Tanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
See MoreOman: Corporate tax rate to be increased for liquefied natural gas and mining companies
The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%. The council also approved the increase of the corporate tax rate on petrochemical and mining
See MoreUK: Proposed tax on sugary drinks criticized by pressure group
As part of the budget proposals for 2016 the UK announced a proposal to impose a tax on sugary drinks with effect from April 2018. This would apply to soft drinks with sugar content above a certain level and would be imposed on the manufacturers of
See MoreUK: Consultation on secondary adjustments in transfer pricing legislation
On 26 May 2016 the UK has published a consultation document on the possible introduction of secondary adjustments into the UK transfer pricing legislation. This would in the opinion of the UK government help to ensure taxpayer compliance with the
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreIMF report comments on economic position of the United Arab Emirates
On 9 May 2016 the IMF issued a report following the conclusion of discussions with the United Arab Emirates (UAE) under Article IV of the IMF’s articles of agreement. The IMF comments that the UAE is in a good position to face the oil price shock
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
See MoreKazakhstan: MoJ approves plans to consolidate tax code and customs code
The Ministry of Justice has approved plans on 5th April 2016 that are aimed at consolidating the Tax Code and the Customs Code into one single code. Note that, Kazakhstan became a member of the WTO on 30 November 2015. These plans will be effective
See MoreJapan approves tax reforms for 2016
The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. The main changes are set out below: Corporate income tax: The main corporation tax rate is to be reduced to 23.4% from 23.9% for taxable years beginning on or after 1
See MoreSingapore: Finance Minister presents the 2016 budget to Parliament
The Budget for 2016 was presented to Parliament by the Finance Minister on 24 March 2016. A summary of the Budget with regard to corporate taxation is set out below: Tax incentives: -Under the Productivity and Innovation (PIC) Scheme the cash
See MoreUK: HMRC Clarifies Gift Aid Rules
HMRC has clarified aspects of the rules for UK tax relief for individuals under the Gift Aid provisions. Under these provisions tax relief may be claimed when an individual donor who pays tax in the UK makes a donation, even if the donor includes a
See MoreUK budget announcements 2016
The UK budget announcements for 2016/17 were delivered on 16 March 2016. The Chancellor announced a business tax road map that is intended to support investment while continuing to crack down on avoidance and aggressive tax planning. Corporation
See MoreECJ: preliminary ruling on interest on VAT refund
The European Court of Justice (ECJ) gave a preliminary ruling on 21 October 2015 in the Kovozber case. Reference had been made to the ECJ by the Regional Court of Kosice (Slovak Republic) for a ruling on the following issues: 1. Should the first
See MoreCanada: Tax measures regarding New Brunswick’s 2016 budget
The 2016-17 provincial budget of New Brunswick which was presented on 2nd February 2016. It includes measures as follows: The province’s rate of harmonized sales tax (HST) has increased from 13% to 15%; Increase the corporate income tax rate
See MoreECJ: Advocate General’s Opinion on Surtax on Large Pensions
On 28 January 2016, the Advocate General of the European Court of Justice (ECJ) issued an opinion in Case C involving a supplementary tax on large pensions. The case was referred to the ECJ by the Supreme Administrative Court of Finland. The
See MoreECJ: Ruling on VAT exemption for serviced residence
The European Court of Justice (ECJ) issued a decision in the case of Les Jardins de Jouvence SCRL v. Belgian State on 21 January 2016. An application was made in July 2014 by the Court of Appeal in Mons for a preliminary ruling from the ECJ. This
See MoreECJ: Advocate General issues opinion in BRE Ubezpieczenia case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 23 December 2015 in the case of Minister Finansow v BRE Ubezpieczenia Sp z.o.o. This case concerned a Polish insurance company (Aspiro) that provided insurance services
See MoreUK: Memorandum of Understanding on Northern Ireland Corporation Tax
A Memorandum of Understanding on the Northern Ireland Corporation Tax (NICT) was published by HMRC and the Department of Finance and Personnel for Northern Ireland (DFPNI) on 7 January 2016. The transfer to the Northern Ireland Assembly of the
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