Poland: Proposes amendments for corporate and personal income tax law
Minister of Finance presented the proposal of amendments to laws on income taxes for both corporate and personal on 25 February 2016. According to the amendments the exemption from withholding tax on interest, royalties and fees for intangible
See MoreTurkey: Annual weighted average interest rate for cash capital increase deduction announced
The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest
See MoreChile: IRS specifies how to claim WHT relief on commissions paid on unreported transactions
Law 20,899, which enacted on 8th February 2016, allows Chilean companies to pay a 32% substitute tax on all or part of their accumulated taxable profits balances from 31 December 2015 to 31 December 2016. They may also credit any corporate taxes
See MoreCanada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
See MoreChile: Tax authorities investigate taxpayers with companies in tax havens
On 4th April 2016, the tax authorities have announced that currently they are inspecting Chilean taxpayers owning companies located in tax havens, as a result of the "Panama Papers". This investigation aims to confirm the correct and full compliance
See MoreIMF Technical Note Considers WTO Tax Rules
A technical note published by the IMF on 29 March 2016 considers to what extent the World Trade Organization (WTO) rules affect the freedom of policy makers to frame their tax policy. The paper entitled Is the WTO a World Tax Organization? A Primer
See MorePoland publishes new R&D tax incentives
The Council of Ministers published a bill introducing amendments to the Corporate Income Tax Law regarding tax incentives for the development of research and development (R&D) activities on 7 March 2016. The bill foresees the following
See MoreCanada: Business income taxation changes in Budget 2016
The Finance Ministry presented the Budget for 2016 on 22nd March 2016. Details regarding business income taxation are summarized below: New incentives have been proposed in the Budget 2016 in relation to electric vehicle charging stations,
See MoreHong Kong: Tax measures in Budget for 2016/17
The Budget for 2016/17 was presented to the Legislative Council by the Financial Secretary on 24 February 2016. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2015/16 by 75%, subject to a ceiling of
See MoreTurkey: R&D reform package enters into force
The Law No. 6676 on the Research and Development (R&D) Reform Package was published in Official Gazette on February 26, 2016 and will be entered into force on March 1, 2016. It enhances the opportunity of R&D incentives under the Income Tax
See MoreThailand-Program for tax audit protection for SME taxpayers
The government of Thailand recently released an emergency decree providing a “tax audit exemption program” which has become effective and available to taxpayers beginning in 2016. According to the program, any kind of tax examination, inquiry,
See MoreMalaysia: Tax incentives for companies participating in the MY Carbon programme
The Finance Ministry has approved tax incentives on 18 February 2016 for companies participating in the National Corporate Greenhouse Gas Reporting Programme for 2015 and 2016 (MY Carbon programme) said Natural Resources and Environment Minister of
See MoreLatvia: Amending tax law on Micro-Enterprise entered into force
The amendment tax law regarding Micro-Enterprise has entered into force on January 1, 2016. Under the amendments, with effect from 1 January 2017, Micro-enterprise whose annual turnover- EUR 0 – 7,000 the rate is 5%; EUR 7,000.01 – 100,000,
See MoreTurkey: R&D reform package declared
The Prime Minister of Turkey has announced an R&D Reform Package on 14th January 2016 to increase the share of R&D activities in the Turkish economy from 1% to 3%. Moreover, the objectives of the Package are to increase R&D investments,
See MoreNorway: Fiscal Budget for 2016 Approved with Tax Measures
The Norwegian Government has approved its 2016 Fiscal Budget on 14 December 2015. The corporate income tax rate has been reduced from 27% to 25%. The current limit of NOK15 million increases to NOK20 million for in-house research and development
See MoreUruguay- period of validity extended for tax benefits for manufacturing agricultural machinery and equipment
In Uruguay, Decree No. 325/015 of 7 December 2015 extended the period of validity of tax benefits provided for manufacturing agricultural machinery and equipment under Decree No. 220/998, Investment Promotion Law No. 16,906 of January 1998 and
See MoreThailand-Tax incentives for targeted industries
The Deputy Prime Minister of Thailand announced on 4 January 2016 some further tax incentives for targeted industries. According to the announcement 10% to 15% income tax exemption will be provided for professionals working in targeted
See MoreCanada: Tax rates for 2015-2016 enacted as of 31 December 2016
Under the provisions of the 2015 federal budget and the 2015 provincial budgets, changes to the federal and provincial corporate tax rates for active business income earned by a Canadian-controlled private corporation (CCPC) which is eligible for
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