Iceland Modifies Transfer Pricing Rules
Iceland's Parliament has approved a Bill on 15 June 2015 amending article 57 of the Icelandic Income Tax Act No. 90/2003 setting out transfer pricing rules. According to the Bill entities with turnover or total assets exceeding ISK 1 billion need
See MoreUK: HMRC issues PAYE penalty notices
The UK tax authority HMRC announced on 17 June 2015 that it has issued the first in-year PAYE penalty notices to employers of fewer than fifty employees who did not send PAYE details to HMRC on time. HMRC is concentrating on the more serious
See MoreMauritius: Signing of MOU with South Africa
South Africa and Mauritius have signed a memorandum of understanding (MOU) on 22 May 2015. Following the signature of the MOU the revised Double Taxation Agreement between the two countries is expected to become effective from 1 January 2016. To
See MoreWorld Tax Brief: May 2015
Indonesia Incentives: On 6 April 2015, the government grants regulation (GR) No. 18 of 2015 (GR 18/2015) regarding the income tax incentive facilities available for investments in specified business sectors and regions. This regulation is
See MoreUK: Penalties for late individual tax returns waived
According to UK media reports the tax authority HMRC has decided to write off the GDP 100 penalty for late filing of the individual tax return for 890,000 people. This decision reportedly relates to the individual income tax returns for the year to
See MoreUK: bad debt relief on peer to peer lending
In the Autumn Statement for 2014 delivered in December 2014 the Chancellor announced a package of measures in support of peer to peer lending and crowdfunding platforms. The reforms are intended to modernize the regulations and tax rules. One of the
See MorePeru: New law on tax incentives for medium-sized, small and micro enterprises
In Peru, Law 30327 providing tax incentives for medium-sized, small and micro enterprises was published in the Official Gazette on 21 May 2015. According to the new law medium-sized, small and micro enterprises are now subject to tax under the
See MoreUS: Legislation on Permanent Research and Development Tax Credit
The US House of Representatives has passed legislation that would simplify and strengthen the research and development tax credit and has included the provision in the US tax code. Companies conducting their development programs will be able to
See MoreTurkey: Unilateral APA updated
The tax administration has announced that it has concluded preparations for conclusion of a unilateral Advance Pricing Agreement (APA) between the tax administration and a taxpayer. According to the 5th paragraph of article 13 of the transfer
See MoreNigeria: System allowing electronic tax payment
The Federal Inland Revenue Service has announced an e-tax system that permits taxpayers to make electronic remittances. All taxes and levies payable to the tax administration in Nigeria can be paid by using this new
See MoreChile: Circular 30 regarding administrative interpretation published
A Circular 30 of the tax administration (Servicio de Impuestos Internos, SII) about SII's administrative interpretation concerning amendments introduced by Law 20,780 to the Income Tax Law and specifically, it contains the new article 41 G on CFC
See MoreUK: New share valuation rules for CGT
The UK tax authority HMRC has published new valuation rules in respect of the valuation of shares for capital gains tax (CGT), corporation tax and income tax purposes. The rules which apply from 6 April 2015 are in the Market Value of Shares,
See MoreOECD Proposes Threshold for MNEs to File Country-By-Country (CbC) Report
The OECD has confirmed that all multinational enterprises (MNEs) should be required to file the Country-by-Country (CbC) report every year. MNEs with annual consolidated revenues in the immediately preceding fiscal year of less than €750 million
See MoreWorld Tax Brief : March & April 2015
United Kingdom Main Corporate tax Rate: The main rate of Corporation Tax for 2015 is 20% (With the exception of oil and gas companies with ring fence profits) from 1 April 2015. The Corporation Tax will be charged at a single rate known as the
See MoreWorld Tax Brief : January & February 2015
Belgium Taxability of other income: From 2015 small and medium sized companies may create a "liquidation reserve" from after-tax profits. The liquidation reserve is immediately subject to a separate tax of 10%. Upon liquidation, no dividend
See MoreSpain: Government approves special tax regime for the Canary Islands
The Spanish Government has approved the agreement with the European Union (EU) Commission for the new Spanish special tax regime for the Canary Islands (Zona Especial Canaria, or ZEC ), which entered into force on January 1, 2015. The regime is
See MoreChile: Tax administration clarifies tax treatment of gains from exclusion of shares
Tax administration has issued Ruling 1016 of 14th April 2015 which explains the tax treatment of gains from the alienation of shares issued by joint-stock companies incorporated in Chile. Those gains are omitted from income tax, inter alia, under
See MoreUK: Main Rate of Corporation Tax Falls to 20% and is Unified
The main rate of Corporation Tax for 2015 is 20% (With the exception of oil and gas companies with ring fence profits) from 1 April 2015. The Corporation Tax will be charged at a single rate known as the main rate. The small profits rate was
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