Germany: Publishes social security contributions thresholds for 2017
The Federal Council approved the regulation concerning the thresholds for social security contributions for 2017 on 25 November 2016, which had been previously approved by the Federal Cabinet on 12 October
See MoreSlovak Republic: Tax law amendments approved
Suggested amendments to corporate income tax, individual income tax, transfer pricing and special levies in case of companies in regulated industries has been approved by the parliament on 23rd November 2016. The amendments have not yet been
See MoreArgentina: Income tax exemption announced
The Minister of Finance announced a future implementation of an income tax exemption on 22nd November 2016. The future implementation regarding income tax exemption is that second installment of the 13th month salary to be paid during December. In
See MoreBulgaria: Proposal to keep health insurance contribution rate at 8% for 2017
The Bulgarian Council of Ministers has submitted a proposal to the National Assembly on 31st October 2016 concerning the Act on the budget of the National Health Insurance Fund for 2017. In accordance with the proposal, the compulsory health
See MoreTanzania: Requirement for foreign nationals to obtain residence ID cards
The National Identification Authority (NIDA) of Tanzania has announced a rule for all foreign residents residing to obtain a residence ID card. It is assumed that this requirement will be needed to register with NIDA in order to get a residence card
See MoreNetherlands: Additional amendments presents to the parliament for Tax Plan 2017
The State Secretary for Finance submitted additional amendments to the Tax Plan 2017 No. 34 522 to the lower house of the parliament on 3 November 2016. The major amendments are summarized below: Business operating cost Business expenses acquired
See MoreUK: First year allowance for low emission cars extended for three years
The UK government has announced its intention to introduce legislation as part of the Finance Bill 2017 to extend the period of application of the First Year Allowance (FYA) for companies purchasing low emission cars. The 100% FYA was originally
See MoreUK: Revised professional code of conduct to combat tax avoidance
On 1 November 2016 HMRC announced that seven leading tax and accountancy bodies in the UK have revised their Professional Conduct in Relation to Tax (PCRT) to emphasize that members of these professional bodies should not encourage tax avoidance
See MoreUK: Report highlights HMRC tax investigations of high net worth individuals
The UK’s National Audit Office has noted that the tax authority HMRC is currently pursuing around a third of the UK’s wealthiest people for a total of around GBP 1.9 billion in underpaid tax. The National Audit Office (NAO) is a watchdog that
See MoreUK: Statistics on funds raised through the EIS and SEIS
The schemes known as the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts for
See MoreOECD Issues BEPS Documents on Monitoring Mutual Agreement Procedures under Action 14
Action 14 of the OECD project on base erosion and profit shifting (BEPS) was concerned with making dispute resolution procedures more effective. The final report on Action 14 approved by G20 finance ministers in October 2015 outlined the minimum
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreUK: Statistics released on Venture Capital Trusts
On 20 October 2016 HMRC released statistics on Venture Capital Trusts. The tax regime for venture capital trusts (VCTs) provides that a VCT if correctly structured can obtain tax relief for the trust itself and for its investors. The VCT regime is
See MoreUK: Tax gap estimates published
On 20 October 2016 HMRC announced that the tax gap in the UK has fallen to GBP 36 billion or 6.5%, its lowest ever level. The latest figures released relate to the year 2014/15. The tax gap represents the difference between the amount of tax that
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreSlovak Republic: Tax law amendments proposed
A governmental package of proposed amendments on tax law has been submitted to the parliament and the changes are suggested to become effective from 1st January 2017. These changes needs to be approved by the parliament and signed by the President
See MoreHong Kong: The Inland Revenue Department clarifies the guidance on corporate treasury centre rules
The Inland Revenue Department issued the Departmental Interpretation and Practice Notes No. 52 (“Taxation of Corporate Treasury Activity”) which sets out the Department’s interpretation and practice in relation to the relevant provisions in
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