UK: Consultation on changes to Gift Aid scheme
Under the Gift Aid scheme the UK government effectively supplements a charitable donation by adding basic rate tax to the amount donated. The scheme is very valuable for UK charities as the government has added more than GBP 5 billion to charitable
See MoreUK: Consultation on taxation of benefits in kind under salary sacrifice schemes
On 10 August 2016 the UK issued a consultation document looking at possible effects of changing the way benefits apply when a benefit in kind is provided in relation to a salary sacrifice or flexible benefit scheme. The government is considering a
See MoreUK: Consultation on tax and national insurance on termination payments
Following a consultation earlier this year and consideration of the responses received HMRC has published a further consultation paper containing draft legislation on the taxation of payments received on termination of employment.. The government
See MoreUK: Statistics for Creative Industries Tax Relief
On 20 July 2016 the UK published updated statistics on claims for creative industry tax relief. The statistics include data for the film tax relief, high end television tax relief, animation tax relief and video games tax relief for periods up to
See MoreUK: Research report on intermediaries legislation
On 12 July 2016 HMRC published the results of research undertaken to understand the implications for employers and engagers if they are given responsibility for operating the intermediaries legislation. The intermediaries legislation combats tax
See MoreKenya presents budget for 2016-17
The Cabinet Secretary presented the budget for 2016-17 to the National Assembly on 8 June 2016. Some of the proposed measures as regards direct taxation are given below: Corporate taxation: Corporate tax rate decrease from 30% to 20% for developers
See MoreTanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
See MoreUK: Consultation on reforms to the intermediaries legislation for the public sector
The intermediaries legislation was introduced in the UK to ensure that people doing the same work for the same pay were liable to the same tax and national insurance contributions whether employed directly or working through an intermediary such as
See MoreUK: Consultation on changes to double tax treaty passport scheme
The UK imposes withholding tax of 20% on interest paid to overseas lenders. This rate is reduced under some double tax treaties and in this case HMRC can issue a notice directing the UK borrower to apply the reduced rate of withholding tax to
See MoreUK: Updated guidance on PAYE penalties confirms continuation of penalty easement
HMRC has issued updated guidance on penalties for late filing and non-filing of PAYE returns and how to avoid them. The revised guidance confirms that employers filing their full payment within three days after the due date will not have to pay a
See MoreIMF report comments on the economic situation in Bosnia
The IMF has reached a staff agreement with Bosnia and Herzegovina on an arrangement under the Extended Fund Facility and on 24 May 2016 published a press release including the statements of IMF staff teams. The economy of Bosnia is recovering and
See MoreSri Lanka: Proposals on corporate and individual tax rates in Budget 2016
Recently the Sri Lankan Inland Revenue Department (IRD) announced that the proposals made in Budget 2016 regarding corporate and individual tax rates. Main corporate income tax rate: As per the proposed revised Budget for 2016, a 28% tax rate will
See MoreOECD: Guidance on tax control frameworks
The OECD issued a publication entitled “Cooperative Tax Compliance: Building Better Tax Control Frameworks” during the meeting of the Forum on Tax Administration (FTA) on 9 to 11 May 2016. Enterprises must assess the accuracy and completeness
See MoreArgentina-Deadlines for filing tax returns for 2015 and for tax payments extended
In Argentina through General Resolution 3874 (AFIP),the deadlines for filing the 2015 Income Tax, Minimum Deemed Income Tax and Net Worth Tax returns by companies and certain individuals, as well as the payment of the resulting balance that was
See MoreUK: Enterprise Investment Scheme statistics
The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two important tax advantaged venture capital schemes in the UK. In addition to these two schemes there are other tax advantaged schemes such as the tax
See MoreOECD: Taxing Wages 2016
The OECD has published Taxing Wages 2016 which shows that tax on income from labor remained at 35.9% for OECD countries in 2015, the same as in the previous year. Before that the tax burden on labor had been rising for some years. The publication
See MoreTurkey: Annual weighted average interest rate for cash capital increase deduction announced
The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest
See MoreIsle of Man extends deadline for online filing of income tax returns
The Treasury department of the Isle of Man issued a press release on April 07, 2016 announcing that the deadline for the online filing of corporate and individual income tax returns has been extended to 11 April 2016. Primarily, the returns had to
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