IMF Technical Note Considers WTO Tax Rules
A technical note published by the IMF on 29 March 2016 considers to what extent the World Trade Organization (WTO) rules affect the freedom of policy makers to frame their tax policy. The paper entitled Is the WTO a World Tax Organization? A Primer
See MoreVenezuela: Primary sector income tax exemption published
Decree 2,287 that establishes an income tax exemption for income derived from agriculture, forestry, livestock, poultry, fisheries, aquaculture and fish farming activities was published in the Official Gazette and entered into force on 28th March
See MorePeru- guidelines published on corporate and personal income tax returns for tax year 2015
The Peruvian tax administration published on its website the guidelines (cartilla de instrucciones) for filing the corporate and individual income tax returns for tax year 2015. The guidelines are available as from March 2016. The guidelines clarify
See MoreOECD: Consultation document on treaty access for non-CIV funds
The OECD has issued a consultation document inviting comments on issues arising from the tax treaty entitlement of non-CIV vehicles. This consultation follows on from the final report on action 6 of the project on base erosion and profit shifting
See MoreUK: Responses to call for evidence on cash and noncompliance
On 24 March 2016 HMRC published a summary of responses to the call for evidence on cash, tax evasion and the hidden economy. The call for evidence had asked for views on the relative decline in the use of cash and its impact on tax compliance, the
See MoreFinland: Parliament amendments the law in respect of tax collection and tax procedures
The Government of Finland proposed an amendment of law regarding tax collection and tax procedures. The law was presented in Finish Parliament on March 17, 2016. Reduce administrative burden and simply tax procedures are the main objective of the
See MoreUK: Finance Bill 2016 Published
The UK Finance Bill for 2016 was published on 24 March 2016. The Bill contains tax measures announced in the Budget proposals on 16 March. Individual income tax As announced in the Budget the annual exempt amount for individual income tax is to
See MorePoland publishes new R&D tax incentives
The Council of Ministers published a bill introducing amendments to the Corporate Income Tax Law regarding tax incentives for the development of research and development (R&D) activities on 7 March 2016. The bill foresees the following
See MoreCanada: Business income taxation changes in Budget 2016
The Finance Ministry presented the Budget for 2016 on 22nd March 2016. Details regarding business income taxation are summarized below: New incentives have been proposed in the Budget 2016 in relation to electric vehicle charging stations,
See MoreUK budget announcements 2016
The UK budget announcements for 2016/17 were delivered on 16 March 2016. The Chancellor announced a business tax road map that is intended to support investment while continuing to crack down on avoidance and aggressive tax planning. Corporation
See MoreIndia: Marketing & Sales Promotion Expenses Not International Transactions for Arm’s Length Standard
The Bangalore Bench of the Income-tax Appellate Tribunal held in the case of: Essilor India vt. Ltd. v. DCIT that advertising, marketing, and sales promotion expenses to promote brand value were incurred only for increasing the taxpayer’s sales,
See MoreRomania: Significant changes brought by the New Fiscal Code
The New Fiscal Code entered into force in Romania on 1 January 2016 addressing important changes in tax area. The New Tax Code introduced the definition of place of effective management, which represents the place where strategic decisions for the
See MoreEcuador published new rules about annual contribution to supervisory body
On 24 February 2016, New Resolution SCVS-INAF-DNF-16-006 was published in the Official Gazette, issued by the Supervisory Body of Companies, Securities and Insurances, established the amounts for the year 2016 of the annual contribution need to be
See MoreIsrael: Implementing surcharge for high-income earners
The tax authorities of Israel have released instructions on the levying of a 2% surcharge on income over NIS 803,520 (NIS 810,720 before 2016). The instructions address a number of specific issues and complications that have arisen since the
See MoreIceland: New deadlines for filing tax returns
Tax procedures of tax return filling for legal entities has been amended by Law No. 124/2015 as adopted by the parliament on 28 December 2015. The deadline for filing tax returns is 31 May for legal entities with turnover exceeding ISK 600 million
See MoreWorld Tax Brief: February 2016
South Africa Main corporate tax rate: The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from
See MoreDenmark proposes amendments for the several laws
The Ministry of Taxation submitted a law proposal (L 123) to the parliament on 23 February 2016, amending several laws. The proposal includes the following amendments: Participation exemption: -The rules on the participation exemption are enhanced
See MoreHong Kong: Tax measures in Budget for 2016/17
The Budget for 2016/17 was presented to the Legislative Council by the Financial Secretary on 24 February 2016. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2015/16 by 75%, subject to a ceiling of
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