Canada: 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 MoreTaiwan: Simplifies the conditions for the application of advance pricing agreement
The Ministry of Finance has simplified the conditions for the application of an advance pricing agreement (APA) and other procedural rules based on the amendments enacted on 6 March 2015. Accordingly, a taxpayer may apply for an APA if the total
See MoreColombian Tax Court rules on statute of limitations for penalties
In a recent court decision the Tax Court ruled on determining the statute of limitations for the tax authority to impose penalties. Article 638 of the Tax Code presents the statute of limitations for imposing penalties as a result of tax filing
See MoreEuropean Commission publishes Anti Tax Avoidance Package
The European Commission published its Anti Tax Avoidance Package on 28 January 2016. This package consists of the following main elements: Anti Tax Avoidance Directive The provisions of a proposed Anti Tax Avoidance Directive have been published
See MoreNigeria: Country-by-country reporting update
A Multilateral Competent Authority Agreement (MCAA) has been signed by Nigeria for executing the exchange of country-by-country (CbC) reports. This reports will include summary of income earned and tax paid, and the number of employees positioned by
See MoreECJ: Advocate General’s Opinion on Surtax on Large Pensions
On 28 January 2016, the Advocate General of the European Court of Justice (ECJ) issued an opinion in Case C involving a supplementary tax on large pensions. The case was referred to the ECJ by the Supreme Administrative Court of Finland. The
See MoreBahrain: IMF report comments on economic position
A statement issued by the IMF at the conclusion of consultations with Bahrain under Article IV of the IMF articles of agreement comments on the economic position. The low oil prices have lowered exports and fiscal revenues. Economic growth
See MoreUK: Digital communications research published
The UK tax administration HMRC plans to extend online tax accounts to all individuals and businesses paying tax in the UK. To prepare for this customer research was performed to look at the reaction of difference groups of taxpayers and to help in
See MorePakistan: IMF paper comments on the tax system
Following consultations with Pakistan under Article IV of its articles of agreement the IMF published a report and a selected issues paper on 12 January 2016. One of the matters examined in the issues paper is how to unlock Pakistan’s revenue
See MoreUK: Changes to Employment Allowance
Following a consultation that closed on 3 January 2016 the UK is to implement changes to the conditions for eligibility for the employment allowance. This allowance reduces the liability for employer’s national insurance contributions and amounts
See MoreOECD: Multilateral Competent Authority Agreement for exchange of CbC reports
On 27 January 2016 thirty-one countries signed a Multilateral Competent Authority Agreement for the automatic exchange of Country by Country (CbC) reports. The Agreement will facilitate speedy implementation of the CbC reporting requirement as set
See MoreUkraine: Cancelation of carry forward of excess advance corporate income tax on dividends
According to recent amendments to the Tax Code adopted on 24 December 2015, advance corporate income tax payments due upon distribution of dividends should be offset against the taxpayer's outstanding corporate income tax liabilities in the same tax
See MoreUkraine: State Fiscal Service issues guideline on reporting requirements for corporate taxpayers
The State Fiscal Service (SFS) issued Guidance Letter No. 102/7/99-99-19-02-01-17 on 4 January 2016 regarding clarification on reporting requirements for corporate taxpayers. Corporate taxpayers with annual turnover not exceeding UAH 20 million must
See MoreRussia: Amendment of tax law implements in 2016
In Russia, recently important tax laws were passed for corporate taxation from 2015 onwards, which will take effect from 2016. The major changes are given below: In 2016, an interest rate threshold from 75% to 125% for the Central Bank will apply
See MoreEcuador: Income tax rates for banana sector
According to a Presidential Decree issued on 30 December 2015, a single corporate income tax regime for the banana sector is established with rates that range from 0.50% to
See MoreGhana: IMF report comments on tax policy
Following the completion of a review of Ghana’s economic performance the IMF has published a report covering the economic outlook. The IMF considers the outlook for Ghana is difficult with downside risks. The fiscal consolidation target for 2015
See MoreChile: Details of administrative interpretation on CFC rules disclosed
The Circular 30 of the tax administration has been effected from January 1, 2016. It was published in the official gazette on May 14, 2015. The main features of the CFC rules are as follows: A controlled foreign entity exists where a Chilean
See MoreJapan: Cabinet Approves 2016 Tax Reform Proposal
The Japanese Cabinet approved the 2016 tax reform proposal (2016 Tax Reform) on December 24, 2015. The proposal contains modifications to Japanese transfer pricing (TP) documentation requirements. The modifications are based on recommendations in
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