US: IRS Issued New Revenue Procedures on Competent Authority and Advance Pricing Agreement
The IRS has issued two revenue procedures on August 12, 2015 with details guidance to request assistance from the US competent authority under income tax treaties and to obtain an advance pricing agreement (APA) program. The proposed version of
See MoreChile: Circulars regarding tax reforms issued for corporate income tax purposes
The Internal Revenue Service has issued 7 circulars describing the changes announced by Law No. 20,780 of 29 September 2014 to the Income Tax Law: Circular No. 65, provides descriptions on anti-evasion measures; Circulars No. 66 and 67 give
See MoreSingapore: Non-resident individual tax rates to increase from 2017
The Inland Revenue Authority (IRAS) announced on 12 June 2015 that tax rates for non-resident individuals will be increased from the year of assessment 2017 to maintain parity between the tax rates of non-resident individuals and the top marginal
See MoreTurkey: Corporate income tax and VAT on electronic services by nonresident businesses
The Government is considering proposals which would permit the Turkish Revenue Administration to collect both indirect and direct taxes on the online sales and revenue-generating online activities made by nonresident businesses. The Finance
See MoreHungary: Proposals for tax law changes for 2016 submitted to Parliament
The Government of Hungary recently submitted to the Parliament certain proposals concerning amendments to the tax law which will become effective from 2016. However certain changes regarding corporate income tax would take effect as from 2015. The
See MoreECJ ruling on exemption from capital duty under the Capital Duty Directive
On 22 April 2015 the European Court of Justice (ECJ) delivered its ruling in the case of Drukarnia Multipress. Drukarnia was a Polish limited liability company that intended to carry out a conversion into a limited joint-stock partnership (SKA) and
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 MoreTurkey: Notional interest deduction as incentive for capital
The Parliament has accepted a law 6639 entitled “notional interest deduction” on 7th April 2015. This new law gives a tax incentive for cash capital contribution increases, effects after 1st July 2015. Excluding those operating in the finance,
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
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 MoreEuropean Commission Presents Tax Transparency Package
On 18 March 2015 the European Commission issued a range of measures aimed at tacking corporate tax avoidance and harmful tax competition. Corporate tax avoidance distorts economic decisions and prevents fair competition. The complexity of tax rules
See MoreECJ requested to give a preliminary ruling on pension surtax
The European Court of Justice (ECJ) was requested by Finland’s Supreme Administrative Court (KOH) on 6 March 2015 to give a preliminary ruling in respect of the pension surtax. Finland has imposed a surtax of 6% on large pensions since 2013. The
See MoreECJ: Preliminary ruling in case on VAT exemption for welfare and social work
On 12 March 2015 the European Court of Justice (ECJ) gave its preliminary ruling in the case of “go fair” Zeitarbeit OHG (C-594/13). The ECJ had been requested by the German Bundesfinanzhof to respond to questions in respect of the VAT exemption
See MoreECJ rules on applicability of national procedures in abusive practices
On 12 February 2015 the European Court of Justice (ECJ) gave a preliminary ruling on a value added tax (VAT) case that had been referred to it by the Portuguese Supreme Administrative Tribunal. The question raised In the case of Surgicare - Unidades
See MoreUK issues VAT instructions following the Skandia judgment
On 10 February 2015 the UK tax authority HMRC issued Revenue and Customs Brief 2 (2015) on VAT grouping rules and the Skandia judgment. Skandia was a US corporation with a branch in Sweden. The branch in Sweden became part of a Swedish VAT group
See MoreEgypt: IMF recommends introduction of a full VAT system
Following consultations in Egypt under Article IV of its articles of agreement the International Monetary Fund (IMF) has reported that measures implemented have begun to produce a turnaround in the economic situation in Egypt after the years of
See MoreIMF reports on Costa Rican economy
The IMF has concluded its discussions with Costa Rica under Article IV and issued a report on 4 February 2015. Costa Rica currently has problems of weak growth and rising unemployment. The IMF is recommending budget consolidation to improve the
See MoreIreland: VAT Rates on Stock Exchange Fees
The tax authority of Ireland, the Revenue Commissioners, has updated Part 5.69 of its value-added tax (VAT) manual to explain the VAT treatment related to stock exchange fees. The guidance contains fees for firms trading securities on the Irish
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