UK: Consultation on strengthening sanctions for tax avoidance
On 22 July 2015 the UK government issued a consultation document containing detailed proposals for strengthening the penalties for tax avoidance. The closing date for comments on this consultation document is 14 October 2015. Serial avoiders’
See MoreUK: Consultation on improving large business tax compliance
On 22 July 2015 the UK tax authority HMRC launched a consultation on improving large business tax compliance. In the 2015 budget the UK government stated its intention to open a consultation on the measures that could be taken to improve tax
See MoreUK: HMRC issues consultation document on intermediaries legislation
On 17 July 2015 HMRC issued a consultation document on the intermediaries legislation (IR35). The intermediaries legislation was first introduced in 2000 to combat tax avoidance through intermediaries such as personal service companies. The
See MoreUK: HMRC launches consultations on penalties for offshore non-compliance
On 16 July 2015 the UK tax authority HMRC launched consultations on penalties for non-compliance in relation to offshore income and assets. The consultation papers consider options for strengthening civil penalties for tax evasion involving hiding
See MoreUK: HMRC publishes research report on use of offshore disclosure facilities
On 15 July 2015 HMRC published a research report on behavioral factors influencing the use of offshore disclosure facilities. The research was conducted by interviews with agents handling offshore disclosure cases; in this case those involved with
See MoreRussia: Federal Council accepts amendments on CFC rules
The Russian Federation Council has accepted draft law, No. 714002-6 on 3rd June 2015 that contains changes to the Controlled Foreign Company (CFC) rules and the tax residency idea. It was signed by the President and officially published on 8th June
See MoreCanada: Corporate tax measures enacted
Bill C-59 has received its first reading on 7th May 2015 implementing certain measures announced in the 2015 federal budget. These measures will not be applicable until after the upcoming federal election expected in October 2015. The enacted
See MoreAustralia: tax cuts for small business
According to the Budget the government of Australia is to decrease the income tax rate for small companies to 28.5 per cent with an aggregated annual turnover of less than AUD 2 million. Companies with an aggregated annual turnover of AUD 2 million
See MoreBangladesh: New Tax Provisions in Finance Bill 2015 Passed by Parliament
The Bangladesh Parliament passed the Finance Bill 2015 on June 29, 2015 with some changes in the tax provisions. The Finance Minister has increased the minimum amount of income tax for individuals residing in Dhaka and Chittagong. This year the
See MoreRussia: Corporate tax rate freeze
The Russian President has stated that tax rates will be frozen for the next four years and has indicated that he wants to encourage new and growing businesses. The Government also has a plan to announce investment incentives for existing
See MoreMauritius signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters
On 24 June 2015 the OECD announced that Mauritius has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention provides a framework for cooperation between tax authorities to exchange tax information,
See MoreIceland Modifies Transfer Pricing Rules
Iceland's Parliament has approved a Bill on 15 June 2015 amending article 57 of the Icelandic Income Tax Act No. 90/2003 setting out transfer pricing rules. According to the Bill entities with turnover or total assets exceeding ISK 1 billion need
See MoreUK: HMRC issues PAYE penalty notices
The UK tax authority HMRC announced on 17 June 2015 that it has issued the first in-year PAYE penalty notices to employers of fewer than fifty employees who did not send PAYE details to HMRC on time. HMRC is concentrating on the more serious
See MoreMauritius: Signing of MOU with South Africa
South Africa and Mauritius have signed a memorandum of understanding (MOU) on 22 May 2015. Following the signature of the MOU the revised Double Taxation Agreement between the two countries is expected to become effective from 1 January 2016. To
See MoreWorld Tax Brief: May 2015
Indonesia Incentives: On 6 April 2015, the government grants regulation (GR) No. 18 of 2015 (GR 18/2015) regarding the income tax incentive facilities available for investments in specified business sectors and regions. This regulation is
See MoreUK: Penalties for late individual tax returns waived
According to UK media reports the tax authority HMRC has decided to write off the GDP 100 penalty for late filing of the individual tax return for 890,000 people. This decision reportedly relates to the individual income tax returns for the year to
See MoreUK: bad debt relief on peer to peer lending
In the Autumn Statement for 2014 delivered in December 2014 the Chancellor announced a package of measures in support of peer to peer lending and crowdfunding platforms. The reforms are intended to modernize the regulations and tax rules. One of the
See MorePeru: New law on tax incentives for medium-sized, small and micro enterprises
In Peru, Law 30327 providing tax incentives for medium-sized, small and micro enterprises was published in the Official Gazette on 21 May 2015. According to the new law medium-sized, small and micro enterprises are now subject to tax under the
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