Luxembourg: 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)
See MoreLatvia: Government planning to introduce solidarity tax
Latvian Finance Ministry recently declared a draft law regarding a new tax for high earners, to make the nation's flat tax regime more progressive. From 1 January 2016, employees earning over EUR 48 600 a year will pay a 4% solidarity tax on the
See MoreUruguay-Proposed Budget Bill for 2015-19
Uruguay’s government has submitted to the Congress the Bill of the National Budget for the years 2015 up to 2019 on 31 August 2015. If enacted the bill would make significant changes to the tax laws. According to the proposal, income derived from
See MoreUK: Research Report on Effect of the Annual Tax on Enveloped Dwellings
Although most residential property in the UK is owned directly by individuals in some cases the property is owned by a company or other corporate structure. The property can then be said to be enveloped in a corporate wrapper. Until 1 April 2013
See MoreCanada: Conservative party pledges payroll tax cut
The Prime Minister of Canada has declared that a re-elected conservative government would cut more than 20% payroll taxes in 2017. He promised that his government would not increase payroll taxes in the Canada Pension Plan (CPP) and also accused the
See MoreCanada: Quebec Finance Minister considering sales tax increases
The Finance Minister in Quebec has stated that his Government is allowing for a 1% percent rise in the provincial sales tax. At present, the Quebec Sales Tax (QST) rate is 9.98%. The Government intentions to announce the changes in the next Budget.
See MoreChile: Reporting process of indirect transfer of shares published
The Resolution No. 65 has been issued on 30th July 2015 and published on the tax administration's website. As described under article 10 and paragraph 3 of the Income Tax Law on about the indirect transfer of shares, this resolution controls
See MoreSouth Africa: SARS issues guide on valuation of assets for Capital Gains Tax purposes
The South African Revenue Service (SARS) has recently published an updated guide on the valuation of assets for capital gains tax (CGT) purposes. This guide provides general guidance on valuations. The guide issued by SARS does not go into the
See MoreBelgium: Parliament approved a new tax on banks and insurance companies
The parliament of Belgium approved a new tax on banks and insurance companies and will be effective as from assessment year 2016. The new tax will be imposed on credit institutions and insurance companies that exercise activities within the Belgian
See MoreRussia: Exemption from excise duties on export of excisable goods
The Russian Finance Ministry issued Letter No. 03-07-15/41049 on 16th July 2015 clarifying the application procedure for exemption from excise duties on export of excisable goods. On the basis of changes introduced by Federal Law No. 150-FZ,
See MoreUS: IRS Issues Notice 2015-54 Limiting Ability to Transfer Property to a Partnership Tax Free
The IRS and Treasury published Notice 2015-54 on August 6, 2015 modifying the rules applicable to the contribution of built-in gain property to a partnership. Under the Notice, a U.S. transferor is required to recognize any built-in gain on the
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