Vietnam: Publishes Guidance on Tax Administration
Circular 110/2015/TT-BTC was issued on 28 July 2015 and provides guidance on tax administration and compliance by electronic means. The Circular replaces earlier Circulars 35/2013/TT-BTC and 180/2010/TT-BTC, and includes guidance on tax
See MoreChina: Tax incentives for small and low-profit enterprises
On August 19, State Council of China decided to improve the tax breaks available for small and low-profit enterprises. Small and low-profit enterprises can pay their income taxes at the rate of 20% with following conditions: any industrial
See MoreUK: Film tax credit gains EU approval
The UK’s enhanced tax relief for film production has gained EU approval under its State aid rules. This enhanced 25% film tax credit was announced in the pre-election budget in March 2015 subject to approval by the EU. A film can claim the tax
See MoreRomania: Parliament confirmed VAT rate cut to 20% 2016
The Romanian Parliament yesterday agreed the standard VAT rate would be reduced from 24% to 20% on 1 January 2016. The rate would be reduced again to 19% in January 2017. The Government plan to cut VAT rate 19% in 2016 but IMF and EU was opposed to
See MoreUK: taxation of dividend income of individuals
On 17 August 2015 the UK tax authority HMRC issued a fact sheet explaining the new rules for taxation of dividends received by individuals. With effect from April 2016 the current dividend tax credit is to be scrapped and a dividend allowance of
See MoreAustralian Taxation Office releases GAAR guidelines
The Australian Taxation Office released for comment a draft practice statement PS LA 2005/24 which deals with the application of the general anti-avoidance rules (GAAR) in Part-IVA of the Income Tax Assessment Act 1936 on 13 August 2015. This Draft
See MoreCanada: CRA releases annual MAP report
The Canada Revenue Agency (CRA) has published its 12th annual report regarding its Mutual Agreement Procedure (MAP) programme. The report gives the objective, history, and present events of the MAP programme for the period from 1st April 2014 to
See MoreBulgaria-Greece: Tax dispute established
Bulgaria has greeted a pledge from Greece to revoke its tax withheld on Greek business transactions in Bulgaria. Prior this year, Bulgaria had requested that the European Commission challenge Greece's decision to announce a 26% withholding tax on
See MoreSpain: IMF conference call considers tax policy issues
On 14 August 2015 the International Monetary Fund (IMF) published the transcript of a conference call held to clarify issues arising from the discussions with Spain under Article IV of the IMF’s articles of agreement. As Spain’s public debt is
See MoreUK: Increase in tax cases going to litigation
The number of tax disputes going to litigation in the UK has hit record levels, with the number of tax cases waiting to go to a tribunal more than doubling over the last five years. The statistics for 2014 show that there were 29.566 appeals to the
See MoreSaudi Arabia: IMF comments on economic and fiscal policy
On 17 August 2015 the International Monetary Fund (IMF) issued a report following the conclusion of consultations with Saudi Arabia under Article IV of the IMF articles of agreement. Real GDP growth is estimated to slow to 2.8% in 2015 and to 2.4%
See MoreKazakhstan: Tax treatment liabilities provided by non-resident’s head office
The State Revenue Committee of Kazakhstan has issued a Letter No. КГД-07-3-ЮЛ-Е-14-КГД-14754 on 15th July 2015 regarding tax treatment of bad debts provided by a non-resident company's head office to its Kazakh branch. In accordance with
See MoreColombia- Tax haven transactions subject to transfer pricing regime
The National Tax Authority of Colombia published Ruling 20776 of 2015 according to which transactions carried out with tax haven jurisdictions in tax year 2014 are subject to the transfer pricing regime. According to article 260-7 of the Tax Code
See MoreSingapore: Corporate Tax Filing for 2015
The Inland Revenue of Singapore (IRAS) has reminded all companies to file their income tax returns for the 2015 assessment year by 30 November 2015. This is the first year that all companies in Singapore have the e-filing facility. All companies are
See MoreCosta Rica Introduces arm’s length price principle
The Bill No. 19,679 dated 12 August 2015 was submitted to the Legislative Assembly to introduce the arm's length principle to further develop the transfer pricing rules via regulations. The Bill No. 19,679 dated 12 August 2015 was submitted to the
See MoreSpain: IMF comments on fiscal and tax policy
A selected issues paper published by the IMF on 14 August 2015 covers among other matters the challenge of coordination between national and regional levels of government in relation to fiscal consolidation. As significant taxing powers have been
See MoreTreaty between Argentina and Chile – Chilean guidelines issued on treatment of shipping companies following termination of treaty
The tax authority of Chile issued Order No. 1757(the Order) on 6 July 2015 according to which Chilean shipping companies are obliged to pay income tax under the provisions of article 59 of the Income Tax Law whenever operating with Argentina. Also
See MoreArgentina-Deadline for issuance of VAT electronic invoices and records
The tax administration of Argentina published General Resolution No. 3,793 in the Official Gazette on 10 August 2015. According to the resolution 31 March 2016 is the deadline for the electronic issuance and storage of VAT receipts by taxpayers
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