UK-Tajikistan DTA in effect
The double taxation agreement (DTA) signed by the UK and Tajikistan on 1 July 2014 entered into force on 16 March 2015 and became effective in Tajikistan in relation to taxes on income and capital, other than withholding tax, for tax years beginning
See MoreNorway: Fiscal Budget for 2016 Approved with Tax Measures
The Norwegian Government has approved its 2016 Fiscal Budget on 14 December 2015. The corporate income tax rate has been reduced from 27% to 25%. The current limit of NOK15 million increases to NOK20 million for in-house research and development
See MoreUruguay- period of validity extended for tax benefits for manufacturing agricultural machinery and equipment
In Uruguay, Decree No. 325/015 of 7 December 2015 extended the period of validity of tax benefits provided for manufacturing agricultural machinery and equipment under Decree No. 220/998, Investment Promotion Law No. 16,906 of January 1998 and
See MoreItaly: Published the Stability Law for 2016 in the Official Gazette
The Stability Law of Italy for 2016 was published in the Official Gazette No. 302 the measures of which are applicable from 1 January 2016. The depreciable base of certain plants, machinery and equipment, purchased between 15 October 2015 and 31
See MoreUK-Sweden double tax agreement enters into force
The double taxation agreement (DTA) signed by the UK and Sweden on 26 March 2015 entered into force on 20 December 2015. The new agreement replaces the previous bilateral DTA between the two countries signed in 1983. The agreement takes effect in
See MoreFrance-New tax and social security changes including mandatory e-filing of tax returns
The French Social Security Financial and Income Tax Bills of 2016 will bring changes to the countries income tax and social security rates and bands. Additionally, e-filing of returns will be mandatory for any individual earning in excess of EUR
See MoreThailand-Tax incentives for targeted industries
The Deputy Prime Minister of Thailand announced on 4 January 2016 some further tax incentives for targeted industries. According to the announcement 10% to 15% income tax exemption will be provided for professionals working in targeted
See MoreIsrael: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
See MoreMalaysia: Thin capitalization rules deferred till 2018
The Ministry of Finance has issued a noticed on 30 December, 2015, regarding the effective date of the Income Tax (Thin Capitalization) Rules. The Rules has been deferred to till 2018 and will take effect from 1 January
See MoreWorld Tax Brief: December 2015
Australia GAAR: The Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent on 11 December 2015. The Bill implements a new anti avoidance rule designed to counter the erosion of the Australian tax base by
See MoreCanada: Tax rates for 2015-2016 enacted as of 31 December 2016
Under the provisions of the 2015 federal budget and the 2015 provincial budgets, changes to the federal and provincial corporate tax rates for active business income earned by a Canadian-controlled private corporation (CCPC) which is eligible for
See MoreTurkey: Entry into force of electronic notification postponed
General Communiqué No. 467 (the Communiqué) on Tax Procedure Law was published in the Official Gazette on December 29, 2015. This amends General Communiqué No. 456 on Tax Procedure Law. In accordance with the provisions of the Communiqué the
See MoreVenezuela: Amendment to Income Tax Law published in official gazette
Under the Presidential Decree No. 2.163, an amendment to the Income Tax Law (ITL) was published in the Official Gazette on 30th December 2015 which circulated on 4 January 2016. The amendment contains an increase in the corporate income tax rate
See MoreUK: Amendment to provisions for farmers’ averaging of profits
A policy paper released by the UK government on 9 December confirms that legislation is to be included in the Finance Bill 2016 to amend the provisions on farmers’ averaging of profits. The new provisions will allow an individual engaging in a
See MoreUK: Annual report on code of practice for banks
The Code of Practice on Taxation for Banks was published in December 2009. This voluntary Code of Practice was a non-statutory statement of principles on bank governance, openness and attitudes to tax planning. The larger financial institutions are
See MoreFrance: Abolition of add-back on dividends within tax-consolidated groups
An amendment was adopted by the National Assembly on 2 December 2015 to abolish the neutralization within tax consolidated groups of the 5% add-back on dividends qualifying for the participation exemption. The add-back will therefore be reduced to
See MoreECJ Rules in Fiscale Eenheid case
On 9 December 2015 the European Court of Justice (ECJ) issued a decision in the case of Staatssecretaris van Financiën v. Fiscale Eenheid X N.V. Fiscale Eenheid X NV was the name of a fiscal unity in the Netherlands, one of the companies of which
See MoreIndia: CBDT issues draft guidelines for determination of a company’s place of effective management
India's Central Board of Direct Taxes (CBDT) has issued draft guiding principles for determining if a company is a resident in India or has its place of effective management in India. The Finance Act 2015 amended the provisions of section 6(3) of
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