IMF: Fair Taxation in the Middle East and North Africa
The IMF published Staff Discussion Note 15/16 on 2 September 2015 dealing with the subject of fair taxation in the Middle East and North Africa (MENA). The notes look at how tax systems can contribute to meeting demands for greater fairness in the
See MoreOECD: Taxation of Small and Medium Enterprises
The OECD has issued a publication on the taxation of small and medium enterprises (SMEs) in OECD and G20 countries. The report examines tax policy and administration in relation to SMEs, noting that these firms generally represent more than 95% of
See MoreUK: HMRC Publishes Results of Large Business Panel Survey 2014
The results of the Large Business Panel Survey for 2014 have been published on HMRC’s website. The survey of large businesses was performed in late 2014 and early 2015. The aim was to track and assess the views of businesses on the services
See MoreIndia: No related-party relationship, despite substantial single-party purchases
In the case of: DCIT v. W.B. Engineers International Pvt. Ltd. (ITA No. 523/PN/2014, The Pune Bench of the Income-tax Appellate Tribunal upheld the findings of the Dispute Resolution Panel that because a taxpayer merely hold substantial
See MoreGermany: Ratification of Protocol to OECD Convention on Mutual Administrative Assistance in Tax Matters
Germany deposited its instrument of ratification on 28 August 2015 for the protocol to the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. It is anticipated that the agreement will enter into force on 1 December
See MoreECJ: decision on time of supply of services for VAT purposes
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the case of Asparuhovo Lake Investment Company. The case had been referred to the ECJ by the Administrativen sad in Bulgaria and concerned the time of the chargeable event
See MoreECJ: decision in Groupe Steria case on freedom of establishment
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the Groupe Steria case which concerned the application of the principle of freedom of establishment under EU law. In the relevant years the parent company of the group was
See MoreUkraine: Revises its Transfer Pricing Legislation
Ukraine has introduced changes to the Tax Code regarding transfer pricing. It was officially published on August 10, 2015, and came into force from August 11, 2015. As per the new law which came into force from August 11 2015, taxpayers are
See MoreAustria: Reduced VAT rate increase in 2016
Austrian government announced in the 2016 Budget that the reduced VAT rate will increase to 13% from 10% on the following services: Cultural events, including entrance to public museums and galleries Domestic air travel Sales of certain
See MoreCanada: Quebec Finance Minister considering sales tax increases
The Finance Minister in Quebec has stated that his Government is allowing for a 1% percent rise in the provincial sales tax. At present, the Quebec Sales Tax (QST) rate is 9.98%. The Government intentions to announce the changes in the next Budget.
See MoreNigeria: Safe harbour concept in the transfer pricing regulations
The transfer pricing regulations in Nigeria are formally known as the ‘Income Tax (Transfer Pricing) Regulations No 1, 2012”. These regulate contacts between connected taxable persons or controlled transactions. The objective of the
See MoreCanada: Prime Minister promises to improve mining tax credit
The Prime Minister of Canada has made a promise that if re-elected, his Government would prolong the mineral exploration tax credit for 3 years to 2019. As part of his election campaign, the Prime Minister also declared that his government would
See MoreLatvia: Government approves draft budget for 2016
The Latvian government has agreed on a number of tax measures within the framework of the draft Budget for 2016. The most significant matters regarding next year's budget are to increase the minimum wage to EUR 370, to implement the differentiated
See MoreWorld Tax Brief: August 2015
China Incentives for Small enterprises - China's State Council decided on August 19 to improve and extend the tax breaks available for small and micro enterprises. Small and low-profit enterprises are subject to enterprise income tax on 50% of
See MoreTransfer Pricing Brief: August 2015
Australia: Documentation requirement: The Australian Treasury has released exposure draft law on 6 August 2015 to implement the new OECD standards on transfer pricing documentation like master file which will include an overview of the
See MoreChile: Reporting process of indirect transfer of shares published
The Resolution No. 65 has been issued on 30th July 2015 and published on the tax administration's website. As described under article 10 and paragraph 3 of the Income Tax Law on about the indirect transfer of shares, this resolution controls
See MoreIndia: High Court Decision on Transfer Pricing Comparability
The High Court of Bombay issued its decision in the case of: CIT v. Garware Polyester Ltd on 23 June 2015. The decision concerns a situation where the scope of work accepted by the associated enterprise (AE) agent is wider than that of a comparable
See MoreNigeria: Convention on Mutual Administrative Assistance on tax matters entered into force
As amended by the 2010 protocol, the multilateral agreement on Mutual Administrative Assistance regarding tax matters has been entered into force on 1st September 2015 in Nigeria and it generally applies from 1st January
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