Spain: Compulsory e-filing for large companies
Recently the Spanish government has issued an order addressing several tax filing obligations. Large Companies will have to file tax documents such as returns, declarations or reimbursement requests electronically as from 1 July 2016. The order was
See MoreLuxembourg: explanations regarding modifications to Net worth tax 2016
The Luxembourg administration for direct taxes published Circular which provides explanations regarding the 2016 changes of the Net worth tax (NWT), on 16 June 2016. A reduced rate of 0.05% applies for taxable net worth above EUR 500 million from 1
See MoreEU agrees on draft Directive on anti-avoidance
On 21 June 2016 the EU’s Economic and Financial Affairs Council reached agreement on a draft Directive on tax avoidance practices following expiry of the required period for further issues to be raised. The draft Directive will be presented for
See MoreVietnam increases penalty for tax fraud and evasion
The General Department of Taxation announced on 6 June 2016, an increase in the maximum penalty that may be imposed for tax fraud and evasion to VND 50 million. Further it announced an increase in the fines for lost or damaged tax invoices
See MoreKenya presents budget for 2016-17
The Cabinet Secretary presented the budget for 2016-17 to the National Assembly on 8 June 2016. Some of the proposed measures as regards direct taxation are given below: Corporate taxation: Corporate tax rate decrease from 30% to 20% for developers
See MoreLuxembourg: Corporate income tax rate proposed by reducing 3%
On 3 June 2016, the Ministry of Finance of Luxembourg published its Stability and Growth Program for 2016-2020. To further economic development, a reduction of the corporate income tax rate from 21% to 18% and an increase of the investment credits
See MoreTanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
See MoreRussia: Draft Order for approving CFC notification form published
According to the Russian Tax Code, individuals and companies are needed to notify the tax authority of controlled foreign companies (CFC) of which they are considered controlling persons. Note that, these companies and individuals are considered to
See MorePoland: President signs GAAR provisions
The President of Poland has signed the bill amendments to the Tax Code including the General Anti-Abuse Rule (GAAR) requirements on 7 June 2016 and it is likely that GAAR will be introduced in July 2016. GAAR provisions will provide some tax
See MoreRussia: MoF clarifications regarding interim dividends
The Finance Ministry (MoF) has issued a letter No. 03-03-06/2/21011 on 13th April 2016 describing the tax treatment of interim dividends paid by a Russian company to its company shareholders in an amount exceeding the net profits of the company in
See MoreWorld Tax Brief: May 2016
Australia Main corporate tax rate: The government of Australia announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Incentives for small business: The budget also Increased
See MoreCanada: LLPs established in Delaware and Florida will be treated as corporations
At the 26 May 2016 IFA International Tax Conference, the Canada Revenue Agency (CRA) has confirmed that limited liability partnerships (LLPs) and limited liability limited partnerships (LLLPs) established in Delaware and Florida are to be treated as
See MoreBulgaria: Guidelines on submission of financial information published
The National Revenue Agency has published guidelines and instructions on the submission of financial information on 26th May 2016 under the Bulgaria - United States FATCA Model 1B Agreement (2014). The document covers document submission procedures
See MoreChina offers tax incentives for software and IC enterprises
On 4 May 2016, the State Administration of Taxation (SAT), the Ministry of Finance (MOF), the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued a notice (Cai Shui 2016 No. 49)
See MoreColombia: DIAN rules on non-application of tax benefits for small business
According to a recently published ruling, the National Tax Authority of Colombia pronounced on the non-application of tax benefits provided by Law 1429 of 2010 to small enterprises, as follows: Decree 545 of 2011 regulates Law 1429 of 2010,
See MoreUK: Consultation on secondary adjustments in transfer pricing legislation
On 26 May 2016 the UK has published a consultation document on the possible introduction of secondary adjustments into the UK transfer pricing legislation. This would in the opinion of the UK government help to ensure taxpayer compliance with the
See MoreEcuador: Withholding tax on credit transactions between financial entities
Administrative Resolution No. NAC-DGERCGC16-0156 issued by the Tax Administration was published in the Official Gazette and it establishes that 1% withholding tax rate will apply even if the Central Bank acts as an intermediary under any contractual
See MoreMalaysia: Tax incentives regarding ventures capital industry
The Inland Revenue Board of Malaysia has issued Public Ruling No. 2/2016 (PR 2/2016) on 9 May 2016 regarding tax incentives in relation to the venture capital industry in Malaysia. A venture capital company (VCC) that invests in a venture company is
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