Kazakhstan: MoJ approves plans to consolidate tax code and customs code
The Ministry of Justice has approved plans on 5th April 2016 that are aimed at consolidating the Tax Code and the Customs Code into one single code. Note that, Kazakhstan became a member of the WTO on 30 November 2015. These plans will be effective
See MoreRussia: List of documents substantiating exemption of CFC profits
The Federal Tax Service (FTS) has published a Letter No. ED-3-13/1427 on 4th April 2016 for describing the time limits for submission to the tax authorities of notifications on controlled foreign companies (CFCs) and the necessary documents
See MoreIndia: Bench marking the arm’s length interest rate on related-party debt
The Mumbai Bench of the Income-tax Appellate Tribunal held in the case of India Debt Management Pvt. Ltd. v. DCIT [IT(TP)A No. 7518/Mum/2014, held that the selection of tested party shall be done with reference to the entity which has undertaken
See MoreIreland imposed surcharge for late returns
On 14 April 2016, the Irish Revenue published eBrief on the surcharge for late submission of returns. Section 1084 TCA 1997 imposes a surcharge on any taxpayer, individual or corporate, for the late filing of a tax return. If a return is not
See MoreMalta: Extended the deadline for electronic filing of 2016 corporate income tax returns
On 13 April 2016, the Inland Revenue Department of Malta notified that the deadlines for electronic filing of corporate income tax returns for assessment year 2016 are extended as follows: Tax Return Filing Date Electronic Filing Extended
See MorePoland: Proposes amendments for corporate and personal income tax law
Minister of Finance presented the proposal of amendments to laws on income taxes for both corporate and personal on 25 February 2016. According to the amendments the exemption from withholding tax on interest, royalties and fees for intangible
See MoreTurkey: Annual weighted average interest rate for cash capital increase deduction announced
The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest
See MoreChile: IRS specifies how to claim WHT relief on commissions paid on unreported transactions
Law 20,899, which enacted on 8th February 2016, allows Chilean companies to pay a 32% substitute tax on all or part of their accumulated taxable profits balances from 31 December 2015 to 31 December 2016. They may also credit any corporate taxes
See MoreIsle of Man extends deadline for online filing of income tax returns
The Treasury department of the Isle of Man issued a press release on April 07, 2016 announcing that the deadline for the online filing of corporate and individual income tax returns has been extended to 11 April 2016. Primarily, the returns had to
See MoreIndia: Factors to be used in selecting comparables
The Bangalore Bench of the Income-tax Appellate Tribunal recently provided judgment in the case of ACIT v. McAfee Software (India) Pvt Ltd, on factors such as functional comparability that are to be used in transfer pricing reports and
See MoreOECD: JITSIC to discuss tax avoidance risks
A meeting of the Joint International Tax Shelter Information and Collaboration (JITSIC) network is to take place on 13 April 2016 to discuss further options for cooperation following the publicity surrounding the documents referred to as the Panama
See MoreRussia: FTS clarifies tax treatment of dividends received by a foreign company
The Federal Tax Service (FTS) has issued a letter no. SD-4-3/2765 on 19th February 2016 for clarifying the tax treatment of dividends received by a foreign company which voluntarily chooses to be considered as a Russian tax resident. According to
See MoreCanada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
See MoreCzech Republic: Income Tax Law amendment regarding participation exemption
The Senate has approved a bill on 6th April 2016 that introduces changes to the Income Tax Law. The bill must be signed into law by the President for becoming law. It has been predicted that the bill will be applicable the first day of the calendar
See MoreUK: Budget for 2016-2017 Updates Transfer Pricing Guidelines as Per Amended OECD Guidelines
The UK budget for 2016-17 includes an update of the transfer pricing guidelines in line with OECD Guidelines. This measure amends from 1 April 2016 the references within the relevant legislation to incorporate the most recent revisions to the OECD
See MoreChile: Tax authorities investigate taxpayers with companies in tax havens
On 4th April 2016, the tax authorities have announced that currently they are inspecting Chilean taxpayers owning companies located in tax havens, as a result of the "Panama Papers". This investigation aims to confirm the correct and full compliance
See MoreWorld Tax Brief: March 2016
Japan Main corporate tax rate: The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. Accordingly, The main corporation tax rate is to be reduced to 29.97% from 1 April 2016 to 31 March 2018, then to 29.74% from 1
See MoreBulgaria: Supreme Court of Cassation issues interpretation of tax evasion
The Supreme Court of Cassation of Bulgaria has issued interpretative ruling No. 4 of 2016 regarding criminal misreporting and evasion of tax liabilities on 12th March 2016. It has been determined by the Court that in cases of misreporting and
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