UK: 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 MoreIMF comments on tax policy of Lithuania
Following a visit to Lithuania from 6 to 12 September 2016 for consultation on economic developments the IMF has issued a press release setting out its preliminary findings. Lithuania’s economic activity is expanding and GDP growth is expected to
See MoreVietnam: Publishes Circular on tax incentives
The Ministry of Finance (MoF) on 17 June 2016, issued Circular No. 83/2016/TT-BTC which provided guidance on the implementation of investment tax incentives with regard to corporate income tax, import tax and non-agricultural land use tax. The key
See MoreArgentina: Publishes significant tax changes
On July 22, 2016, Law 27,260, with special incentives for Argentine taxpayers businesses to report previously unreported foreign and domestic assets, was published in the Argentine Official Gazette. The law includes modifications to various tax
See MoreIMF to support economic reform in Bosnia
On 9 September 2016 the IMF issued a report in relation to Bosnia’s economy following the granting of funds under the Extended Finance Facility to support a more competitive economy to attract investment and create private sector jobs. Bosnia has
See MoreUK given powers to introduce public CbC reporting
The UK Government has accepted a cross-party backbench amendment to Finance Bill 2016 which gives HM Treasury powers to introduce public country-by-country reporting. The amendment allows, but does not compel, HM Treasury to bring forward
See MoreChina: New changes of TP regulations
SAT Bulletin No. 42 published on July 13, 2016 has replaced the existing transfer pricing documentation regulations in Circular Guoshuifa No. 2, known as Circular 2. As per Bulletin 42, two parties will be considered related if they have “other
See MoreFrance-announcement of decrease in income tax rates in 2017 Budget
The government of France announced that the current corporate income tax rate of 33.33% will be reduced in the 2017 fiscal Budget. Starting from 2017, a lower rate of 28% will be applicable to small and medium-sized enterprises (SMEs) for profits
See MoreUK: HMRC survey of mid-sized businesses
n 25 August 2016 HMRC published the results of a survey of mid-sized businesses. This covers the types of business dealt with by HMRC’s Mid-Size Business Unit. These businesses are seen by HMRC as a distinct group owing to their contribution to
See MoreRussia: New version of draft law on BEPS Action 13 implementation issued
The Finance Ministry has issued a new version of the draft law on 6th September 2016 regarding BEPS Action 13 implementation. The draft law proposes the following topics: BEPS related compliance: Documentation requirement: Master file: As per the
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 MoreG20 leaders comment on tax policy
The final communiqué from the G20 summit held in Hangzhou, China on 4 and 5 September 2016 began by noting that although the global economy is recovering from the crisis growth is still relatively weak. New sources for growth are emerging but
See MoreTurkey: Draft General Communiqué on Corporate Tax Law issued
The Revenue Administration of Turkey has issued a draft General Communiqué No. 11 on 6th September 2016 regarding Corporate Tax Law (Law No. 5520) on its website. The draft was published in Official Gazette No. 29796 on 9th August 2016. It results
See MoreBrazil: Private ruling published in the Official Gazette on transfer pricing resale price method
Private Ruling 63/2016 published in the Official Gazette of 31 August 2016 clarified that under the transfer pricing resale price method, the fixed profit margins apply according to the economic sector of the legal entity. In the case of resident
See MoreTransfer Pricing Brief: August 2016
Greece: Documentation requirement: As per the bill approved by the Ministry of Finance on 27 July 2016, the General Secretary of Public Revenue may exempt very small enterprises from the submission of transfer pricing documentation. Documentation
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
See MoreWorld Tax Brief: August 2016
UK Incentives: On 20 July 2016 the UK publishes 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
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