Israel: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
See MoreMalaysia: Thin capitalization rules deferred till 2018
The Ministry of Finance has issued a noticed on 30 December, 2015, regarding the effective date of the Income Tax (Thin Capitalization) Rules. The Rules has been deferred to till 2018 and will take effect from 1 January
See MoreWorld Tax Brief: December 2015
Australia GAAR: The Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent on 11 December 2015. The Bill implements a new anti avoidance rule designed to counter the erosion of the Australian tax base by
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
See MoreTurkey: Entry into force of electronic notification postponed
General Communiqué No. 467 (the Communiqué) on Tax Procedure Law was published in the Official Gazette on December 29, 2015. This amends General Communiqué No. 456 on Tax Procedure Law. In accordance with the provisions of the Communiqué the
See MoreVenezuela: Amendment to Income Tax Law published in official gazette
Under the Presidential Decree No. 2.163, an amendment to the Income Tax Law (ITL) was published in the Official Gazette on 30th December 2015 which circulated on 4 January 2016. The amendment contains an increase in the corporate income tax rate
See MoreUK: Amendment to provisions for farmers’ averaging of profits
A policy paper released by the UK government on 9 December confirms that legislation is to be included in the Finance Bill 2016 to amend the provisions on farmers’ averaging of profits. The new provisions will allow an individual engaging in a
See MoreUK: Annual report on code of practice for banks
The Code of Practice on Taxation for Banks was published in December 2009. This voluntary Code of Practice was a non-statutory statement of principles on bank governance, openness and attitudes to tax planning. The larger financial institutions are
See MoreFrance: Abolition of add-back on dividends within tax-consolidated groups
An amendment was adopted by the National Assembly on 2 December 2015 to abolish the neutralization within tax consolidated groups of the 5% add-back on dividends qualifying for the participation exemption. The add-back will therefore be reduced to
See MoreECJ Rules in Fiscale Eenheid case
On 9 December 2015 the European Court of Justice (ECJ) issued a decision in the case of Staatssecretaris van Financiën v. Fiscale Eenheid X N.V. Fiscale Eenheid X NV was the name of a fiscal unity in the Netherlands, one of the companies of which
See MoreIndia: CBDT issues draft guidelines for determination of a company’s place of effective management
India's Central Board of Direct Taxes (CBDT) has issued draft guiding principles for determining if a company is a resident in India or has its place of effective management in India. The Finance Act 2015 amended the provisions of section 6(3) of
See MoreOman: Lower house approves multiple changes to income tax law
On 23 December 2015, the lower house of the Council of Oman has approved a number of changes to Income Tax Law 2010, proposed by the Oman Government, for immediate implementation. The Government of Oman has not yet officially published
See MoreFrance-Approved Finance Bill 2016 and amended Finance Bill 2015
The French Parliament approved the Finance Bill for 2016 and and the amended Finance Bill for 2015 on 17 December 2015. The Finance Bill enacts the country-by-country (CbC) reporting requirement into the legislation of France. From 1 January 2016
See MoreRussia: Draft amendments to CFC rules
A draft of Federal Law No. 953192-6 regarding the СFC provisions was submitted to the lower chamber of the parliament on 14th December 2015. The CFC provisions were first provided by the Tax Code and Federal Law No. 376-FZ of 24 November 2014. The
See MoreArgentina: Income tax and net worth tax surcharges abolished
In Argentina General Resolution 3819 was published in the Official Gazette on 17 December 2015. The Resolution abolishes the Income Tax and Net Worth Tax surcharges (Percepción) enacted by General Resolution 3450 and General Resolution 3583. This
See MoreKorea: Tax reform bill of 2016 enacted
The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on 15 December 2015 and certain Enforcement Decrees are expected to be approved by the Government in the near future. According to the
See MoreMexico-Publishes new Income Tax Law regulations regarding corporate taxation
The new regulations to the Income Tax Law were published in the Official Gazette on 8 October 2015. The main changes included in the regulations are summarized below: Corporate taxation: - Informative returns must be filed for donations exceeding
See MoreGhana: New Income Tax Act from January 2016
Ghana's new Income Tax Act (No. 896 of 2015) will come into force on January 1, 2016. It is intended to improve tax compliance and administration and broaden the country's income tax base by rationalizing tax breaks. A number of significant changes
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