Nigeria: Draft revised national tax policy
The Federal Inland Revenue Service (FIRS) has published a public notice on 11th November 2016, which was issued by the Finance Ministry on the stakeholders' forum. This forum had been convened from 7th to 8th November 2016 to discuss the draft
See MoreIndian subsidiary represented by its managing director constitutes a fixed place PE in India
Recently, the Chennai Bench of the Income Tax Appellate Tribunal (the Tribunal) in the case of: Carpi Tech SA v. ADIT (ITA No 1742/Mds/2011), held that the amount received by the taxpayer pursuant to NHPC project was taxable in India since the
See MorePortugal-Published revaluation incentive for tangible fixed assets and investment properties
The Portuguese Tax Authorities published in the Official Gazette Decree-Law nr. 66/2016 on 3 November 2016. The Decree establishes a voluntary regime for revaluating tangible fixed assets and investment properties, with the purpose of encouraging
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreWorld Tax Brief: October 2016
Switzerland Main corporate tax rate: On June 17, 2016, The Swiss Corporate Tax Reform III (CTR III) introduces a gradual reduction of corporate tax rate over a period of five years from the current maximum rate of 20.7% to approximately 14%
See MoreUK: Report highlights HMRC tax investigations of high net worth individuals
The UK’s National Audit Office has noted that the tax authority HMRC is currently pursuing around a third of the UK’s wealthiest people for a total of around GBP 1.9 billion in underpaid tax. The National Audit Office (NAO) is a watchdog that
See MoreIsrael: Draft Budget Plan 2017/2018 presented
The draft budget plan for the year 2017/2018 has been presented on 31st October 2016 by the Finance Ministry. The Draft offers a decrease in the corporate income tax rate from 25% to 24% in 2017 and 23% in
See MoreOECD releases schedule for peer reviews under BEPS Action 14
On 31 October 2016 the OECD made available the first schedule for peer reviews of countries under Action 14 of the action plan on base erosion and profit shifting (BEPS). Action 14 is concerned with ensuring that dispute resolution mechanisms for
See MoreOECD: Update on Convention on Mutual Assistance in Tax Matters
The OECD announced on 28 October 2016 that 106 jurisdictions globally have now signed the Multilateral Convention on Mutual Assistance in Tax Matters, the latest signatory being the Cook Islands. The OECD notes that this Convention is the most
See MoreOECD: Update issued on automatic exchange of information
On 20 October 2016 the OECD announced the establishment of the first series of bilateral relationships among jurisdictions committed to the automatic exchange of information from 2017. More than a thousand bilateral relationships are now in place
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MorePoland: Parliament adopts budget Law for 2017
The Council of Ministers presented to the parliament a draft Budget Law for 2017 on 30 September 2016. All along with the introduction of tax changes, different numbers of factors that have into force on budget revenues are envisaged. Corporate
See MoreOECD: multilateral competent authority agreement for exchange of CbC reports
On 19 October 2016 the OECD announced that five more countries have signed the multilateral competent authority agreement for the exchange of country by country reports. This brings the total number of signatories to 49. The latest signatories in
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreUruguay-tax measures included in approved accountability Bill
The Chamber of Deputies of Uruguay approved the accountability bill on 5 October 2016 after it was modified by both the deputies and the senators' chambers. According to the approved accountability bill the adjustment for inflation for corporate
See MoreColombia: 32.99% effective annual interest for late payment of tax due
According to a recently published administrative regulation 1233 of 2016, the Financial Supervisory Authority of Colombia provided the effective annual interest rate applicable in the case of late payment of taxes. The late payment interest rate is
See MoreAustralia: Draft taxation ruling on timing for PE
On 12 October 2016, the Australian Taxation Office (ATO) released for comment Draft Taxation Ruling TR 2016/D2 that provides guidance on applying the participation test in Subdivision 768-A when working out whether an equity distribution received by
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