Colombia: New regulation on late payment interest rate
The Financial Supervisory Authority of Colombia recently issued Administrative Regulation 0811 of 2016 about the late payment interest rate. According to the Regulation, the effective annual interest rate is 32.01% that applicable for late payment
See MoreVietnam increases penalty for tax fraud and evasion
The General Department of Taxation announced on 6 June 2016, an increase in the maximum penalty that may be imposed for tax fraud and evasion to VND 50 million. Further it announced an increase in the fines for lost or damaged tax invoices
See MoreEcuador: Tax measures to resolve crisis caused by natural disaster
The National Assembly of Ecuador approved the law containing provisional tax measures to help resolve the crisis caused by the natural disaster of 16 April 2016. Generally, the Law establishes that contributions introduced are non-deductible for
See MoreCzech Republic: Senate approves criminal code amendment
The Senate has approved an amendment on 27th April 2016 to the Criminal Code to the effect that even the act of preparing for tax evasion is a criminal offense. The amendment must be signed by the President for becoming law. The objective of this
See MoreUK: Public Accounts Committee publishes report on tackling tax fraud
The UK parliament’s Public Accounts Committee (PAC) has published the results of an inquiry into how the tax administration HMRC is tackling tax fraud. The report entitled Tackling Tax Fraud was published by the PAC on 15 April 2016. As part of
See MoreUkraine: No due regarding tax penalties
The State Fiscal Service (SFS) has recently published on its official website clarifications concerning situations when tax penalties relating to the 2015 tax year are not due. According to the transitional provisions of the Tax Code, no tax
See MoreColombia: New rules on penalties for failure to submit E-returns
According to published Ruling 4024 of 2016, the Colombian National Tax Authority declared the applicable rules for taxpayers having failed to submit tax returns electronically but being willing to correct the error voluntarily. In accordance with
See MoreBulgaria: Supreme Court of Cassation issues interpretation of tax evasion
The Supreme Court of Cassation of Bulgaria has issued interpretative ruling No. 4 of 2016 regarding criminal misreporting and evasion of tax liabilities on 12th March 2016. It has been determined by the Court that in cases of misreporting and
See MoreUK: Finance Bill 2016 Published
The UK Finance Bill for 2016 was published on 24 March 2016. The Bill contains tax measures announced in the Budget proposals on 16 March. Individual income tax As announced in the Budget the annual exempt amount for individual income tax is to
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 MoreECJ: preliminary ruling on interest on VAT refund
The European Court of Justice (ECJ) gave a preliminary ruling on 21 October 2015 in the Kovozber case. Reference had been made to the ECJ by the Regional Court of Kosice (Slovak Republic) for a ruling on the following issues: 1. Should the first
See MoreColombian Tax Court rules on statute of limitations for penalties
In a recent court decision the Tax Court ruled on determining the statute of limitations for the tax authority to impose penalties. Article 638 of the Tax Code presents the statute of limitations for imposing penalties as a result of tax filing
See MoreHungary: Tax amendments approved by parliament
The parliament of Hungary approved a bill on 17 November 2015 establishing some additional amendments to the country's current tax system. According to the approved bill a classification system will be introduced and companies will be classified as
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 MoreUK Urges Offshore Tax Evaders to Use Disclosure Facilities
The UK Financial Secretary to the Treasury is warning offshore tax evaders that the government will soon begin receiving information about UK taxpayers from more than ninety countries under the international agreement on automatic exchange of
See MoreCzech Republic: Ministry of Finance holds conference on countering tax evasion
The Finance Ministry held a conference on 18th November 2015 regarding tax evasion and measures taken to counter it. It was reported that because of intensifying the fight against tax evasion and avoidance, public revenues had increased. In
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 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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