OECD: 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
See MoreOECD: BEPS Package approved by G20 Finance Ministers
The G20 Finance Ministers at their meeting of 8 October 2015 gave strong support to the final package of measures produced by the OECD action plan on base erosion and profit shifting (BEPS). They repeated their commitment to a rapid and consistent
See MoreUN Committee of Tax Experts to discuss issues related to UN Model
The UN Committee of Experts on International Cooperation in Tax Matters is to meet from 19 to 23 October 2015. Their agenda includes discussion of issues relating to the UN Model Tax Convention; and the next update of the UN Practical Manual on
See MoreUK: Consultation on draft Regulations on country by country reporting
On 5 October 2015 the UK issued draft Regulations in relation to country by country reporting, along the lines of the recommendations made in the OECD action plan on base erosion and profit shifting (BEPS). The aim is to require multinational groups
See MoreOECD announces final package of BEPS measures
On 5 October 2015 the OECD presented the final package of measures resulting from the action plan on base erosion and profit shifting (BEPS). The package of measures based on the fifteen action points is to be presented to the G20 Finance Ministers
See MoreSpain: Partial amendments of general tax law
Spain has published the official Gazette regarding partial amendments of general tax law which was amended on 22 September, 2015 as a Law no.34/2015. The Law will enter into force on 12 October 2015 except for the obligation to keep specific
See MoreFrance: Draft Finance Bill 2016
The draft Finance Bill for 2016 has been presented in France. According to the proposals the income tax-exempt threshold will be increased to EUR9,700 (USD10,840). For income above this threshold the income tax rates will be reduced. The tax rates
See MoreEgypt- Reduced Tax Rates published in the Official Gazette
Decree Law No. 96 for 2015 amending Income Tax Law No. 91 for 2005 was published in the Official Gazette No. 24.bis for 2015 on 20 August 2015. The main changes are summarized below: 1) The standard corporate tax rate is reduced from 25% to 22.5%
See MoreOECD to release final BEPS package on 5 October 2015
The OECD has announced that it is to release the final package of measures to tackle base erosion and profit shifting (BEPS) on 5 October 2015. The final package will result from the BEPS action plan which set out 15 actions targeting key areas in
See MoreUruguay-Proposed Budget Bill for 2015-19
Uruguay’s government has submitted to the Congress the Bill of the National Budget for the years 2015 up to 2019 on 31 August 2015. If enacted the bill would make significant changes to the tax laws. According to the proposal, income derived from
See MoreThailand: New corporate tax rate limits and incentives for SMEs
The Cabinet of Thailand approved certain corporate tax rate limits for small and medium-sized enterprises (SMEs) on 8 September 2015. The corporate tax rate limits are as follows: Annual net profit (THB) Current tax rate (%) Approved tax rate
See MoreAustria: Reduced VAT rate increase in 2016
Austrian government announced in the 2016 Budget that the reduced VAT rate will increase to 13% from 10% on the following services: Cultural events, including entrance to public museums and galleries Domestic air travel Sales of certain
See MoreLuxembourg: Proposed Corporate Tax Changes For 2015-2016
Recent amendments was made to the EU Parent-Subsidiary Directive into Luxembourg tax law and published on 5 August 2015. It has already been submitted to the Luxembourg Parliament. The measures include the provisions to modify the domestic
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