Israel: 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
See MoreSouth Africa: Finance Minister proposes to increase capital gain tax rate in Budget 2016-2017
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 18.6% to 22.4%. The rate will be
See MoreTurkey: R&D reform package enters into force
The Law No. 6676 on the Research and Development (R&D) Reform Package was published in Official Gazette on February 26, 2016 and will be entered into force on March 1, 2016. It enhances the opportunity of R&D incentives under the Income Tax
See MoreTurkey: Communiqué regarding pre-filled online tax returns published
Tax Procedure Law General Communiqué No. 470 that concerns pre-filled online tax returns pertaining to certain types of income has been published in the Official Gazette of February 25, 2016. The Communiqué aims to improve the opportunity of
See MoreThailand-Program for tax audit protection for SME taxpayers
The government of Thailand recently released an emergency decree providing a “tax audit exemption program” which has become effective and available to taxpayers beginning in 2016. According to the program, any kind of tax examination, inquiry,
See MoreUK: Parliamentary Committee launches inquiry into corporate tax system
The UK Parliament’s Treasury Select Committee has launched an inquiry into the UK corporate tax system, covering tax policy and the tax base. Written evidence has been requested by 31 March 2016. The terms of reference include the making of tax
See MoreRussia: Amendments to CFC rules entered into force
The president of Russia has signed Federal Law No. 32-FZ on February 15, 2016 that amends the СFC provisions. This Law has published on 15th February 2016 and will enter into force on 1st January 2017. For bank loans that will already be exempt
See MoreRussia: Amendment in thin capitalization rules passed
Federal Law No. 25-FZ amending the thin capitalization rules was passed by the Parliament on 15 February 2016. As per the amended thin capitalization rules, interest on loans from banks and Russian companies will not be subject to the thin
See MoreMalaysia: Tax incentives for companies participating in the MY Carbon programme
The Finance Ministry has approved tax incentives on 18 February 2016 for companies participating in the National Corporate Greenhouse Gas Reporting Programme for 2015 and 2016 (MY Carbon programme) said Natural Resources and Environment Minister of
See MoreVenezuela: Tax plan to fight tax evasion, avoidance and fraud announced
The President has announced six general economic measures including a tax plan naming "Tax Revolution" in order to fight tax evasion, tax avoidance and tax fraud on February 17, 2016. One of the declared tax measures is the outline of an electronic
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
See MoreLatvia: Amending tax law on Micro-Enterprise entered into force
The amendment tax law regarding Micro-Enterprise has entered into force on January 1, 2016. Under the amendments, with effect from 1 January 2017, Micro-enterprise whose annual turnover- EUR 0 – 7,000 the rate is 5%; EUR 7,000.01 – 100,000,
See MoreTurkey: Clarifications to Corporate Tax Law General Application Communiqué declared
The website of the Revenue Administration published Corporate Tax Communiqué No. 9 (regarding clarifications to the Corporate Tax Law General Application Communiqué of 3 April 2007) on February 11, 2016. This measure has not yet been published in
See MoreRussia: Amendments to CFC rules adopted by lower chamber
The lower chamber of the parliament has passed in the third reading the draft Federal Law No. 724609-6 amending the thin capitalization rules on 29th January 2016, which was submitted to the lower chamber of the parliament on 14th December 2015. It
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