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 MoreChile: Tax authorities investigate taxpayers with companies in tax havens
On 4th April 2016, the tax authorities have announced that currently they are inspecting Chilean taxpayers owning companies located in tax havens, as a result of the "Panama Papers". This investigation aims to confirm the correct and full compliance
See MoreWorld Tax Brief: March 2016
Japan Main corporate tax rate: The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. Accordingly, The main corporation tax rate is to be reduced to 29.97% from 1 April 2016 to 31 March 2018, then to 29.74% from 1
See MoreCzech Republic: Website on electronic reporting of revenues of VAT launched
The General Tax Directorate announced a new website on 4th April 2016 devoted to electronic reporting of revenues: www.e-trzby.cz. The president signed the Bill on electronic reporting of revenues and reduction of VAT regarding catering services on
See MoreBulgaria: Supreme Court of Cassation issues interpretation of tax evasion
The Supreme Court of Cassation of Bulgaria has issued interpretative ruling No. 4 of 2016 regarding criminal misreporting and evasion of tax liabilities on 12th March 2016. It has been determined by the Court that in cases of misreporting and
See MoreTransfer Pricing Brief: March 2016
India: General rule for CbC reporting requirement: India has proposed in the 2016 Union Budget to introduce the country-by-country reporting rules pursuant to the OECD’s three-tier transfer pricing documentation approach. Multinational groups
See MoreGreece: Amended Transfer Pricing Penalty in Adjustment
The most important development that took place with regard to Greece’s transfer pricing regime was the enactment of Law 4337/2015 and inclusion of revised transfer pricing penalty in adjustment in new law. As per Law 4337/2015, additional tax
See MoreMalaysia: IRB is planning to introduce a Country-by-Country (CbC) reporting requirement
The Malaysian Inland Revenue Board announced plans to introduce a Country-by-Country reporting requirement and to update current local transfer pricing documentation requirements to include the Master File and Local File concepts, in line with
See MoreItaly: Tax Authorities Issue Regulation to Clarify APA Procedure
The director of the Italian Revenue Office (Agenzia delle Entrate) issued regulation no. 42295/2016 (the regulation) on March 21 2016 which contains provisions for the application of the rules on advance pricing agreements (APAs) for enterprises
See MoreTanzanian Requires Taxpayers with Related-Party Transactions Contemporaneous Transfer Pricing Documentation
The requirement for transfer pricing documentation has been in place since February 7, 2014 but the Tanzania Revenue Authority (TRA) had not previously enforced this requirement. TRA have started requesting transfer pricing documentation from
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 MoreUK: Final guidance on tax relief for irrecoverable peer to peer loans
Peer to peer (P2P) lending permits individuals and businesses to lend to each other through the intermediary of an internet platform. A traditional financial middleman such as a bank is not required as the platform acts as a conduit to arrange loans
See MoreIMF Technical Note Considers WTO Tax Rules
A technical note published by the IMF on 29 March 2016 considers to what extent the World Trade Organization (WTO) rules affect the freedom of policy makers to frame their tax policy. The paper entitled Is the WTO a World Tax Organization? A Primer
See MoreIMF considers fiscal policies for innovation and growth
The IMF’s Fiscal Monitor for April 2016 entitled “Acting Now, Acting Together” looks at fiscal policies for innovation and growth. Fiscal policy can promote growth in productivity by encouraging innovation. R&D incentives Fiscal policy
See MoreVenezuela: Primary sector income tax exemption published
Decree 2,287 that establishes an income tax exemption for income derived from agriculture, forestry, livestock, poultry, fisheries, aquaculture and fish farming activities was published in the Official Gazette and entered into force on 28th March
See MoreJapan approves tax reforms for 2016
The parliament (National Diet) on 29 March 2016 passed the tax reform for 2016. The main changes are set out below: Corporate income tax: The main corporation tax rate is to be reduced to 23.4% from 23.9% for taxable years beginning on or after 1
See MoreSingapore: Finance Minister presents the 2016 budget to Parliament
The Budget for 2016 was presented to Parliament by the Finance Minister on 24 March 2016. A summary of the Budget with regard to corporate taxation is set out below: Tax incentives: -Under the Productivity and Innovation (PIC) Scheme the cash
See MorePeru- guidelines published on corporate and personal income tax returns for tax year 2015
The Peruvian tax administration published on its website the guidelines (cartilla de instrucciones) for filing the corporate and individual income tax returns for tax year 2015. The guidelines are available as from March 2016. The guidelines clarify
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