scheme for research and development (R&D) tax relief. The scheme which is aimed at small companies was launched in November 2015 and there have so far been more
See MoreOECD: Addressing BEPS involving interest in the banking and insurance sectors
On 28 July 2016 the OECD issued a discussion draft outlining approaches to combating base erosion and profit shifting (BEPS) involving interest in the banking and insurance sectors. This is part of further work following the final report on BEPS
See MoreUK: Statistics for Creative Industries Tax Relief
On 20 July 2016 the UK published updated statistics on claims for creative industry tax relief. The statistics include data for the film tax relief, high end television tax relief, animation tax relief and video games tax relief for periods up to
See MoreWTO: Trade Dialogue with business leaders
The World Trade Organization (WTO) Trade Dialogues event held on 30 May 2016 gave business leaders an opportunity to discuss the challenges they face and the role of the WTO in helping to overcome the problems. The business representatives noted
See MoreCanada: LLPs established in Delaware and Florida will be treated as corporations
At the 26 May 2016 IFA International Tax Conference, the Canada Revenue Agency (CRA) has confirmed that limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs) established in Delaware and Florida are to be treated as
See MoreOECD: Report on the role of tax service providers
A report entitled “Rethinking Tax Services: The Changing Role of Tax Service Providers in SME Tax Compliance” was published during the meeting of the OECD's Forum on Tax Administration (FTA) on 9 to 11 May 2016. The report looks at the
See MoreItaly: Enacted New Investment Tax Ruling Procedure
The Ministerial Decree of 29 April 2016, issued by the Ministry of Economy and Finance, was published in the Official Gazette No. 110 to enact implementing rules with respect to the tax ruling procedure for new investments recently introduced by
See MorePuerto Rico: Tax credit guidance issues on limited utilization
The Treasury Department released Informative Bulletin No. 16-11 of 6 May 2016 to pronounce that a restriction will be obligatory to the application of the investment, investigation and development tax credit which refers to a tax credit equal to 50%
See MoreArgentina- exemptions for biofuels extended
The Executive Branch’s Decree 630/2016 of Argentina was published in the Official Gazette on 2 May 2016. The Decree became effective from that date and extended the provisions as follows: –Amended article 4, chapter I, title III of Law 23966
See MoreUK: Enterprise Investment Scheme statistics
The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two important tax advantaged venture capital schemes in the UK. In addition to these two schemes there are other tax advantaged schemes such as the tax
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreOECD: Financing SMEs and Entrepreneurs 2016
On 14 April 2016 the OECD published Financing SMEs and Entrepreneurs 2016. The study covers 37 countries including China, Russia and many OECD member countries. The report notes that governments are looking to small and medium enterprises (SMEs) and
See MoreVietnam: Corporate tax incentives for regular investment activities
The Ministry of Finance on 7 April 2016, published Official Letter No. 4769/BTC-TCT which providing criteria on tax incentives for regular investment activities. As per this guidance, “regular investment activities” is defined as regular
See MoreOECD: Discussion draft on treaty residence of pension funds
On 29 February 2016 the OECD issued a discussion draft on the tax treaty residence of pension funds. Changes are to be made to the OECD Model to ensure that a recognized pension fund is treated for the purpose of the tax treaty as resident in the
See MoreTurkey: Personal income tax exemption for young entrepreneurs
Law No. 6663 amending the Individual Income Tax Law (Law No. 193) was published in the Official Gazette on 10th February 2016. The law introduces a new partial tax exemption (Article 1) for young entrepreneurs. Article 1 of the Law entered into
See MoreNorway: Fiscal Budget for 2016 Approved with Tax Measures
The Norwegian Government has approved its 2016 Fiscal Budget on 14 December 2015. The corporate income tax rate has been reduced from 27% to 25%. The current limit of NOK15 million increases to NOK20 million for in-house research and development
See MoreThailand-Tax incentives for targeted industries
The Deputy Prime Minister of Thailand announced on 4 January 2016 some further tax incentives for targeted industries. According to the announcement 10% to 15% income tax exemption will be provided for professionals working in targeted
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