India: APA for earlier year may apply, determining “tested party”

07 May, 2016

Recently, the Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in case of: Ranbaxy Laboratories Ltd. v. ACIT (ITA No. 196/Del/2013),  held that overseas Associated Enterprises (AEs) being least complex entities in the transaction,

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Greece: Circular of Corporate income tax return for 2015 released

06 May, 2016

The Public Revenue Authority released Circular POL 1049/2016 providing clarifications and examples as regards completion and filing of 2015 tax returns by legal entities subject to income tax on 20 April 2016. The Circular is accessible on the

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Argentina- exemptions for biofuels extended

05 May, 2016

The Executive Branch’s Decree 630/2016 of Argentina was published in the Official Gazette on 2 May 2016. The Decree became effective from that date and extended the provisions as follows: –Amended article 4, chapter I, title III of Law 23966

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World Tax Brief: April 2016

05 May, 2016

  Algeria Interest income from Government bonds: On 14 April 2016, the Algerian Tax Administration has introduced a note relating to the issuance of government bonds. Accordingly, from 17 April 2016 interest relating to those bonds will

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Guatemala- List of companies active in Export and Maquila activities – eligible to continue 10-year income tax exemption period issued

05 May, 2016

The Ministry of Economy of Guatemala issued on 28 April 2016, Ministerial Agreement No. 162-2016, which contains the list of export and maquila companies that are eligible to continue the 10-year income tax exemption period which was granted by

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Australia: Reducing the corporate income tax rate

05 May, 2016

On 3 May 2016, the government of Australia announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Currently, there is a small business corporate tax rate which is less than the

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France- amortization base of 140% further extended by 1 year

04 May, 2016

The French Ministry of Finance and Public Accounts has declared that the tax measure letting companies to use an amortization base of 140% on certain industrial investments will be further extended by 1 year. Accordingly for investments in

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Panama-Deadline for filing income and real estate tax returns extended

01 May, 2016

In a Press release of 29 April 2016 the tax authorities of Panama announced that the deadline to file income tax returns and real estate tax returns will  further be extended to 3 May

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Canada: First reading of federal budget bill 2016 received

28 April, 2016

Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend

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Czech Republic: Senate approves criminal code amendment

28 April, 2016

The Senate has approved an amendment on 27th April 2016 to the Criminal Code to the effect that even the act of preparing for tax evasion is a criminal offense. The amendment must be signed by the President for becoming law. The objective of this

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UK: Public Accounts Committee publishes report on tackling tax fraud

26 April, 2016

The UK parliament’s Public Accounts Committee (PAC) has published the results of an inquiry into how the tax administration HMRC is tackling tax fraud. The report entitled Tackling Tax Fraud was published by the PAC on 15 April 2016. As part of

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Slovenia: publishes proposal for amendments to the corporate income tax law

26 April, 2016

Recently, the government published several proposals for amendments to the individual and corporate income tax laws with the aim of balancing the tax burden between companies and individuals. According to the proposals, the corporate income tax

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Vietnam: Corporate tax incentives for regular investment activities

25 April, 2016

The Ministry of Finance on 7 April 2016, published Official Letter No. 4769/BTC-TCT which providing criteria on tax incentives for regular investment activities. As per this guidance, “regular investment activities” is defined as regular

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Ukraine: No due regarding tax penalties

25 April, 2016

The State Fiscal Service (SFS) has recently published on its official website clarifications concerning situations when tax penalties relating to the 2015 tax year are not due. According to the transitional provisions of the Tax Code, no tax

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Colombia published inflation component and presumptive interest rates

25 April, 2016

According to Decree 536 of 2016, published on along with applicable as of 5 April 2016, sets out the inflation component rates concerning to financial income exempt from income tax and financial expenses that are non-deductible, and the presumptive

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Colombia: New rules on penalties for failure to submit E-returns

25 April, 2016

According to published Ruling 4024 of 2016, the Colombian National Tax Authority declared the applicable rules for taxpayers having failed to submit tax returns electronically but being willing to correct the error voluntarily. In accordance with

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India: Central Board of Direct Taxes issues draft rules concerning foreign tax credit

24 April, 2016

India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per

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Algeria: Issued Tax Free Government Bonds

20 April, 2016

The Algerian Tax Administration issued a Note pertaining to the issuance of government bonds starting from 17 April 2016. Interest income from those bonds will benefit from a tax exemption. Subscriptions will be available for both individuals and

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