Netherlands: Additional amendments presents to the parliament for Tax Plan 2017
The State Secretary for Finance submitted additional amendments to the Tax Plan 2017 No. 34 522 to the lower house of the parliament on 3 November 2016. The major amendments are summarized below: Business operating cost Business expenses acquired
See MoreUK: First year allowance for low emission cars extended for three years
The UK government has announced its intention to introduce legislation as part of the Finance Bill 2017 to extend the period of application of the First Year Allowance (FYA) for companies purchasing low emission cars. The 100% FYA was originally
See MoreUK: Revised professional code of conduct to combat tax avoidance
On 1 November 2016 HMRC announced that seven leading tax and accountancy bodies in the UK have revised their Professional Conduct in Relation to Tax (PCRT) to emphasize that members of these professional bodies should not encourage tax avoidance
See MoreUK: Report highlights HMRC tax investigations of high net worth individuals
The UK’s National Audit Office has noted that the tax authority HMRC is currently pursuing around a third of the UK’s wealthiest people for a total of around GBP 1.9 billion in underpaid tax. The National Audit Office (NAO) is a watchdog that
See MoreUK: Statistics on funds raised through the EIS and SEIS
The schemes known as the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts for
See MoreOECD Issues BEPS Documents on Monitoring Mutual Agreement Procedures under Action 14
Action 14 of the OECD project on base erosion and profit shifting (BEPS) was concerned with making dispute resolution procedures more effective. The final report on Action 14 approved by G20 finance ministers in October 2015 outlined the minimum
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreUK: Statistics released on Venture Capital Trusts
On 20 October 2016 HMRC released statistics on Venture Capital Trusts. The tax regime for venture capital trusts (VCTs) provides that a VCT if correctly structured can obtain tax relief for the trust itself and for its investors. The VCT regime is
See MoreUK: Tax gap estimates published
On 20 October 2016 HMRC announced that the tax gap in the UK has fallen to GBP 36 billion or 6.5%, its lowest ever level. The latest figures released relate to the year 2014/15. The tax gap represents the difference between the amount of tax that
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreSlovak Republic: Tax law amendments proposed
A governmental package of proposed amendments on tax law has been submitted to the parliament and the changes are suggested to become effective from 1st January 2017. These changes needs to be approved by the parliament and signed by the President
See MoreHong Kong: The Inland Revenue Department clarifies the guidance on corporate treasury centre rules
The Inland Revenue Department issued the Departmental Interpretation and Practice Notes No. 52 (“Taxation of Corporate Treasury Activity”) which sets out the Department’s interpretation and practice in relation to the relevant provisions in
See MoreUK: Statistics on patent box tax relief
On 14 September 2016 HMRC released statistics on the uptake of the patent box legislation during the first year it was in force. The legislation went into effect in relation to profits earned after 1 April 2013 and is being phased in gradually with
See MoreUK: Date of Autumn Statement announced
The UK Chancellor of the Exchequer is to announce the Autumn Statement on 23 November 2016. The Autumn Statement is sometimes used to introduce new tax measures or to announce intended legislation for the following year's budget. Often draft
See MoreUK: Consultation on tackling the hidden economy
On 26 August HMRC launched three new consultations containing proposals to tackle the hidden economy. Comments are invited from interested parties by 21 October 2016. Hidden economy: extended power to collect data from money service
See MoreUK: Update on advance assurance for R&D tax relief
On 24 August 2016 HMRC held a webinar to provide an update on the advance assurance scheme for research and development (R&D) tax relief. The scheme which is aimed at small companies was launched in November 2015 and there have so far been more
See MoreOECD: Discussion draft on branch mismatch structures
On 22 August 2016 the OECD released a discussion draft on branch mismatch structures under Action 2 of the OECD report on base erosion and profit shifting (BEPS). Comments are invited from interested parties by 19 September 2016. The discussion
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