Kazakhstan: IMF report comments on economic and fiscal position
The IMF staff issued a report on the conclusion of discussions in Kazakhstan under Article IV of the IMF’s articles of agreement. The economy has recently declined sharply owing to challenges such as the lower oil price and the slowdown in Russia
See MoreUK: Autumn Statement Includes Measures Effective from 25 November 2015
The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 25 November 2015. The measures with immediate effect from 25 November 2015 are as follows: Loans to participators, trustees of charitable trusts: This measure affects
See MoreItaly: Draft Budget Law for 2016 Considered in Parliament
The Italian draft budget law for 2016 is currently under discussion. It is expected to be approved by 31 December 2015. A series of tax matters included in the draft budget one of which is the reduction of the corporate tax rate by 3 percentage
See MoreOECD: Institutions of Intergovernmental Fiscal Relations
A new publication in the series of OECD Fiscal Federalism Studies was issued on 18 November 2015 dealing with institutions of intergovernmental fiscal relations. These are the institutions that provide the framework for relations across different
See MoreUK: Finance (No 2) Act 2015 Receives Royal Assent
The Finance (No. 2) Act 2015 received the Royal Assent on 18 November 2015. The Act provides that the basic, higher and additional rates of income tax will not increase above their present levels in this parliament (i.e. until the next general
See MoreCzech Republic: Ministry of Finance holds conference on countering tax evasion
The Finance Ministry held a conference on 18th November 2015 regarding tax evasion and measures taken to counter it. It was reported that because of intensifying the fight against tax evasion and avoidance, public revenues had increased. In
See MoreIsrael: Draft amendment to the ITO published for public comments
The Finance Ministry has published a draft amendment to the Income Tax Ordinance (ITO) on 22nd November 2015 for public comments. It provides a reduction of the corporate income tax rate from 26.5% to 25% as from 2016. The deadline for public
See MoreSlovenia: Changes to Corporate Income Tax Law
The Ministry of Finance proposed amendments to the Corporate Income Tax Law on 10 November 2015. Once adopted by the Slovenian parliament the amendments will apply from 1 January 2016. The following amendments are proposed: Decrease of tax
See MoreIndia: Government Press Release on phasing out the plan of deductions under the Income-tax Act
The Finance Minister in his Budget Speech for 2015 indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with the corresponding phasing out of exemptions and deductions. The Central Board of Direct
See MoreUK: Corporate tax rate in Northern Ireland to be reduced
As part of a political agreement reached on 17 November 2015 the corporation tax rate in Northern Ireland is to be reduced to 12.5% on trading profits by 2018. The power to set the corporation tax rate has been devolved to Northern Ireland by the
See MoreUK: Corporation tax and large companies
A report published by a UK accounting firm indicates that 85 of the companies in the FTSE 350 index paid corporation tax at a rate of less than 5% on their accounting profits; a further 8 companies paid less than 10% of their profits in corporation
See MoreNetherlands: Lower House of the Parliament Adopted the Tax Plan 2016
The lower house of the parliament adopted the Tax Plan 2016 on 18 November 2015. The same was presented to the lower house of the parliament on 15 September 2015 by the Minister of Finance. The important measures were included on corporate tax and
See MoreMexico published the Federal Revenue Law for 2016
Mexico published the Federal Revenue Law for 2016 (the Decree) in the Official Gazette on 18 November 2015 and the decree will be effective from 1 January 2016. The main requirements are given below: Tax Incentives: Tax incentives are available
See MorePeru-Tax incentive to promote investment in science and technology innovation
In Peru, Supreme Decree No. 326-2015-EF (the Decree) was published in the Official Gazette on 16 November 2016. The Decree accepts the maximum deductible amounts as provided in article 6 of the Law No. 30309. The Law also provides an additional
See MoreNew Zealand to introduce new rules on remote services
A tax bill is to introduce a goods and services tax (GST) on “remote services” and would implement the government’s proposal for a residential land withholding tax on 16 November 2015. The residential land withholding tax rate would apply
See MoreNigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreUK: HMRC to reorganize into regional centers
The UK tax authority HMRC has announced a reorganization of its offices that will result in the replacement of 170 local offices by 13 new regional centers. The regional centers will support the necessary digital infrastructure and contain a mix of
See MoreIndia: A taxpayer is entitled to foreign tax credit against the MAT liability
Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: DCIT v. Subex Technology Ltd. [ITA No.913 (B) /2013, the court held that, credit for tax paid in a foreign country would be available under Section 90
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