France: Draft Finance Bill 2016
The draft Finance Bill for 2016 has been presented in France. According to the proposals the income tax-exempt threshold will be increased to EUR9,700 (USD10,840). For income above this threshold the income tax rates will be reduced. The tax rates
See MoreEgypt- Reduced Tax Rates published in the Official Gazette
Decree Law No. 96 for 2015 amending Income Tax Law No. 91 for 2005 was published in the Official Gazette No. 24.bis for 2015 on 20 August 2015. The main changes are summarized below: 1) The standard corporate tax rate is reduced from 25% to 22.5%
See MoreThailand: Tax incentives for international headquarters
To promote the location of headquarters in Thailand the Board of Investment has introduced a new program. According to the program there will be relief from corporate income tax (0% on non-Thai source income from services, royalties, and dividends,
See MoreRomania enacts new Fiscal Procedure Code
The Romanian tax authority has published the revised Fiscal Procedure Code in the Official Gazette no. 545 dated 23 July 2015. The existing Fiscal Procedure Code is being updated by Law 207/2015 implementing new provisions with respect to tax
See MorePeru: Proposal for CGT exemption for certain transfers of shares
The President presented to the Peruvian Congress on 24 August 2015 a bill proposing temporary tax exemptions from capital gains tax arising from the transfer of shares carried out through the Lima Stock Exchange. To obtain the exemption certain
See MorePakistan: Compulsory Electronic tax return Filing for Individuals
The Federal Board of Revenue announced via Notification S.R.O. 791 (I) /2015 on 10 August 2015, that all individuals earning taxable salary income must file their income tax returns electronically. This will be effective from tax year 2015
See MoreUK: taxation of dividend income of individuals
On 17 August 2015 the UK tax authority HMRC issued a fact sheet explaining the new rules for taxation of dividends received by individuals. With effect from April 2016 the current dividend tax credit is to be scrapped and a dividend allowance of
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 MorePeru: Notice on certificates of residence for claiming Double Tax Treaty benefits
On 3 July 2015 the Tax Authority of Peru issued Notice 094-2015 specifying certificates of residence status for claiming Double Tax Treaty benefits. According to the Peruvian law withholding will be required when an expense is accrued or when a
See MoreHungary: Parliament approves tax laws for 2016
The Parliament of Hungary approved a package of previously announced tax law changes for 2016 on 16 June 2015. According to the approved Bill the personal income tax rate will reduce from 16% to 15%. The tax allowance for individuals raising two
See MoreUK: HMRC issues draft guidance on Scottish taxpayer status
The UK tax authority HMRC has issued for consultation draft technical guidance on the definition of a Scottish taxpayer for the application of the Scottish rate of income tax which was introduced by the Scotland Act 2012. The rate will be charged on
See MoreOECD/ G20 action plan on BEPS supported by G7 summit
The Leaders’ Declaration issued at the end of the G7 summit on 8 June 2015 reaffirmed the commitment of the G7 leaders to finalizing the recommendations of the OECD/ G20 action plan on base erosion and profit shifting (BEPS) by the end of 2015.
See MoreHungary: Proposals for tax law changes for 2016 submitted to Parliament
The Government of Hungary recently submitted to the Parliament certain proposals concerning amendments to the tax law which will become effective from 2016. However certain changes regarding corporate income tax would take effect as from 2015. The
See MoreUK: HMRC releases information on non-domiciled individuals
The UK tax authority HMRC has released some statistical information on non-domiciled individuals in response to a request made under the legislation on freedom of information. Individuals who are not domiciled in the UK may elect to pay UK tax on
See MoreUK government considers changes to taxation of non-domiciled individuals
The second UK budget for 2015 planned for 8 July 2015 could include changes to the UK tax rules for non-domiciled individuals. Non-domiciled individuals can elect to pay UK income tax on the remittance basis so that UK tax is only paid on foreign
See MoreRomania: Government allows tax breaks for foreign investors
With the aim of encouraging start-up business, the government of Romania has approved a new law to introduce tax relief for foreign venture capitalists. The new law will be applicable to foreign individuals who were previously unconnected with the
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 MoreSlovak Republic: Proposed amendments to tax legislation
The Slovak Republic has proposed changes in the tax legislation including corporate income tax, personal income tax and value added tax. The amendments should come into force from 1st January 2016. The changes are summarized below: Corporate
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