Ghana: 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 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 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 MoreIsrael: Draft amendment regarding CIT rate approved
The Ministerial Committee on Legislation has approved the proposal of the Prime Minister and Finance Ministry on 6th December 2015 to reduce the corporate income tax rate from 26.5% to 25% with effect from 1st January 2016. This draft amendment was
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreHungary-Proposed bill on reduction to the current bank surtax
The government of Hungary presented to the parliament on 24 November 2015, a bill proposing amendment to the special bank surtax applicable to financial institutions which was introduced in 2010 as a temporary measure and became permanent in
See MoreItaly: Draft Budget Law for 2016 Considered in Parliament
The Italian draft budget law for 2016 is currently under discussion. It is expected to be approved by 31 December 2015. A series of tax matters included in the draft budget one of which is the reduction of the corporate tax rate by 3 percentage
See MoreOECD: Institutions of Intergovernmental Fiscal Relations
A new publication in the series of OECD Fiscal Federalism Studies was issued on 18 November 2015 dealing with institutions of intergovernmental fiscal relations. These are the institutions that provide the framework for relations across different
See MoreUK: Finance (No 2) Act 2015 Receives Royal Assent
The Finance (No. 2) Act 2015 received the Royal Assent on 18 November 2015. The Act provides that the basic, higher and additional rates of income tax will not increase above their present levels in this parliament (i.e. until the next general
See MoreIsrael: Draft amendment to the ITO published for public comments
The Finance Ministry has published a draft amendment to the Income Tax Ordinance (ITO) on 22nd November 2015 for public comments. It provides a reduction of the corporate income tax rate from 26.5% to 25% as from 2016. The deadline for public
See MoreIndia: Government Press Release on phasing out the plan of deductions under the Income-tax Act
The Finance Minister in his Budget Speech for 2015 indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with the corresponding phasing out of exemptions and deductions. The Central Board of Direct
See MoreUK: Corporate tax rate in Northern Ireland to be reduced
As part of a political agreement reached on 17 November 2015 the corporation tax rate in Northern Ireland is to be reduced to 12.5% on trading profits by 2018. The power to set the corporation tax rate has been devolved to Northern Ireland by the
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 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 MoreArgentina-Double Tax Treaty with Switzerland enters into force
The new Double Taxation Treaty between Switzerland and Argentina will enter into force on 27 November 2015. The new treaty will be applicable from 1 January 2015. For taxes withheld at source the relief has become applicable from 2015. The new
See MoreBulgaria: Budget for 2016 published
The Finance Ministry (MoF) has published the Budget for 2016 on 26th October 2015. The MoF included the following measures in this budget: The income tax rate, withholding tax rate, and VAT rate will remain unchanged for 2016 through
See MoreRomania: Government planning to cut VAT on water supplies
The Romanian Government approved an urgent order on 27 October, 2015, aimed to enforce a reduction of value-added tax (VAT) for the supply of drinking water and water for irrigation. According to the Act, the VAT rate on supplies of water will be
See MoreThailand- Corporate tax rate of 20% becomes permanent
The Royal Cabinet of Thailand ruled on 13 October 2015 that the corporate income tax rate will be permanently kept at 20% effective from 1 January 2016. Previously the rate was reduced to 23% from 30% for the tax year 2012 and temporarily to 20% for
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