Malaysia: 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 MoreVenezuela: Tax plan to fight tax evasion, avoidance and fraud announced
The President has announced six general economic measures including a tax plan naming "Tax Revolution" in order to fight tax evasion, tax avoidance and tax fraud on February 17, 2016. One of the declared tax measures is the outline of an electronic
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
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: Clarifications to Corporate Tax Law General Application Communiqué declared
The website of the Revenue Administration published Corporate Tax Communiqué No. 9 (regarding clarifications to the Corporate Tax Law General Application Communiqué of 3 April 2007) on February 11, 2016. This measure has not yet been published in
See MoreRussia: Amendments to CFC rules adopted by lower chamber
The lower chamber of the parliament has passed in the third reading the draft Federal Law No. 724609-6 amending the thin capitalization rules on 29th January 2016, which was submitted to the lower chamber of the parliament on 14th December 2015. It
See MoreNetherlands: IMF paper comments on the tax system
On 11 February 2016 the IMF issued a staff report and selected issues paper in connection with discussions with the Netherlands under Article IV of the IMF’s articles of agreement. The selected issues paper covers the possibility of further tax
See MoreUK: HMRC Clarifies Approach to Taxing Multinationals
The UK Parliament’s Public Accounts Committee is taking evidence on 11 February 2016 in relation to the tax affairs of multinational enterprises. In advance of the parliamentary hearing the UK tax authority HMRC has published a factsheet on its
See MoreChile: Law to simplify structural tax reform of 2014 published
Law No. 20.899 was published in the Official Gazette on 8th February 2016. This Law simplifies the implementation of the tax reform 2014 in matters regarding provisions of the tax code, income tax and VAT, among others. Under the tax reform of 2014
See MoreECJ: preliminary ruling on interest on VAT refund
The European Court of Justice (ECJ) gave a preliminary ruling on 21 October 2015 in the Kovozber case. Reference had been made to the ECJ by the Regional Court of Kosice (Slovak Republic) for a ruling on the following issues: 1. Should the first
See MorePeru- New filing conditions and requirements for the tax year 2015 published
The tax authorities of Peru published Resolution No. 358-2015 in the Official Gazette on 30 December 2015. The Resolution establishes new filing conditions and requirements for the entities and individuals of the income tax return for tax year
See MoreIMF Technical Note on introducing a GAAR
On 31 January 2016 the IMF issued a technical note on ensuring that a general anti-avoidance rule (GAAR) achieves its purpose. Many countries have either introduced a GAAR or are considering its introduction, which the objective of combating
See MoreWorld Tax Brief: January 2016
Chile CFC Rule: Under the Circular 30 of the tax administration from 2016, the main aspects of the CFC rules are: A controlled foreign entity exist where a Chilean resident holds, directly or indirectly, more than 50% of the shared capital,
See MoreUK: Use and Impact of Venture Capital Schemes
On 3 February 2016 HMRC published a research study of the use and impact of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts. The research examined the incentive effects on investors of the two schemes; the impact on the ability of
See MoreCanada: Tax measures regarding New Brunswick’s 2016 budget
The 2016-17 provincial budget of New Brunswick which was presented on 2nd February 2016. It includes measures as follows: The province’s rate of harmonized sales tax (HST) has increased from 13% to 15%; Increase the corporate income tax rate
See MoreColombian Tax Court rules on statute of limitations for penalties
In a recent court decision the Tax Court ruled on determining the statute of limitations for the tax authority to impose penalties. Article 638 of the Tax Code presents the statute of limitations for imposing penalties as a result of tax filing
See MoreEuropean Commission publishes Anti Tax Avoidance Package
The European Commission published its Anti Tax Avoidance Package on 28 January 2016. This package consists of the following main elements: Anti Tax Avoidance Directive The provisions of a proposed Anti Tax Avoidance Directive have been published
See MoreNigeria: Country-by-country reporting update
A Multilateral Competent Authority Agreement (MCAA) has been signed by Nigeria for executing the exchange of country-by-country (CbC) reports. This reports will include summary of income earned and tax paid, and the number of employees positioned by
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