Namibia: 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 MoreOECD releases discussion draft on CFC rules
Action 3 of the OECD/G20 action plan on base erosion and profit shifting (BEPS) is concerned with taking action on controlled foreign company (CFC) rules. These rules benefit the country of the ultimate parent of a group by subjecting more profits
See MoreOECD releases discussion draft on mandatory disclosure rules
On 31 March 2015 the OECD released a discussion draft in respect of Action 12 of the action plan on base erosion and profit shifting (BEPS). Action 12 calls for disclosure initiatives to deal with the lack of relevant information for tax
See MoreCyprus-OECD Convention and protocol on Mutual Administrative Assistance in Tax Matters enters into force
The multilateral convention and protocol between Cyprus and OECD regarding mutual administrative assistance in tax matters entered into force on 1 April 2015. The convention and the protocol were signed on 10 July, 2014. The convention and the
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 MoreOECD: Meeting of Task Force on Tax and Development
On 18 March 2015 the OECD’s Task Force on Tax and Development met to consider the input resulting from regional network meetings on base erosion and profit shifting (BEPS). The meeting also considered capacity building support provided to
See MoreOECD holds public consultation on transfer pricing issues
On 19 and 20 March 2015 the OECD held a public consultation on transfer pricing matters arising from the action plan on base erosion and profit shifting. The first day of the conference dealt with the draft amendments and additions to Chapter 1 of
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 MoreWTO panel to negotiate in China-Canada dumping dispute
The World Trade Organization (WTO) has established a panel to judge in a dispute between Canada and China over anti-dumping duties imposed by China on 10th March 2015. Canada made complain to the WTO that they place Canadian exporters of cellulose
See MoreIMF Releases Preliminary Findings from Visit to Bangladesh
An IMF mission to Bangladesh between 25 February and 10 March 2015 held discussions relating to the review of the three-year Extended Credit Facility (ECF). In its preliminary findings the IMF reports that the recent economic policies pursued in
See MoreJapan: Trade review carried out by World Trade Organization
On 9 and 11 March 2015 the World Trade Organization (WTO) is conducting a trade review of Japan. The WTO Secretariat has prepared a report in connection with this review and this has been published on the WTO website. Japan has since 2012 been
See MoreUK: Consultation on Hybrid Mismatch Arrangements
An issue that is ongoing but will not be included in the UK Finance Bill 2015 is the introduction of measures to combat hybrid mismatch arrangements. A consultation on the subject was announced in October 2014 and in December 2014 a consultation
See MoreOECD study on the distributional effects of consumption taxes
A study recently released by the OECD on the distributional effects of consumption taxes in OECD countries is a result of a joint venture between the OECD and the Korean Institute of Public Finance. Recent OECD research has shown that there are
See MoreOECD publishes latest study on consumption tax trends
The latest edition of the OECD study on consumption tax trends has been published. The OECD study covers the general taxes on goods and services such as VAT and sales tax plus the taxes on specific goods and services such as insurance premium tax,
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