UK: 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
See MoreOman: Lower house approves multiple changes to income tax law
On 23 December 2015, the lower house of the Council of Oman has approved a number of changes to Income Tax Law 2010, proposed by the Oman Government, for immediate implementation. The Government of Oman has not yet officially published
See MoreFrance-Approved Finance Bill 2016 and amended Finance Bill 2015
The French Parliament approved the Finance Bill for 2016 and and the amended Finance Bill for 2015 on 17 December 2015. The Finance Bill enacts the country-by-country (CbC) reporting requirement into the legislation of France. From 1 January 2016
See MoreRussia: Draft amendments to CFC rules
A draft of Federal Law No. 953192-6 regarding the СFC provisions was submitted to the lower chamber of the parliament on 14th December 2015. The CFC provisions were first provided by the Tax Code and Federal Law No. 376-FZ of 24 November 2014. The
See MoreArgentina: Income tax and net worth tax surcharges abolished
In Argentina General Resolution 3819 was published in the Official Gazette on 17 December 2015. The Resolution abolishes the Income Tax and Net Worth Tax surcharges (Percepción) enacted by General Resolution 3450 and General Resolution 3583. This
See MoreKorea: Tax reform bill of 2016 enacted
The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on 15 December 2015 and certain Enforcement Decrees are expected to be approved by the Government in the near future. According to the
See MoreMexico-Publishes new Income Tax Law regulations regarding corporate taxation
The new regulations to the Income Tax Law were published in the Official Gazette on 8 October 2015. The main changes included in the regulations are summarized below: Corporate taxation: - Informative returns must be filed for donations exceeding
See MoreGhana: New Income Tax Act from January 2016
Ghana's new Income Tax Act (No. 896 of 2015) will come into force on January 1, 2016. It is intended to improve tax compliance and administration and broaden the country's income tax base by rationalizing tax breaks. A number of significant changes
See MoreUK issues timetable for digital tax accounts
On 14 December 2015 the UK issued a document entitled Making Tax Digital. This outlines the future of digital returns and sets out a timetable for phasing in further changes. By April 2016 individuals and small businesses will have access to a
See MoreBrazil: New deadlines for corporate tax e-filing
On 3rd December 2015 Brazil’s tax authority (Receita Federal do Brasil - RFB) announced new deadlines for certain information filings by corporate taxpayers for 2015. The guidance of Instruções Normativas nº 1.594/15 and nº 1.595/2015,
See MoreJapan: 2016 Tax Reform Outline
Japan’s ruling party released the 2016 Tax Reform outline on 16 December 2015. The Outline includes a further corporate tax rate reduction and introduction of a new transfer pricing documentation rule. A tax reform bill will be prepared based on
See MoreAustralia: Multinational anti tax avoidance bill receives Royal Assent
On 11 December 2015, Further to its passing by Parliament on 3 December 2015 the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent. The Bill implements a new anti avoidance rule designed to counter the
See MoreUkraine: Cabinet Ministers approve amendments to tax code
The Cabinet of Ministers of Ukraine approved a draft budget for 2016 and amendments to the Tax Code on December 10, 2015. The amendments were submitted to the Parliament on December 11, 2015. The Cabinet of Ministers approved a compromise on tax
See MoreCanada: Increased tax exemption amount for small businesses in Manitoba
In December 2015Â an increase was announced from the previous small business tax-free threshold of $450,000. From the beginning of 2017, Manitoba's small business threshold will increase from $450,000 to $500,000 and small businesses with taxable
See MoreUK: Measure to increase large business tax transparency
Following an announcement in the Summer Budget 2015 and a public consultation legislation is to be introduced in the Finance Bill 2016 to require large businesses or qualifying groups to publish on the internet a tax strategy in relation to UK tax.
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