Chile: Tax administration clarifies income tax treatment from bonds and other debts instruments
The tax administration has issued Ruling 604 of 25th February 2015 that describes income tax treatment derived by non-residents from bonds and other debt instruments. Article 1 of Law 20, 780 to article 11 of income tax law has introduced amendments
See MoreGeorgia: IMF report recommends tax increases
The IMF has released a concluding statement at the conclusion of a staff visit to Georgia. The Georgian economy has been hit recently by some economic shocks resulting from the international situation affecting its trading partners and as a result
See MoreNigeria: IMF comments on fiscal policy
On 4 March 2015 the IMF issued a press release on the conclusion of consultations with Nigeria under Article IV of the IMF’s articles of agreement. Nigeria’s economy has grown strongly over the past decade at an average of almost 7% per annum
See MoreIMF comments on Malaysia’s economic position
On 13 February 2015 the IMF executive board concluded consultations with Malaysia under Article IV of the IMF’s articles of agreement. The report indicates that the Malaysian economy has recently performed well. Economic growth was 5.9% in 2014
See MoreECJ: Advocate General issues an opinion on exit tax and freedom of establishment
On 26 February 2015 the Advocate General of the European Court of Justice (ECJ) issued an opinion on an issue concerning a particular type of exit tax and the EU principle of freedom of establishment. The Financial Court of Düsseldorf referred a
See MoreSpain: Council of Ministers approves second chance mechanisms
The Council of Ministers has approved on 28 February, 2015 the “Royal Decree Law on second chance mechanisms and the reduction in the financial burden, and other measures of a social order”. The Royal Decree includes several measures on
See MoreOECD study on the distributional effects of consumption taxes
A study recently released by the OECD on the distributional effects of consumption taxes in OECD countries is a result of a joint venture between the OECD and the Korean Institute of Public Finance. Recent OECD research has shown that there are
See MoreIMF comments on Latvian fiscal policy
IMF staff released a statement on 2 March 2015 at the conclusion of their visit to Latvia under Article IV of the IMF’s articles of agreement. The statement comments on Latvia’s fast progress to recover from the financial crisis and its prudent
See MoreOECD publishes latest study on consumption tax trends
The latest edition of the OECD study on consumption tax trends has been published. The OECD study covers the general taxes on goods and services such as VAT and sales tax plus the taxes on specific goods and services such as insurance premium tax,
See MoreTransfer Pricing Brief: February 2015
France Penalty for Documentation FailureThe Finance Act, 2015 provides that for tax audits initiated from 1 January 2015 penalties for inadequate documentation are the higher of EUR 10,000 per entity per period under audit; 0.5% of the total
See MoreRussia: Amendments to transfer pricing rules have entered into force
On the basis of Federal Law No. 379-FZ, the amendments has made in transfer pricing (TP) rules and it was issued on 29th November 2014. This amendments to TP rules have entered into force on 1st January 2015. The important changes are given
See MoreChile: Administrative interpretation on 2015 tax amnesty
The tax administration has released circular 8 on 23rd January 2015 that gives the SII administrative interpretation regarding a tax amnesty announced by Law 20,780 which is effective in 2015. According to article 24 of transitory law 20,780,
See MoreTaiwan: Non-Residents Notified On Tax Compliance
The National Taxation Bureau of Taipei has announced that it is currently assessing a total of 3,253 foreign taxpayers from countries such as the United States, Japan, Hong Kong, Malaysia, and Singapore to ensure their compliance with relevant
See MoreIndia: Finance Minister releases 2015 -2016 Budget
The Honorable Finance Minister of India on 28th February announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. Presenting the budget
See MoreECJ to consider scope of the VAT exemption for financial services
The First Tier Tribunal in the UK has referred a question to the European Court of Justice (ECJ) concerning the application of the VAT exemption for financial services in the case of Bookit Ltd (Case C-607/14). The following issues have been
See MoreOECD publishes comments received on VAT/GST guidelines
On 24 February 2015 the OECD published on its website the comments received on its consultation document on aspects of the International VAT/GST Guidelines. Almost fifty responses were received from professional firms, trade and professional bodies
See MoreRussia: Guidance on definition of related parties
The Finance Ministry (MoF) has issued Letter No. 03-01-18/1989 on 23rd January 2015 describing the rules for definition of a company and its employees as related parties for transfer pricing determinations. The MoF considered that the meaning of
See MoreHong Kong: Tax Measures Proposed in Budget 2015-2016
The Financial Secretary proposed a number of tax measures in his 2015-16 Budget speech on 25 February 2015. All of these measures require legislative amendments before implementation. Highlights of the measures are given below; Reducing profits tax,
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