Turkey: 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 MoreIndonesia: Reduced final withholding income tax rates on interest income
As per the new Regulation No. 123/2015 issued in late December 2015, final withholding income tax rates have been reduced on interest received or earned from deposits, savings or Bank Indonesia (BI) Certificate discounts, provided that the source
See MoreRomania: Proposed reduction of dividend tax from 2016
The Romanian government is planning to cut dividend tax from 2016. At present dividend payments are taxed at 16%. This rate will be reduced to five percent from January 1, 2016, rather than from January 1, 2017 as previously planned. The
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 MoreItaly: Introduces New Reduced Tax Regime for Self-Employed Individuals
Italy has introduced new reduced tax regime for Italian self-employed individuals and which will be effective from January 1, 2015. The self-employed individuals including entrepreneurs and sole traders will be entitled to new 15 percent fixed tax
See MoreBelgian Finance Minister Preserves Savings Tax Perk
The Belgian Finance Minister has clarified that the 15 percent favorable rate of withholding tax, levied on income derived from regulated savings deposits, is to remain in place despite a recent ruling from the country's Constitutional Court,
See MoreUnited Kingdom – Foreign income dividend claims
In a recent ruling, the England and Wales Court of Appeal issued a decision concerning the time limits for making foreign income dividend (FID) claims and “Manninen claims” in a test case for the FID and Tax Credit Group Litigation. The Court of
See MoreRomania: Amendment of income tax rate for severance payments
Romania now limits the individual income tax rate of 85% with respect to only particular severance payment. Previously it was imposed on employees who were in management position or to the members of a board of directors under an Ordinance
See MoreBrazil: Guidance Issued on the Pricing of Interest Bearing Transactions
The Brazilian Ministry of Finance has issued an ordinance 427/2013, On 2 August 2013, which finally define and clarifies the interest rate spread and that was mentioned but not specified in Law 12.766/2012. Under Ordinance 427/2013 where the
See MoreAzerbaijan: Exemption of interest from individual income tax on savings deposits
The Parliament of Azerbaijan approved Law No. 542-IVD on 28 December 2012. According to this law interest paid on saving deposits of individuals in banks and other credit institutions is exempt from individual income tax for the period of one year.
See MoreMalta: Taxation of directors’ fees clarified
The tax authority of Malta clarifies the tax treatment of fees received by non-resident directors from companies resident in Malta. For this clarification, Malta tax authority has released a guidance note. Where the company is a resident, income
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