UK: HMRC releases information on non-domiciled individuals
The UK tax authority HMRC has released some statistical information on non-domiciled individuals in response to a request made under the legislation on freedom of information. Individuals who are not domiciled in the UK may elect to pay UK tax on
See MoreOECD Publishes Economic Survey of Slovenia for 2015
The OECD has published its Economic Survey of Slovenia for 2015. The survey notes that in pursuit of fiscal consolidation Slovenia has increased value added tax (VAT) and raised excise duties on alcohol, tobacco and fuel. The automatic indexation of
See MoreUK government proposes legislation to freeze income tax rate
On 27 May 2015 the UK government’s legislative program for 2015/16 was announced in the traditional Queen’s Speech at the opening of parliament. The program includes proposed legislation to prohibit increases in the rates of income tax,
See MoreZambia: IMF comments on fiscal policy
The International Monetary Fund (IMF) issued a press release on 22 May 2015 following discussions with Zambia under Article IV of its articles of association. Although Zambia has strong growth potential economic growth has slowed. Growth was down
See MoreEuropean Commission re-launches plan for common tax base in the EU
On 27 May 2015 the European Commission moved to re-launch the idea of a Common Consolidated Corporate Tax Base (CCCTB) in the European Union (EU). This was announced after the College of Commissioners held an orientation debate on measures aimed to
See MorePeru: New law on tax incentives for medium-sized, small and micro enterprises
In Peru, Law 30327 providing tax incentives for medium-sized, small and micro enterprises was published in the Official Gazette on 21 May 2015. According to the new law medium-sized, small and micro enterprises are now subject to tax under the
See MorePhilippines: IMF comments on economic and fiscal policy
The International Monetary Fund (IMF) has issued a statement at the conclusion of its discussions with the Philippines under Article IV of its articles of association. The economic outlook is favorable in spite of weaker global growth. Real GDP is
See MorePoland: Draft Regulation Introducing Amendments Based on BEPS Documentation Requirements
The Polish Ministry of Finance published a draft regulation on 27 April 2015 which introduced amendments on transfer pricing documentation in line with the requirements of the OECD/G20 action plan on base erosion and profit shifting
See MoreUS: Legislation on Permanent Research and Development Tax Credit
The US House of Representatives has passed legislation that would simplify and strengthen the research and development tax credit and has included the provision in the US tax code. Companies conducting their development programs will be able to
See MoreJapan: IMF comments on economic and fiscal position
The IMF has issued a concluding statement at the end of discussions with Japan under Article IV of its articles of association. The IMF report notes that the positive signs in the Japanese economy need to be built upon by working to end the
See MoreTurkey: Unilateral APA updated
The tax administration has announced that it has concluded preparations for conclusion of a unilateral Advance Pricing Agreement (APA) between the tax administration and a taxpayer. According to the 5th paragraph of article 13 of the transfer
See MoreGreece: Finance Minister Announces Tax Amnesty Plans
The Finance Minister of Greece Mr. Yanis Varoufakis has announced his intention to introduce a bill to allow taxpayers to declare funds held abroad without incurring penalties. Any funds declared under the amnesty will be taxed at rates of 15 to 20
See MoreUK government considers changes to taxation of non-domiciled individuals
The second UK budget for 2015 planned for 8 July 2015 could include changes to the UK tax rules for non-domiciled individuals. Non-domiciled individuals can elect to pay UK income tax on the remittance basis so that UK tax is only paid on foreign
See MoreEU: Plans for digital single market published by European Commission
On 6 May 2015 the European Commission published a document entitled “A Digital Single Market Strategy for Europe” outlining a plan for coordinated action to take advantage of opportunities for innovation, growth and jobs brought about by the
See MoreFrance: IMF comments on fiscal policy
The International Monetary Fund (IMF) issued a concluding statement on 19 May 2015 following its regular discussions with France under Article IV of the IMF’s articles of agreement. The IMF considers that although France is making a solid
See MoreNigeria: System allowing electronic tax payment
The Federal Inland Revenue Service has announced an e-tax system that permits taxpayers to make electronic remittances. All taxes and levies payable to the tax administration in Nigeria can be paid by using this new
See MoreCzech Republic: IMF comments on economic and fiscal position
The International Monetary Fund (IMF) issued a press release on 20 May 2015 containing a concluding statement after a visit by staff to the Czech Republic for discussions under Article IV of its articles of association. The economy of the Czech
See MorePoland: IMF discusses economic and fiscal position
The International Monetary Fund (IMF) issued a press release on 18 May 2015 containing the concluding statement at the end of discussions in Poland under Article IV of its articles of association. Poland’s economic growth reached 3.5% in the
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