Nigeria: FG to re-introduce excise duty
In accordance with the directive of ECOWAS council of ministers, the Federal Government (FG) will re-introduce excise duty on some goods manufactured in the country and excisable imported goods. Excise duty is a type of tax paid on goods
See MoreTurkey: General Communiqué No. 3 regarding APAs publishes in the official gazette
The General Communiqué No. 3 regarding application process of Advance Pricing Agreements (APAs) was published on December 7, 2017 in the official gazette. It was entered into force on the similar day of its publication in the official gazette. The
See MoreHungary: The reduction of VAT on foodstuff is ongoing
The Government's goal is to tax the most important foodstuffs with the lowest possible levels of Value Added Tax (VAT), and accordingly will continue to reduce the VAT on key foods in 2018. From January 1, 2018, the VAT on fish for consumption, pork
See MoreRussia: MoF clarification on application of thin capitalization rules in the context of tax treaties
Recently, the Ministry of Finance (MoF) issued a Guidance Letter (No. 03-03-06/1/87340) and clarified the application of domestic thin capitalization rules in the context of tax treaties. According to a statement by the MoF, interest paid by a
See MoreNew Zealand: Government drafting amendments to transfer pricing rule
On 14th February 2018 government announced that it will recommend a change to transfer pricing provisions in a bill designed to lessen tax avoidance by multinationals. This bill concerns the new rule to limit the rate of deductible interest on
See MoreCanada: MLI ratification process begins
The Parliamentary Secretary on behalf of the Minister of Foreign Affairs, Matt DeCourcey, had presented the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on January 31, 2018,
See MoreCzech Republic: Proposed amendments to income tax for 2019
Recently, Finance Ministry has published the first draft copy of the amendment to the Income Tax Act for comments. These amendments are supposed to be started from year 2019. The proposed personal income tax rate of 19% is 1.1% less than the present
See MoreSweden: Special rules apply to the taxation of certain shares and interests
Recently, the Swedish Tax Agency published a Guidance (No. 202 466593-17/111) provides that dividends and capital gains on unlisted shares in a foreign legal person are taxed at a reduced rate only if the taxpayer is a tax resident. Special rules
See MoreIMF Report Calls for More Efficient UK Economy
An IMF assessment of the UK economy published on 14 February 2018 concludes that the UK economy must become more efficient. The UK economy is being held back by uncertainty following the decision to exit the EU. The weaker pound has caused higher
See MoreUK: Consultation on extending assessment time limit for offshore cases
On 19 February 2018 HMRC issued a consultation document entitled ‘Extension of Offshore Time Limits’. This follows an announcement in the Autumn Budget 2017 that the time limit in relation to non-deliberate offshore compliance would be increased
See MoreUK: Review of the corporate intangible fixed assets regime
At the Autumn Budget in November 2017 the UK government announced a review of the corporate intangible assets regime. This regime introduced in April 2002 allows companies tax relief for the cost of acquisition of intangible fixed assets and
See MoreCanada: British Columbia issues draft budget 2018-19
The Finance Minister of British Columbia, Carole James, presented the province’s fiscal budget 2018-2019 on February 20, 2018. The summary of this budget is given below: A new child care program that makes care effectively free for some
See MoreOECD: Working paper on taxation of debt and equity of individuals
An OECD working paper written by M. Harding and M. Marten and issued on 15 February 2018 is entitled “Statutory tax rates on dividends, interest and capital gains: the debt equity bias at the personal level”. The paper presents tax rates on
See MoreCzech Republic: Cabinet approves ratification of BEPS MLI
The Cabinet of Czech Republic on February 14, 2018, approved ratification of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion
See MoreJamaica and five more countries sign MLI to implement tax treaty related BEPS measures
On 24 January 2018, the Ministers and high-level officials from Jamaica, Malaysia, Panama, Barbados, Côte d’Ivoire and Tunisia have signed the BEPS Multilateral instrument (MLI) to amend double tax treaties to bring into effect changes designed
See MoreNorway: Government publishes new guidance on MAP
The Norwegian Government published detailed taxpayer guidance on the mutual agreement procedure (MAP) framework set out in Norway’s tax treaties on 7th February 2018. It is an instrument which shall ensure that states apply the tax treaties
See MoreCanada: CRA announces prescribed interest rates for 2018
The Canada Revenue Agency (CRA) has announced the recommended annual interest rates for the first quarter (Q1) on December 15, 2017. It will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. The
See MorePlatform for Collaboration on Tax: Global Conference
The first Global Conference on Taxation and SDGs convened by the Platform for Collaboration on Tax (PCT) concluded in New York on Friday, 16 February 2018. The PCT brings together the key players in international organizations mandated to work on
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