France-Approved Finance Bill 2016 and amended Finance Bill 2015
The French Parliament approved the Finance Bill for 2016 and and the amended Finance Bill for 2015 on 17 December 2015. The Finance Bill enacts the country-by-country (CbC) reporting requirement into the legislation of France. From 1 January 2016
See MoreUK: VAT changes following Le Credit Lyonnais case in the ECJ
A change to the VAT regulations in the UK will affect partly exempt businesses that have establishments both inside and outside the UK. The changes have been made in response to the ruling of the European Court of Justice (ECJ) in the Le Credit
See MoreMexico-Publishes new Income Tax Law regulations regarding corporate taxation
The new regulations to the Income Tax Law were published in the Official Gazette on 8 October 2015. The main changes included in the regulations are summarized below: Corporate taxation: - Informative returns must be filed for donations exceeding
See MoreJapan: 2016 Tax Reform Outline
Japan’s ruling party released the 2016 Tax Reform outline on 16 December 2015. The Outline includes a further corporate tax rate reduction and introduction of a new transfer pricing documentation rule. A tax reform bill will be prepared based on
See MoreUK: Consultation on draft regulations for Innovative Finance ISA
The UK government has published in draft form the Individual Savings Account (Amendment No 2) Regulations 2016 introducing a new type of Individual Savings Account (ISA) called the Innovative Finance ISA. Comments on the draft legislation may be
See MoreIsrael signs convention and protocol in tax matters
Israel joined the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 24th November 2015. The Convention came into existence on 25th January 1988 and the amending protocol was signed on 27th May
See MoreOECD: Mutual Agreement Procedure Statistics for 2014
On 24 November 2015 the OECD released the statistics on the Mutual Agreement Procedure (MAP) for the 2014 reporting period. For OECD countries there were 2,266 new MAP cases in 2014. The inventory of MAP cases at the end of the reporting period was
See MoreOECD: Latin America and Caribbean Countries Discuss BEPS
A regional meeting was held in Costa Rica on 17 and 18 November 2015 to discuss the outcomes of the action plan on base erosion and profit shifting (BEPS). The participating countries explored ways of participating on an equal footing in the
See MoreIndia: Government Press Release on phasing out the plan of deductions under the Income-tax Act
The Finance Minister in his Budget Speech for 2015 indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with the corresponding phasing out of exemptions and deductions. The Central Board of Direct
See MoreFinland: IMF comments on economic and fiscal policy
On 11 November 2015 the IMF completed its consultations with Finland under Article IV of its articles of agreement. The economy has been in recession for three years but a slight recovery is projected for 2015 and expected to strengthen in 2016.
See MoreNigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreG20 leaders approve final BEPS package
The leaders of the G20 group of countries approved the final package of measures to combat base erosion and profit shifting (BEPS) at their meeting on 15 and 16 November 2015. The BEPS package is based on the fifteen action points addressed by the
See MoreOECD: Asia Pacific Regional Meeting on BEPS
An Asia Pacific regional meeting was held on 11 and 12 November 2015 to discuss the outcomes of the project on base erosion and profit shifting (BEPS) and their significance for the countries of the region. Representatives of seventeen regional
See MoreBulgaria: Budget for 2016 published
The Finance Ministry (MoF) has published the Budget for 2016 on 26th October 2015. The MoF included the following measures in this budget: The income tax rate, withholding tax rate, and VAT rate will remain unchanged for 2016 through
See MoreHungary: Draft bill for tax law changes in 2016
The government of Hungary recently presented to the Parliament a draft bill with proposals for tax law changes which would take effect as from 2016. The proposed draft bill creates a classification system for taxpayers based on the level of risk
See MoreThailand- Corporate tax rate of 20% becomes permanent
The Royal Cabinet of Thailand ruled on 13 October 2015 that the corporate income tax rate will be permanently kept at 20% effective from 1 January 2016. Previously the rate was reduced to 23% from 30% for the tax year 2012 and temporarily to 20% for
See MoreOECD: Regional Meeting on BEPS
The Eastern Europe and Central Asia Regional Meeting and Governmental Workshop on base erosion and profit shifting (BEPS) met on 21 to 23 October 2015 to discuss the implementation and monitoring of the BEPS outcomes drawn up by the OECD. On 5
See MoreSlovak Republic: Amendments to income tax, VAT, excise duties and Tax Code approved
The Slovak parliament has approved the amendments to the Income Tax Act, VAT Act, legislation on excise duties and the tax code as proposed by the Finance Ministry. All the amendments have been signed by the president except the VAT Act. The changes
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