Kazakhstan: Capital gains resulting from transfer to charter capital of legal entity are exempted
The State Revenue Committee published a press release on 1st April 2016 describing the amendments to the taxation of property transactions conducted by individuals. According to the release, the amendments were introduced by Law No. 412-V of 18
See MoreCanada: Transition rules, HST rate for New Brunswick
The government of New Brunswick has published general descriptions of the transitional rules for the proposed rate of harmonized sales tax (HST) from 13% to 15% and it will be effective from 1st July 2016. Businesses across Canada and non-resident
See MoreWorld Bank: Emissions trading and carbon taxes
Om 8 March 2016 the World Bank held a conference with over thirty developed and developing countries on the challenges of using carbon prices to reduce emissions of greenhouse gas. World Bank initiatives such as the Carbon Pricing Leadership
See MoreOECD Working Paper looks at Environmental Taxes and Inequality in Income Sources
An OECD Working Paper published in February 2015 explores the relationship between environmentally related taxes and inequality in income sources. The paper looks at whether there is any difference between countries that have implemented
See MoreUK: IMF report and selected issues paper look at property taxation
The IMF has published a staff report and a selected issues paper following the conclusion of consultations with the UK under Article IV of the IMF’s articles of agreement. The UK economy has been growing steadily and growth is set to continue at
See MoreCanada: Increased HST rate in New Brunswick
In New Brunswick the rate of harmonized sales tax (HST) for companies that do business in the province is to increase from 13% to 15% with effect from July 1, 2016. New Brunswick announced this HST rate increase in its 2016
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
See MoreCanada: Tax measures regarding New Brunswick’s 2016 budget
The 2016-17 provincial budget of New Brunswick which was presented on 2nd February 2016. It includes measures as follows: The province’s rate of harmonized sales tax (HST) has increased from 13% to 15%; Increase the corporate income tax rate
See MorePoland: President signs into law the bill on Tax on Financial Institutions
Poland's President has signed into law a Bill on the Tax on Financial Institutions which was published in the Official Journal on 15 January 2016. According to the law the tax rate will be 0.0366% of the taxable base and the tax will be charged on
See MorePartial agreement reached on EU financial transaction tax
On December 8, 2015, 10 EU Member States have issued a joint statement on the proposal to introduce a financial transaction tax (FTT) setting out areas on which agreement has been reached and areas which are not yet agreed. Estonia, which was
See MoreLuxembourg: Circular on Reduction of Net Worth Tax
The Luxembourg administration for direct taxes published Circular on 19 November 2015 regarding the reduction of the net worth tax. In order to obtain the tax reduction, a company must allocate a portion of its profits of a tax year to a reserve
See MoreRussia: FATCA compliance for national banks
The Central Bank of Russia has published a letter No. 1245/2568 on 13th November 2015 for describing the process of how Russian financial institutions (RFI) should apply the Foreign Account Tax Compliance Act (FATCA). In accordance with Federal
See MoreIndia: Progressive Refund Process, Exports of services
In India Exporters of services are now entitled to claim a refund of the unused central value added tax credit of service tax / duties paid with respect to the procurement of goods and services that are used for the export of output
See MoreMali: IMF Report on Local Taxation
Following the conclusion of the work of a technical assistance mission on fiscal policy the IMF has compiled a report containing technical advice for the Mali authorities. The report dated July 2015 has been published on the IMF website. The report
See MoreSpain: Council of Ministers approves solar power tax
The Council of Ministers of Spain has approved the controversial solar power tax on October 9, 2015. Tax will be imposed on the self-supply of electricity generated by privately owned solar panels. The tax will be introduced in the next six months
See MoreGhana: VAT obligation for mortgage providers and operators
The government of Ghana has issued a statement regarding new VAT obligations for mortgage providers and operators in the real estate and construction sector. Under the statement, the sale of each unit of immovable property by an estate developer is
See MoreFinland: Government planning to remove sugar tax
The Government of Finland will remove tax on sugary foods from 2017 in response to a ruling by the European Commission. Sugar tax was introduced in Finland in 2011 and applies to sweets, soft drinks, juices and ice cream at the rate of Eur 0.95 per
See MoreRussia: Wheat export duty amended
The Russian Government has amended the method for calculating wheat export duty that was in force from 1st July 2015. The government has increased the deductible portion of the wheat export duty from 5,500 rubles ($83.9) to 6,500 rubles ($99.1)
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