UK: Regulations on Country by Country Reporting
The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 contain detailed regulation on country by country (CbC) reporting. The regulations provide the detailed procedure for CbC reporting in line with the
See MoreIndonesia: Reduced final withholding income tax rates on interest income
As per the new Regulation No. 123/2015 issued in late December 2015, final withholding income tax rates have been reduced on interest received or earned from deposits, savings or Bank Indonesia (BI) Certificate discounts, provided that the source
See MoreUK: deemed domicile for income tax and capital gains tax
The UK is currently conducting a consultation on measures changing the rules for non-UK domiciled individuals. The changes are to be included in the Finance Bill 2016 and are to take effect from 6 April 2017. Draft legislation has been introduced to
See MoreUK: Guidance on income tax exemption for trivial benefits in kind
Draft legislation on the income tax exemption for trivial benefits in kind is to be included in the UK Finance Bill 2016. Draft regulations have also been published to extend this exemption to benefits in kind provided to former employees and to
See MoreNew Zealand: IMF selected issues paper looks at tax changes
A selected issues paper published on 8 February 2016 was prepared by IMF staff as background to consultations in New Zealand under Article IV of the IMF’s articles of agreement. The paper notes that New Zealand’s economy has performed well in
See MoreUK: HMRC Publishes Statistics on Accelerated Payments Notices
The UK tax authority HMRC has noted in a press release of 8 February 2008 that more than GBP 2 million has been collected under the accelerated payments provisions. Under these provisions the users of tax avoidance schemes must pay tax up-front
See MoreIMF Technical Note on introducing a GAAR
On 31 January 2016 the IMF issued a technical note on ensuring that a general anti-avoidance rule (GAAR) achieves its purpose. Many countries have either introduced a GAAR or are considering its introduction, which the objective of combating
See MoreUK: Use and Impact of Venture Capital Schemes
On 3 February 2016 HMRC published a research study of the use and impact of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts. The research examined the incentive effects on investors of the two schemes; the impact on the ability of
See MoreEuropean Commission publishes Anti Tax Avoidance Package
The European Commission published its Anti Tax Avoidance Package on 28 January 2016. This package consists of the following main elements: Anti Tax Avoidance Directive The provisions of a proposed Anti Tax Avoidance Directive have been published
See MoreECJ: Advocate General’s Opinion on Surtax on Large Pensions
On 28 January 2016, the Advocate General of the European Court of Justice (ECJ) issued an opinion in Case C involving a supplementary tax on large pensions. The case was referred to the ECJ by the Supreme Administrative Court of Finland. The
See MoreUK: Changes to Employment Allowance
Following a consultation that closed on 3 January 2016 the UK is to implement changes to the conditions for eligibility for the employment allowance. This allowance reduces the liability for employer’s national insurance contributions and amounts
See MoreFrance-New tax and social security changes including mandatory e-filing of tax returns
The French Social Security Financial and Income Tax Bills of 2016 will bring changes to the countries income tax and social security rates and bands. Additionally, e-filing of returns will be mandatory for any individual earning in excess of EUR
See MoreUK: Memorandum of Understanding on Northern Ireland Corporation Tax
A Memorandum of Understanding on the Northern Ireland Corporation Tax (NICT) was published by HMRC and the Department of Finance and Personnel for Northern Ireland (DFPNI) on 7 January 2016. The transfer to the Northern Ireland Assembly of the
See MoreUK: Annual report on code of practice for banks
The Code of Practice on Taxation for Banks was published in December 2009. This voluntary Code of Practice was a non-statutory statement of principles on bank governance, openness and attitudes to tax planning. The larger financial institutions are
See MoreUK: Examples published to illustrate hybrid mismatch rules
On 22 December 2015 the UK published some examples as part of the guidance on the hybrid mismatch rules. The examples are intended to illustrate the operation of the rules in practice. The hybrid mismatch rules will implement in UK legislation the
See MoreUK: Scottish rate of income tax
On 16 December 2015 the UK updated its guidance on the Scottish rate of income tax. From 6 April 2016 people living in Scotland are to pay the Scottish rate of income tax at a rate of 10%. However the same overall rate of income tax will be paid as
See MoreUK: Consultation on changes to National Insurance Contributions
On 9 December 2015 the UK issued a consultation document proposing changes to Class 2 and Class 4 national insurance contributions. These are payments made by self-employed people in respect of entitlement social security benefits including the
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
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