Sri Lanka: Proposals on corporate and individual tax rates in Budget 2016
Recently the Sri Lankan Inland Revenue Department (IRD) announced that the proposals made in Budget 2016 regarding corporate and individual tax rates. Main corporate income tax rate: As per the proposed revised Budget for 2016, a 28% tax rate will
See MoreEcuador: Tax measures to resolve crisis caused by natural disaster
The National Assembly of Ecuador approved the law containing provisional tax measures to help resolve the crisis caused by the natural disaster of 16 April 2016. Generally, the Law establishes that contributions introduced are non-deductible for
See MoreLiechtenstein: Government plans to increase minimum corporate income tax
Recently the Liechtenstein government approved a report providing an increase in the minimum corporate income tax from the current CHF 1,200 to CHF 1,800. The report has been submitted to parliament
See MorePuerto Rico: Tax credit guidance issues on limited utilization
The Treasury Department released Informative Bulletin No. 16-11 of 6 May 2016 to pronounce that a restriction will be obligatory to the application of the investment, investigation and development tax credit which refers to a tax credit equal to 50%
See MoreFrance-public consultation launched on 1% add-back on dividends within tax-consolidated groups
The Tax Administration of France published on 11 May 2016 guidelines on the taxation of dividends distributed within tax-consolidated groups following changes brought by the Amending Finance Law 2015. For financial years commencing on or after 1
See MorePakistan: Foreign tax registration documents mandatory for non-resident companies
The Federal Board of Revenue (FBR) has proposed to make it mandatory for non-resident companies with or without a permanent establishment (PE) in Pakistan to be registered for tax purposes and to provide their company and business details (including
See MoreOECD: Guidance on tax control frameworks
The OECD issued a publication entitled “Cooperative Tax Compliance: Building Better Tax Control Frameworks” during the meeting of the Forum on Tax Administration (FTA) on 9 to 11 May 2016. Enterprises must assess the accuracy and completeness
See MoreArgentina-Deadlines for filing tax returns for 2015 and for tax payments extended
In Argentina through General Resolution 3874 (AFIP),the deadlines for filing the 2015 Income Tax, Minimum Deemed Income Tax and Net Worth Tax returns by companies and certain individuals, as well as the payment of the resulting balance that was
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreGreece: Amending Income Tax Law publishes in the Official Gazette
The Income Tax Law No. 4386/2016 (amended) has published in the Official Gazette on 11 May 2016 and according to the new law which replaces article 22(1) of the Income Tax Law, the expenses for scientific and technological research are deductible
See MoreAustralia: Tax incentives for early stage innovation investors
On 6 May 2016, the Tax Laws Amendment Bill 2016 received Royal Assent, enacting additional income tax incentives for new investments in Australian early-stage innovation companies (ESICs). From 1 July 2016, investment in a qualifying early stage
See MoreIndia: APA for earlier year may apply, determining “tested party”
Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in case of: Ranbaxy Laboratories Ltd. v. ACIT (ITA No. 196/Del/2013), held that overseas Associated Enterprises (AEs) being least complex entities in the transaction,
See MoreGreece: Circular of Corporate income tax return for 2015 released
The Public Revenue Authority released Circular POL 1049/2016 providing clarifications and examples as regards completion and filing of 2015 tax returns by legal entities subject to income tax on 20 April 2016. The Circular is accessible on the
See MoreArgentina- exemptions for biofuels extended
The Executive Branch’s Decree 630/2016 of Argentina was published in the Official Gazette on 2 May 2016. The Decree became effective from that date and extended the provisions as follows: –Amended article 4, chapter I, title III of Law 23966
See MoreWorld Tax Brief: April 2016
Algeria Interest income from Government bonds: On 14 April 2016, the Algerian Tax Administration has introduced a note relating to the issuance of government bonds. Accordingly, from 17 April 2016 interest relating to those bonds will
See MoreGuatemala- List of companies active in Export and Maquila activities – eligible to continue 10-year income tax exemption period issued
The Ministry of Economy of Guatemala issued on 28 April 2016, Ministerial Agreement No. 162-2016, which contains the list of export and maquila companies that are eligible to continue the 10-year income tax exemption period which was granted by
See MoreAustralia: Reducing the corporate income tax rate
On 3 May 2016, 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. Currently, there is a small business corporate tax rate which is less than the
See MoreFrance- amortization base of 140% further extended by 1 year
The French Ministry of Finance and Public Accounts has declared that the tax measure letting companies to use an amortization base of 140% on certain industrial investments will be further extended by 1 year. Accordingly for investments in
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