OECD publishes comments on prevention of artificial avoidance of PE status
On 13 January 2015 the OECD published on its website the comments received from interested parties on the discussion draft in respect of Action 7 of the action plan on base erosion and profit shifting (BEPS). This concerns prevention of artificial
See MoreGreece Defines “Related Persons” for Transfer Pricing Purposes
The Public Revenue Administration issued a letter ruling on 9 January 2015 to define a “related person” for transfer pricing purposes. As per the Ruling letter, a related person is who owns at least 33% of equity shares or voting rights and
See MoreMexico: Plan to remove fiscal deficit by 2017
Mexican Government has decided not to come up with new taxes or even increase existing taxes in this current 2015 Budget year due to their strategic resolution of harmonizing the federal tax budget by the year 2017, Undersecretary of Finance and
See MorePhilippines: Personal income tax reforms
The Tax Management Association of the Philippines (TMAP) has raised a concern to revamp the Personal Income tax threshold and tax brackets. To ensure secure revenue collection levels, TMAP has recommended a raise on Personal Income Tax (PIT) exempt
See MoreAzerbaijan: Tax Code Amendments Comes into Force From 1 January 2015
President of Azerbaijan has approved and published the amendments to the Tax Code, which have already come into force. Individuals whose monthly income is less than AZN 250 are exempt from personal income tax. So the individuals whose annual income
See MoreCanada: Comments for OECD discussion draft on international VAT-GST guidelines
The Organization for Economic Co-operation and Development (OECD) has published a discussion draft on 18th December 2014 entitled “Guidelines on Place of Taxation for Business-to-Consumer Supplies of Services and Intangibles and Provisions on
See MoreAustria: Ministry of Finance publishes report from Tax Reform Commission
The Austrian Ministry of Finance published a report by the Tax Reform Commission on 12 January 2015. The Tax Reform Commission consists of members from the coalition parties and the report was prepared in 2014. The report comprises several proposals
See MoreJapan: Plans for an increase in Consumption Tax from April 2017
The government has confirmed that Japanese consumption tax will rise from 8% to 10% from 1 April 2017. This latest date was announced in the 2015 Tax Plan. The increase in the consumption tax rate was first scheduled for 1 October 2015, but was
See MoreNigeria: Reduction of taxes on transfer of property
The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor's consent in respect of
See MoreJapan: Honda Succeeds in Transfer Pricing Case
The Tokyo District Court in the case of: Heisei 23 (2011) gyou-u No. 164 ruled on 28 August 2014 that, in using the residual profit split method, the profits to be attributed should include the special tax benefits enjoyed by the Brazilian
See MoreMalta: Tax Rates for Basis Year 2015
Malta's income tax rates for the basis year 2015 are as follows: Chargeable Income (€) Single Rates From To Rate Subtract (€) 0 8,500 0% 0 8,501 14,500 15% 1,275 14,501 60,000 25% 2,725 60,001 and over 35% 8,725 Married
See MoreAzerbaijan: Tax Withholding On Income from Bank Deposits Needs To Take Into Account the Relevant Rebate
Senior officials of Ministry of Taxes and banks in Azerbaijan held a meeting on January 9. It was decided in the meeting that the tax withholding on incomes from bank deposits will be applied on the interests charged by 1 January 2015 taking into
See MoreBelgium Federal Budget for 2015
Recently, the Belgian Government was gazettes the following federal end of year tax measures for corporate income tax in the State Gazette: Changes regarding Corporate income tax: The corporate income tax exemption for communal joint-venture
See MoreFinland: Uniform Tax Treatment Of Pension Benefits For Foreign Entities And Finnish Pension Institutions
Starting 2015, and subject to certain restrictions, foreign corporate entities comparable to Finnish pension institutions are entitled to a similar deduction. Under the provisions of Business Tax Act, Finnish pension institutions may deduct the
See MoreSingapore: New Revised Transfer Pricing Guidelines for 2015
The Inland Revenue Authority of Singapore (IRAS) publishes revised transfer pricing (TP) guidelines on 6 January 2015. The 2015 TP Guidelines are generally in line with the OECD Transfer Pricing Guidelines (2010) as well as some relevant areas of
See MoreKazakhstan: Law No. 269 has signed for tax code amendments
The President of Kazakhstan has signed Law No. 269 on 29th December 2014 for announcing the following Tax Code amendments that became effective from 1st January 2015. Corporate income tax Costs of deductible training paid by a company for an
See MoreFrance: New Tax Laws Permit Sister Companies To Consolidate
France’s 2015 Finance Act and the Rectificative Finance Act for 2014 have entered into force. According to new law, the changes are below; New rules permitting sister companies to f for tax purposes. A reduction in the real estate
See MoreEcuador: Enacts tax reform Bill
Ecuador enacted a proposed tax reform bill on 29 December 2014. The legislation was effective from 1 January 2015. There are several changes in the tax reform bill to the current tax law. The changes are as follows: The general corporate
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