Czech Republic: Control form to counter VAT fraud to be postponed
The government has submitted a bill to parliament that would postpone the announcement of the "control form" to counter VAT fraud till 1st January 2017. Primarily, the filing requirement of the form applies with effect from 1st January 2016. The
See MoreSaudi Arabia-publishing of new Companies Law
The Ministry of Commerce and Industrial declared on 9 November 2015 that the new Companies Law (NCL) will come into force after 150 days of its publication in the Saudi Official Gazette. According to the new law only one shareholder will be able to
See MoreColombia: Update rules on general anti-avoidance rule (GAAR)
The National Tax Authority of Colombia (DIAN) in a recently published Ruling no: 25473 of 2015, pronounced on the general anti-avoidance rule provided under article 869 of the Tax Code. In accordance with sub-paragraph 4 of article 869 of the Tax
See MoreIreland’s Revenue published the Manual on role of the competent authority
On 9 November 2015, the Irish Revenue issued a manual regarding the role of the Irish competent authority in resolving international tax disputes and ensuring the correct allocation of taxable profits to Ireland. Mutual agreement procedures
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 MoreColombia: Incentives for investments in non conventional energy sources
On November 4, 2015, the Colombian National Government has released Decree 2143 of 2015, by which the fiscal and customary incentives for investments in non conventional energy sources are regulated, according to the outline of Law 1715 of 2014. For
See MoreNetherlands: Decree published on adjustment period for advance tax rulings issued
During the parliamentary debate on the Act implementing the changes Parent-Subsidiary Directive 2015 have been in the Memorandum relating to the report two indicated publish a policy decision on an adjustment period for advance tax rulings
See MoreIndia: No Transfer pricing adjustment when tax avoidance not possible
The Mumbai Bench of the Income-tax Appellate Tribunal in the case of: DCIT v. Tata Consultancy Services Ltd. (ITA no. 7513/2010), held that an Assessing Officer cannot “mechanically” refer a taxpayer’s international transaction to a Transfer
See MoreOECD: Harmonizing revenue statistics
Representatives of thirteen Asian Finance Ministries and tax administrations met on 14 and 15 October 2015 to consider a framework to increase the comparability of revenue statistics. The countries involved in the meeting were Cambodia, China,
See MoreOECD: Asia Pacific Regional Meeting on BEPS
An Asia Pacific regional meeting was held on 11 and 12 November 2015 to discuss the outcomes of the project on base erosion and profit shifting (BEPS) and their significance for the countries of the region. Representatives of seventeen regional
See MoreUK: Planned tax treaties and protocols
On 13 November 2015 the UK published a policy paper on planned tax treaty developments. The paper states that negotiations are to begin on double tax treaties with Nepal, Romania, Trinidad and Tobago and Uzbekistan. Work is also to be done on tax
See MoreIndonesia: Issued Regulation on Fixed Assets Revaluation
The Ministry of Finance (MoF) issued Regulation No. 191/PMK.010/2015 (PMK-191) on the revaluation of fixed assets in order to assist taxpayers when the thin capitalization rules are implemented).This regulation is applicable to those companies that
See MoreSlovenia: Changes to corporate income tax law enter into force
The amendments to the Corporate Income Tax Law were published on 3 November 2015, in the Official Gazette No. 83/2015. The Law entered into force on 4 November 2015. The amendments to the Corporate Income Tax Law include: - Implementation of
See MoreNetherlands: IMF report comments on fiscal and tax policy
The International Monetary Fund (IMF) has issued a report on the economy of the Netherlands following discussions under Article IV of the IMF’s articles of agreement. The recovery is stronger but growth will remain moderate at around 2% in 2015
See MoreUkraine: Draft law proposed to introduce thin capitalization rules
Draft law No. 3357 on amending the Tax Code of Ukraine regarding tax liberalization was registered in the Ukrainian parliament on October 26, 2015. The draft law have proposed several tax measure including thin capitalization rules and distributed
See MoreCzech Republic: Amendment to law on international cooperation in tax administration
The Government has submitted a bill to the Parliament on 10th November 2015 regarding changes to the law on international cooperation in tax administration. The Bill must be accepted by both chambers of the parliament and signed into law by the
See MorePortugal: Surcharge on personal income tax may reduce for 2016
The government of Portugal approved the plan to reduce the surcharge from 3.5% to 2.625% on personal income tax for the fiscal year 2016, on 5 November 2015, however it needs to get parliamentary approval to enter into force. If the parliament of
See MoreSpain: Budget for 2016 contains important tax measures
The Spanish government gazetted the details of the Budget for 2016 on 30 October 2015, addressing some significant income tax measures. Corporate income tax Companies whose total annual income does not exceed EUR 75,000 and whose exempt annual
See More