UK: Corporation tax and large companies
A report published by a UK accounting firm indicates that 85 of the companies in the FTSE 350 index paid corporation tax at a rate of less than 5% on their accounting profits; a further 8 companies paid less than 10% of their profits in corporation
See MoreNetherlands: Lower House of the Parliament Adopted the Tax Plan 2016
The lower house of the parliament adopted the Tax Plan 2016 on 18 November 2015. The same was presented to the lower house of the parliament on 15 September 2015 by the Minister of Finance. The important measures were included on corporate tax and
See MoreMexico published the Federal Revenue Law for 2016
Mexico published the Federal Revenue Law for 2016 (the Decree) in the Official Gazette on 18 November 2015 and the decree will be effective from 1 January 2016. The main requirements are given below: Tax Incentives: Tax incentives are available
See MorePeru-Tax incentive to promote investment in science and technology innovation
In Peru, Supreme Decree No. 326-2015-EF (the Decree) was published in the Official Gazette on 16 November 2016. The Decree accepts the maximum deductible amounts as provided in article 6 of the Law No. 30309. The Law also provides an additional
See MoreNew Zealand to introduce new rules on remote services
A tax bill is to introduce a goods and services tax (GST) on “remote services” and would implement the government’s proposal for a residential land withholding tax on 16 November 2015. The residential land withholding tax rate would apply
See MoreNigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreUK: HMRC to reorganize into regional centers
The UK tax authority HMRC has announced a reorganization of its offices that will result in the replacement of 170 local offices by 13 new regional centers. The regional centers will support the necessary digital infrastructure and contain a mix of
See MoreIndia: A taxpayer is entitled to foreign tax credit against the MAT liability
Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: DCIT v. Subex Technology Ltd. [ITA No.913 (B) /2013, the court held that, credit for tax paid in a foreign country would be available under Section 90
See MoreColombia: Update rules on general anti-avoidance rule (GAAR)
The National Tax Authority of Colombia (DIAN) in a recently published Ruling no: 25473 of 2015, pronounced on the general anti-avoidance rule provided under article 869 of the Tax Code. In accordance with sub-paragraph 4 of article 869 of the Tax
See MoreColombia: Incentives for investments in non conventional energy sources
On November 4, 2015, the Colombian National Government has released Decree 2143 of 2015, by which the fiscal and customary incentives for investments in non conventional energy sources are regulated, according to the outline of Law 1715 of 2014. For
See MoreOECD: Harmonizing revenue statistics
Representatives of thirteen Asian Finance Ministries and tax administrations met on 14 and 15 October 2015 to consider a framework to increase the comparability of revenue statistics. The countries involved in the meeting were Cambodia, China,
See MoreIndonesia: Issued Regulation on Fixed Assets Revaluation
The Ministry of Finance (MoF) issued Regulation No. 191/PMK.010/2015 (PMK-191) on the revaluation of fixed assets in order to assist taxpayers when the thin capitalization rules are implemented).This regulation is applicable to those companies that
See MoreSlovenia: Changes to corporate income tax law enter into force
The amendments to the Corporate Income Tax Law were published on 3 November 2015, in the Official Gazette No. 83/2015. The Law entered into force on 4 November 2015. The amendments to the Corporate Income Tax Law include: - Implementation of
See MoreUkraine: Draft law proposed to introduce thin capitalization rules
Draft law No. 3357 on amending the Tax Code of Ukraine regarding tax liberalization was registered in the Ukrainian parliament on October 26, 2015. The draft law have proposed several tax measure including thin capitalization rules and distributed
See MoreSpain: Budget for 2016 contains important tax measures
The Spanish government gazetted the details of the Budget for 2016 on 30 October 2015, addressing some significant income tax measures. Corporate income tax Companies whose total annual income does not exceed EUR 75,000 and whose exempt annual
See MoreArgentina -new installment plan for settling tax debts
The Tax Authorities of Argentina have introduced a special installment plan regime General Resolution No. 3806/2015 to settle up tax debts, customs and social security debts. The regime initiates payment plans of up to 120 monthly installments at a
See MoreWorld Tax Brief: October 2015
Denmark Dividends: The Danish Minister of Taxation published a draft bill on 5 October 2015. This draft bill planned to relax the taxation of certain categories of outbound and inbound dividends in order to comply with European Union (EU)
See MoreRomania: Late payment interest and penalties concessions
Romania’s government in October 2015 issued an “emergency ordinance” that allows for the “cancellation” of penalties and interest imposed for the late payment of taxes. The Emergency Ordinance no. 44/2015 supports the general interest of
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