Bulgaria: Bill to amend tax laws gazetted
A bill that amends the Corporate Income Tax (CIT), Value Added Tax (VAT), Personal Income Tax, local taxes and fees has been published in the State Gazette on 8th December 2015 and these amendments will be effective from 1st January 2016. This
See MoreUK: Consultation on draft regulations for Innovative Finance ISA
The UK government has published in draft form the Individual Savings Account (Amendment No 2) Regulations 2016 introducing a new type of Individual Savings Account (ISA) called the Innovative Finance ISA. Comments on the draft legislation may be
See MoreUK: Consultation on Companies Excluded from the Employment Allowance
The Employment Allowance introduced in 2014 allows most businesses a deduction of GBP 2,000 a year (GBP 3,000 a year from April 2016) from their liability for employers’ national insurance contributions. With effect from April 2016 the Employment
See MoreUK: Proposed Tax Measures in Autumn Statement
The Autumn Statement was delivered on 25 November 2015 and the following tax measures were announced: Apprenticeships levy With effect from April 2017 an Apprenticeships Levy will be introduced at a rate of 0.5% of total payroll and will be
See MoreEgypt: Clarification guideline with respect to corporate taxation
The Egyptian Tax Authority published Guideline No. 28 for 2015 on 12 November 2015. The Guideline clarifies certain issues with respect to changes introduced by Decree Law No. 96 for 2015 which amended Income Tax Law No. 91 for 2005. The most
See MoreSouth Africa: SARS issues revised guide on the determination of medical tax credits
The South African Revenue Service (SARS) has issued a revised Guide on the Determination of Medical Scheme Fees Tax Credits and Additional Medical Expenses Tax Credits. This guide provides general guidelines regarding the medical scheme fees tax
See MoreMexico: The tax reform package for 2016 published in the Official Gazette
Mexico published the tax reform package for 2016 including amended Federal Tax Code and Income Tax Law in the Official Gazette on 18 November 2015. The tax reform will be applicable from 1 January 2016.According to the tax reform package the main
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 MoreUK: Autumn Statement May Include Measures to Combat Tax Avoidance
On 25 November 2015 the UK Chancellor of the Exchequer is to announce fiscal measures for 2016/17 in the annual Autumn Statement. The proposals will be formulated against a backdrop of lower tax receipts and higher borrowing than expected, and the
See MorePortugal: Surcharge on personal income tax may reduce for 2016
The government of Portugal approved the plan to reduce the surcharge from 3.5% to 2.625% on personal income tax for the fiscal year 2016, on 5 November 2015, however it needs to get parliamentary approval to enter into force. If the parliament of
See MoreKazakhstan: Senate adopts bill introducing mandatory social health insurance
The Senate has adopted a bill on 29th October 2015 that introduces mandatory social health insurance contributions. It was sent to Senate on 8th October
See MoreSingapore publishes e-Tax Guide on tax treatment of gains from the disposal of investments by insurers
Recently, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 27 October 2015, which explains how the rules stated in the case of: Comptroller of Income Tax v. BBO ( SGCA 10) (BBO case) are applied to determine the
See MoreUK: Updated guidance on the Scottish rate of income tax
On 27 October 2015 the UK published updated guidance on the Scottish rate of income tax that becomes effective from 6 April 2016. The Scottish Parliament is empowered to set a tax rate that is different from the rate applicable in the rest of the
See MoreKazakhstan: Amendment to the deductibility of charitable donations
The Senate has passed a bill on 22nd October 2015 that changes the deductibility of charitable donations. In accordance with the bill, the deduction of charitable donation by companies and individual entrepreneurs will be limited to the following
See MoreSouth Africa: SARS issues revised tax guide for foreign workers
The South African Revenue Service (SARS) has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. The guide addressed the point that foreigners working in South Africa are only
See MoreRomania: Proposed reduction of dividend tax from 2016
The Romanian government is planning to cut dividend tax from 2016. At present dividend payments are taxed at 16%. This rate will be reduced to five percent from January 1, 2016, rather than from January 1, 2017 as previously planned. The
See MoreMalaysia: 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
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