Czech Republic: Income Tax Law amendment submitted to parliament
It has been reported that the government submitted an amendment to the Income Tax Law to the parliament which presents corporate and individual income tax changes. The bill must be approved by both chambers of the parliament and signed into law by
See MoreKazakhstan: Bill regarding social health insurance sent to Senate
A bill about compulsory social health insurance contributions has been introduced and was sent to Senate on 8th October 2015. This bill is about a new social health insurance system to be launched from 2017. In calculating social health insurance
See MoreKazakhstan: Electronic VAT invoice
The State Revenue Committee has published a press release on 8th October 2015 for describing the system of electronic VAT invoice. A new digital registration system was announced from 1st July 2014 qualifying taxpayers to issue VAT invoices
See MoreKenya: Budget for 2015-16
The Finance Bill for 2015-16 was passed as the Finance Act on 15 September 2015 in Kenya. The following changes were made to the main Budget measures prior to enactment: The corporate tax rate for a special economic zone enterprise, developer or
See MoreOECD: BEPS Package approved by G20 Finance Ministers
The G20 Finance Ministers at their meeting of 8 October 2015 gave strong support to the final package of measures produced by the OECD action plan on base erosion and profit shifting (BEPS). They repeated their commitment to a rapid and consistent
See MorePakistan: IMF discusses fiscal and tax policy
On 6 October 2015 the IMF held a conference call on completion of the eighth review of Pakistan’s economic performance under an EFF arrangement. The IMF considers that Pakistan’s economic performance has been generally positive under the program
See MoreECJ: Request for preliminary ruling on apportionment of expenses for VAT deduction
Many businesses make some supplies that are VAT exempt and the input tax relating to these supplies cannot be deducted in the VAT return. If a business is making both exempt and taxable supplies the input tax relating to the exempt supplies cannot
See MoreFinland: Government planning to remove sugar tax
The Government of Finland will remove tax on sugary foods from 2017 in response to a ruling by the European Commission. Sugar tax was introduced in Finland in 2011 and applies to sweets, soft drinks, juices and ice cream at the rate of Eur 0.95 per
See MoreUN Committee of Tax Experts to discuss issues related to UN Model
The UN Committee of Experts on International Cooperation in Tax Matters is to meet from 19 to 23 October 2015. Their agenda includes discussion of issues relating to the UN Model Tax Convention; and the next update of the UN Practical Manual on
See MoreUK: Consultation on draft Regulations on country by country reporting
On 5 October 2015 the UK issued draft Regulations in relation to country by country reporting, along the lines of the recommendations made in the OECD action plan on base erosion and profit shifting (BEPS). The aim is to require multinational groups
See MoreKazakhstan: List of representative offices of foreign states and organizations published
Generally, a VAT refund is possible for both resident and non-resident taxable persons registered in Kazakhstan for VAT purposes. There is an exception to this rule in the case of representative offices. Representative offices are only eligible
See MoreNorway Fiscal Budget for 2016 Presented to the Parliament
Norway Fiscal Budget for 2016 was presented to the parliament on 7 October 2015. A reduction of the corporate income tax rate from 27% to 25% has been proposed in the budget. The application of the participation exemption with regards to dividends
See MoreOECD announces final package of BEPS measures
On 5 October 2015 the OECD presented the final package of measures resulting from the action plan on base erosion and profit shifting (BEPS). The package of measures based on the fifteen action points is to be presented to the G20 Finance Ministers
See MoreTransfer Pricing Brief: September 2015
Ukraine: Comparable uncontrolled price method (“CUP”): As per the new law which came into force from August 11 2015, taxpayers are allowed to use Comparable Uncontrolled Price (“CUP”) method only with reference to the prices on the
See MoreWorld Tax Brief: September 2015
Australia Sanctions for tax evasion: The Government of Australia announced double the maximum administrative penalties that can be applied by the Commissioner of Taxation to large companies that enter into tax avoidance and profit shifting
See MoreRussia: Wheat export duty amended
The Russian Government has amended the method for calculating wheat export duty that was in force from 1st July 2015. The government has increased the deductible portion of the wheat export duty from 5,500 rubles ($83.9) to 6,500 rubles ($99.1)
See MoreSpain: Partial amendments of general tax law
Spain has published the official Gazette regarding partial amendments of general tax law which was amended on 22 September, 2015 as a Law no.34/2015. The Law will enter into force on 12 October 2015 except for the obligation to keep specific
See MoreNew Zealand: Inland Revenue revises its guidance on APA
Inland Revenue recently updated its guidance on the Advance Pricing Agreement (APA) application process and published a list of steps aiming to standardize the process. Agreements can be required from Inland Revenue alone (unilateral) or between
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