Malaysia: Budget 2016
The Malaysian Prime Minister announced Malaysia's 2016 budget on 23 October 2015 highlighting some tax measures including corporate and personal income taxation changes. Corporate taxation A special reinvestment allowance of 60% of qualifying
See MoreKazakhstan: Bill regarding social health insurance sent to Senate
A bill about compulsory social health insurance contributions has been introduced and was sent to Senate on 8th October 2015. This bill is about a new social health insurance system to be launched from 2017. In calculating social health insurance
See MoreKazakhstan: President signs a Law on pensions
The President has signed a law on 4th August 2015 to amend the process of obligatory pension contributions and budget funded state pension payments. The main amendments are given below: Employers Employers are obliged to withhold from salary and
See MoreTurkey: Personal Tax Allowances Increased
Law no. 6645 has been published in the official gazette on 23rd April 2015. The law amends the individual income tax law. Article 8 of this law raises the minimum living allowance rate approved for the third child to 10% from 5%. The basic
See MoreUK: Budget Announcements for 2015/16
The UK budget announcements were delivered on 18 March 2015. The detail of the announcements is as follows: Business tax measures As already announced the UK corporation tax rate is 20% from 1 April 2015. The budget announcements include the
See MoreVenezuela: Monthly minimum salary increases
The President has declared an increment in the monthly minimum salary (MMS) from VEF 4,889.11 to VEF 5,622.47 on 21st January 2015, and it should have been applicable as from 1st February 2015. But, the Decree announcing the increase has not yet
See MoreOECD: report on encouraging entrepreneurship
In December 2014 the OECD published a study entitled “The Missing Entrepreneurs 2014: Policies for Inclusive Entrepreneurship in Europe”. This looks at the possibilities for entrepreneurship and self-employment for groups in Europe that are
See MoreSpain: Amendment of Social Security Contribution Rules
Spain amended the social security contribution rules through the Ministerial Order ESS/86/2015 of 30 January 2015. The Order implements the social security contribution rules established in the Budget Law for 2015, including unemployment, protection
See MoreGCC average salaries in 2015 are set to rise 5% as per latest pay forecast
Salaries of GCC countries are set to rise next year as per the pay forecast of Hay Group, the global management consultancy. The forecast is based on over 1,600 organizations representing 1 million employees in the GCC countries. It shows that the
See MoreUS: Four Charitable Tax Breaks for 2014
“America Gives More Act of 2014” has been passed in the House on July 17, by the vote of 277-130. Two old charitable giving tax breaks that have expired and two new ones have passed the House, leaving charities delighted. Among the Four
See MoreNigeria: New system regarding pension plan has enacted
The Legislation has signed into law that provides new measures for a contributory pension plan system in Nigeria. The new law naming “Pension Reform Act, 2014” repeals a 2004 law, and provides for a high threshold number of employees for
See MoreRussia: Withholding tax for pensions has reimbursed under certain situations
The Federal Law that adopts the amending tax code has entered into force with effect from June 24, 2014. On the basis of Federal Law No. 166-FZ, pensions paid to individuals under non-state pension insurance agreements signed by their employers with
See MoreChile: Claim for education tax break rise of 16%
Chile's Internal Revenue Service (SII) reported that 284,494 taxpayers have claimed a tax rebate for expenses regarding children’s education this year, an increase of 16% from previous year. The total amount claimed was CLP25.45bn (USD45.84m),
See MoreCanada -Australia ITT regarding income of employee on a short-term secondment
The Australian Taxation Office has published Interpretative Decision ATO ID 2014/20 on May 30, 2014 regarding the income of a non-resident individual engaged by a resident employer resident in Canada is taxable in Australia despite that the employee
See MoreNew Zealand Funding Increased Tax Compliance Drive
The Inland Revenue Department (IRD) is to receive an additional NZD132m in government funding over five years to increase its tax compliance drive. Some of this is for investing in compliance enforcement, while some will cover tax that must be
See MoreIreland – Car Tax Breaks for Disabled Persons
Ireland has announced that from the end of this year it is to abolish the excise duty relief relating to the fuel portion of the Disabled Drivers and Disabled Passengers scheme. This is a consequence of a decision of the European Court of Justice,
See MoreSpain to Bill Firms Directly For Social Security Contributions
The Social Security Administration in Spain is to commence directly invoicing employers in respect of monthly social security bills, instead of relying on employers to deduct the contributions from wages on a monthly basis. The invoice will be
See MoreSouth Africa: Details of Pensions and Savings Changes
In two new papers South Africa has given further detail on the tax free savings products and reforms to retirement pensions that were announced in the 2014 budget. In respect of retirement reform the government intends to implement a system of
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