Poland: Parliament adopts budget Law for 2017
The Council of Ministers presented to the parliament a draft Budget Law for 2017 on 30 September 2016. All along with the introduction of tax changes, different numbers of factors that have into force on budget revenues are envisaged. Corporate
See MoreOECD: multilateral competent authority agreement for exchange of CbC reports
On 19 October 2016 the OECD announced that five more countries have signed the multilateral competent authority agreement for the exchange of country by country reports. This brings the total number of signatories to 49. The latest signatories in
See MoreIreland: Finance Bill 2016
On 20 October 2016, Finance Bill 2016 was published. The most important of those measures are summarized below: Corporate tax A 20% withholding tax (WHT) deduction on property distribution to non-resident investors will be imposed on IREFs. The WHT
See MoreUK: Statistics released on Venture Capital Trusts
On 20 October 2016 HMRC released statistics on Venture Capital Trusts. The tax regime for venture capital trusts (VCTs) provides that a VCT if correctly structured can obtain tax relief for the trust itself and for its investors. The VCT regime is
See MoreUK: Tax gap estimates published
On 20 October 2016 HMRC announced that the tax gap in the UK has fallen to GBP 36 billion or 6.5%, its lowest ever level. The latest figures released relate to the year 2014/15. The tax gap represents the difference between the amount of tax that
See MoreMexico: Amendments of transfer pricing rules
Mexico’s Tax Administration Service (SAT) on July 14 published two important transfer pricing rules in the Third Resolution on Amendments to the Omnibus Tax Bill for 2016. Rule No. 3.9.5 of Resolution on Amendments to the Omnibus Tax Bill for 2016
See MoreFederal government of Belgium reached agreement on tax measures
On 15 October 2016, in a press briefing details of several tax measures were presented regarding an agreement reached by the government. The most important measures include: an increase of the standard rate of withholding tax on dividends,
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreMalta: Budget for 2017 at a glance
On 17 October 2016, the Budget for 2017 was presented to the parliament. Details of the tax measures included in the Budget, which are yet to be implemented through legislative amendments and guidelines, are following: Taxation Income tax on
See MoreSlovak Republic: Introduction to country-by-country reporting
The legislative bodies of Slovakia has issued a bill amending Act No. 442/2012 Coll. on international assistance and cooperation in tax administration that introduces the country-by-country (CbC) reporting obligation in Slovakia. The draft
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreAustria: Budget Bill submitted to lower house of parliament
The Budget Bill was submitted to the lower house of the parliament on 12 October 2016. The most important fiscal measures are summarized below: -Tax incentives will be introduced for investments in entities established for the financing of small
See MoreLuxembourg: Draft law presented for 2017 budget
On 12 October 2016, the Luxembourg government presented a draft law for the 2017 budget. The draft law includes some new tax measures applicable from 2017 which are summarized below. Despite the fact that the work on Actions 8-10 of the OECD/G20
See MoreUruguay-tax measures included in approved accountability Bill
The Chamber of Deputies of Uruguay approved the accountability bill on 5 October 2016 after it was modified by both the deputies and the senators' chambers. According to the approved accountability bill the adjustment for inflation for corporate
See MoreColombia: 32.99% effective annual interest for late payment of tax due
According to a recently published administrative regulation 1233 of 2016, the Financial Supervisory Authority of Colombia provided the effective annual interest rate applicable in the case of late payment of taxes. The late payment interest rate is
See MoreAustralia: Draft taxation ruling on timing for PE
On 12 October 2016, the Australian Taxation Office (ATO) released for comment Draft Taxation Ruling TR 2016/D2 that provides guidance on applying the participation test in Subdivision 768-A when working out whether an equity distribution received by
See MoreOECD research considers the effectiveness of carbon tax and emissions trading
A report released by the OECD on 26 September 2016 entitled Effective Carbon Rates: Pricing CO2 through Taxes and Emission Trading Systems suggests that current carbon prices are not high enough to reduce greenhouse gas emissions. The research also
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
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