Panama-Deadline for filing income and real estate tax returns extended
In a Press release of 29 April 2016 the tax authorities of Panama announced that the deadline to file income tax returns and real estate tax returns will further be extended to 3 May
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreCzech Republic: Senate approves criminal code amendment
The Senate has approved an amendment on 27th April 2016 to the Criminal Code to the effect that even the act of preparing for tax evasion is a criminal offense. The amendment must be signed by the President for becoming law. The objective of this
See MoreUK: Public Accounts Committee publishes report on tackling tax fraud
The UK parliament’s Public Accounts Committee (PAC) has published the results of an inquiry into how the tax administration HMRC is tackling tax fraud. The report entitled Tackling Tax Fraud was published by the PAC on 15 April 2016. As part of
See MoreSlovenia: publishes proposal for amendments to the corporate income tax law
Recently, the government published several proposals for amendments to the individual and corporate income tax laws with the aim of balancing the tax burden between companies and individuals. According to the proposals, the corporate income tax
See MoreVietnam: Corporate tax incentives for regular investment activities
The Ministry of Finance on 7 April 2016, published Official Letter No. 4769/BTC-TCT which providing criteria on tax incentives for regular investment activities. As per this guidance, “regular investment activities” is defined as regular
See MoreUkraine: No due regarding tax penalties
The State Fiscal Service (SFS) has recently published on its official website clarifications concerning situations when tax penalties relating to the 2015 tax year are not due. According to the transitional provisions of the Tax Code, no tax
See MoreColombia published inflation component and presumptive interest rates
According to Decree 536 of 2016, published on along with applicable as of 5 April 2016, sets out the inflation component rates concerning to financial income exempt from income tax and financial expenses that are non-deductible, and the presumptive
See MoreColombia: New rules on penalties for failure to submit E-returns
According to published Ruling 4024 of 2016, the Colombian National Tax Authority declared the applicable rules for taxpayers having failed to submit tax returns electronically but being willing to correct the error voluntarily. In accordance with
See MoreIndia: Central Board of Direct Taxes issues draft rules concerning foreign tax credit
India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per
See MoreAlgeria: Issued Tax Free Government Bonds
The Algerian Tax Administration issued a Note pertaining to the issuance of government bonds starting from 17 April 2016. Interest income from those bonds will benefit from a tax exemption. Subscriptions will be available for both individuals and
See MoreKazakhstan: MoJ approves plans to consolidate tax code and customs code
The Ministry of Justice has approved plans on 5th April 2016 that are aimed at consolidating the Tax Code and the Customs Code into one single code. Note that, Kazakhstan became a member of the WTO on 30 November 2015. These plans will be effective
See MoreRussia: List of documents substantiating exemption of CFC profits
The Federal Tax Service (FTS) has published a Letter No. ED-3-13/1427 on 4th April 2016 for describing the time limits for submission to the tax authorities of notifications on controlled foreign companies (CFCs) and the necessary documents
See MoreIndia: Bench marking the arm’s length interest rate on related-party debt
The Mumbai Bench of the Income-tax Appellate Tribunal held in the case of India Debt Management Pvt. Ltd. v. DCIT [IT(TP)A No. 7518/Mum/2014, held that the selection of tested party shall be done with reference to the entity which has undertaken
See MoreIreland imposed surcharge for late returns
On 14 April 2016, the Irish Revenue published eBrief on the surcharge for late submission of returns. Section 1084 TCA 1997 imposes a surcharge on any taxpayer, individual or corporate, for the late filing of a tax return. If a return is not
See MoreMalta: Extended the deadline for electronic filing of 2016 corporate income tax returns
On 13 April 2016, the Inland Revenue Department of Malta notified that the deadlines for electronic filing of corporate income tax returns for assessment year 2016 are extended as follows: Tax Return Filing Date Electronic Filing Extended
See MorePoland: 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
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