Peru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares
In Peru changes have been made to the income tax regulations regarding financial derivatives and the tax basis on indirect transfers of Peruvian shares through Supreme Decree No. 088-2015-EF on 18 April 2015. The changes became effective as from 19
See MoreChina: Publishes new annual corporate income tax return package
State Administration of Tax issued Annual Corporate Income Tax Return Package of People's Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014
See MoreCanada: Highlights of Pre-election Federal Budget 2015
The Finance Minister delivered the Government’s 2015 pre-election federal budget on 21st April 2015. The tax highlights in the 2015 budget are given below: From the beginning of 2015, the limit for annual contributions to a tax-free savings
See MoreHong Kong: IRD Gazettes Inland Revenue (Amendment) (No. 2) Bill 2015
The Inland Revenue (Amendment) (No. 2) Bill 2015 was gazetted on 17 April, 2015. The Bill seeks to amend the Inland Revenue Ordinance (Cap. 112) to implement the concessionary revenue measures proposed in the 2015-16 Budget. These include: (a)
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
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 MoreEgypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
See MoreNigeria: Reduced withholding tax rate regarding construction activities
The withholding tax rate has reduced from 5% to 2.5% which is applicable to all aspects of building, construction, and related activities. But for survey, design, and deliveries this withholding tax rate remains 5%. This withholding tax rate effects
See MoreSouth Africa: SARS Issues Draft Tax Interpretation Notes On HQs, Currencies
The South African Revenue Service has issued two draft tax interpretation notes for public comments regarding special tax relief for the regional headquarter companies of foreign multinationals, and on the application of foreign-currency conversion
See MoreOECD to present BEPS action plan developments to the G20 Finance Ministers
The OECD is to give a presentation on the project on base erosion and profit shifting (BEPS) to the G20 Finance Ministers when they meet on 9 and 10 February 2015. The OECD has agreed with the G20 countries on three important elements that will move
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 MoreECJ Rules in Favor of UK on Cross Border Loss Relief
The European Court of Justice (ECJ) has ruled in favor of the UK on cross border loss relief, rejecting a challenge by the European Commission and generally following the earlier opinion of the Advocate General. The European Commission had suggested
See MoreUS: Budget Proposals for 2016 Bring Changes to the US Internal Revenue Code (IRC)
US fiscal Budget proposals for 2016 have brought some changes to the Internal Revenue Code (IRC) with respect to tax administration and compliance. The key proposals include: Restricted deductions of excessive interest expenses by members of
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 MoreTaiwan: Individual Income Tax Modified
The Legislative Congress in Taiwan passed an amendment to article 15 of the Income Tax Act on 6 January 2015 which allows partners to calculate their income and subject themselves to individual income tax separately. The new regime retrospectively
See MoreCanada: Deadline for interest payment on family income-splitting loans
The interest payment deadline on family income-splitting loans for 2014 is on 30th January 2015 given that the attribution rules not apply to investment income earned on the loans. The suggested interest rate for family loans continues at the lowest
See MoreNigeria: Reduction of taxes on transfer of property
The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor's consent in respect of
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