Peru: Proposal for CGT exemption for certain transfers of shares

09 September, 2015

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

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Pakistan: Compulsory Electronic tax return Filing for Individuals

25 August, 2015

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

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UK: taxation of dividend income of individuals

20 August, 2015

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

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Kazakhstan: President signs a Law on pensions

06 August, 2015

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

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Peru: Notice on certificates of residence for claiming Double Tax Treaty benefits

28 July, 2015

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

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Hungary: Parliament approves tax laws for 2016

20 June, 2015

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

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UK: HMRC issues draft guidance on Scottish taxpayer status

11 June, 2015

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

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OECD/ G20 action plan on BEPS supported by G7 summit

10 June, 2015

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.

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Hungary: Proposals for tax law changes for 2016 submitted to Parliament

10 June, 2015

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

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UK: HMRC releases information on non-domiciled individuals

31 May, 2015

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

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UK government considers changes to taxation of non-domiciled individuals

26 May, 2015

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

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Romania: Government allows tax breaks for foreign investors

07 May, 2015

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

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Turkey: Personal Tax Allowances Increased

04 May, 2015

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

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Slovak Republic: Proposed amendments to tax legislation

30 April, 2015

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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Peru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares

29 April, 2015

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

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China: Publishes new annual corporate income tax return package

25 April, 2015

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

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Canada: Highlights of Pre-election Federal Budget 2015

21 April, 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

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Hong Kong: IRD Gazettes Inland Revenue (Amendment) (No. 2) Bill 2015

18 April, 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)

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