Israel: VAT rate reduced
A Ministerial Order was issued on 10th September 2015 regarding reduction of the VAT rate to 17% from 18%. This new rate will be effective from 1st October
See MoreFrance: New article on transfer pricing assessments and withholding tax relief for repatriated profits
A new Article L. 62 A of the French tax procedure code was published in the official bulletin on 2 September 2015. The article provided rules that efficiently establish the tax treatment of certain profits transferred abroad by French taxpayers, and
See MorePolish parliament approves new transfer pricing rules
The parliament approved a bill on 11 September 2015 including changes the transfer pricing rules regarding transactions between related parties. According to the bill a taxpayer that is part of a multinational corporate group with annual income or
See MoreUK: Research into company investment decisions
A research report on profit distribution and investment patterns of unlisted companies was published on the HMRC website on 17 September 2015. The quantitative and qualitative research looks at the reasons for company behaviour including tax
See MoreIreland explains approach to VAT and portfolio management services
Following the European Court of Justice (ECJ) decision in the Deutsche Bank case concerning the value added tax (VAT) treatment of portfolio management services the Irish Revenue issued an eBrief on 4 September 2015 to explain its approach to the
See MoreUS: Treasury Department and IRS Released Temporary Regulations and Proposed Regulations to Clarify the Arm’s Length Standard
The Treasury Department and IRS released for publication in the Federal Register Temporary regulations (T.D. 9738) on 15 September 2015 to clarify the arm’s length standard and the best method rule under Code section 482 and the regulations
See MoreOECD Issues Policy Framework for Investment
The 2015 edition of the OECD publication Policy Framework for Investment published on the OECD on its website on 14 September 2015 provides guidance on improving the environment for investment in a number of fields of policy. The publication
See MoreECJ: Advocate General issues an opinion involving dividend taxation and free movement of capital
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 10 September 2015 in the case of Pensioenfonds Metaal en Techniek v Skatteverket (Case C-252/14). The Supreme Administrative Court of Sweden had asked the ECJ for a
See MoreItaly: Extended the Statute of Limitation to Double in Criminal Tax Investigations
Italy has published the decree in the Official Gazette on 18 August 2015 on new anti-¬abuse rule and other measures to enhance legal certainty in tax matters. It became effective on 2 September 2015. The decree also modifies the rules on the
See MoreMexico: Tax reform proposal submitted to congress
The Mexican tax reform proposal presented to congress on September 8, 2015 which includes supplementary transfer pricing documentation requirements in line with the three-tiered approaches of Action 13 of the OECD like master file and local file
See MoreRomania: New fiscal code published addressing corporate tax regime amendments
Romanian government published the Law no. 227/2015 regarding the Fiscal Code on 10 September, 2015. The new Fiscal Code, coming into force in 2016 which brings the following amendments for the corporate and micro-enterprise income taxation
See MoreCanada: Conservative party pledges payroll tax cut
The Prime Minister of Canada has declared that a re-elected conservative government would cut more than 20% payroll taxes in 2017. He promised that his government would not increase payroll taxes in the Canada Pension Plan (CPP) and also accused the
See MoreSaudi Arabia: IMF comments on economic and fiscal position
The IMF issued a report on 9 September 2015 following the conclusion of consultations with Saudi Arabia under Article IV of its articles of agreement. Saudi Arabia has been one of the strongest growing G20 economies, but with the recent fall in the
See MoreNorway: IMF comments on economic and fiscal issues
The IMF has recently concluded discussions with Norway under Article IV of its articles of agreement and has issued a staff report and selected issues paper on aspects of the Norwegian economy. The mainland (non-oil) GDP growth was 2.2% in 2014,
See MoreRomania enacts new Fiscal Procedure Code
The Romanian tax authority has published the revised Fiscal Procedure Code in the Official Gazette no. 545 dated 23 July 2015. The existing Fiscal Procedure Code is being updated by Law 207/2015 implementing new provisions with respect to tax
See MoreUK: Research into motivators and incentives for voluntary disclosure
HMRC has published a report on the findings of a research project on drivers for taxpayer participation in voluntary disclosure opportunities. The project involved 38 interviews with taxpayers who had either disclosed voluntarily; been investigated
See MorePeru: Proposal for CGT exemption for certain transfers of shares
The President presented to the Peruvian Congress on 24 August 2015 a bill proposing temporary tax exemptions from capital gains tax arising from the transfer of shares carried out through the Lima Stock Exchange. To obtain the exemption certain
See MoreUK: HMRC research into business cycles and tax reporting
On 8 September 2015 HMRC published on its website research on understanding the impact of reporting cycles. This examined the business experience and compliance behaviour of small and medium sized enterprises (SMEs) and asked for information on the
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