Ukraine: Tax authorities defines the controlled transaction
Recently the Ukrainian tax authorities issued a Guidance Letter No. 14491/6/99-99-15-02-02-15 regarding transactions with related non-residents of Ukraine, and transactions with residents of low-tax jurisdictions and sales of goods through a
See MoreIsrael: Tax provisions in proposed budget plan for 2017-2018
The budget plan proposal for 2017-2018 announces significant changes in accordance with international taxation, and would be appropriate for individuals, multinational corporations operating in Israel and Israeli corporations operating abroad. The
See MorePhilippines: Presents budget for 2017
The National Budget 2017 was submitted to the House of Representatives on 15 August 2016. According to the budget proposal the income tax rates will be decrease at rate: for corporations: from the current maximum amount of 30% to 25%; for
See MoreUK: Consultation on tax simplification for unincorporated businesses
On 15 August 2016 HMRC published a consultation document on simplifying tax for unincorporated business. The UK government announced at Budget 2016 that it would be looking at simplifying tax rules for businesses, with a focus on the self employed
See MoreLuxembourg: Government submitted draft law on CbC reporting to the Luxembourg Parliament
Recently the Luxembourg Government submitted draft law n°7031 on country by country (CbC) reporting to the Luxembourg Parliament. The draft law is in accordance with a European Union (EU) Directive of 25 May 2016 requiring all EU Member States
See MoreUK: Consultation on tackling disguised remuneration
On 10 August 2016 HMRC issued a consultation document on tackling disguised remuneration. This consultation follows the issue earlier in the year of an overview of the proposed changes and a technical note setting out the background and intended
See MoreUK: Stamp duty land tax changes
On 10 August 2016 the UK launched a consultation on changes to the Stamp Duty Land Tax (SDLT) filing and payment process. The government is inviting comments from interested parties by 7 October 2016. SDLT is charged on the freehold or leasehold
See MoreMauritius: Publishes Budget for 2016-2017
The budget for 2016 - 2017 was provided on 29 July 2016 to the National Assembly by the Minister of Finance and Economic Development. The main proposals of the Budget on income taxes are summarized below: -Tax holidays for companies holding licences
See MoreUK: Consultation on changes to Gift Aid scheme
Under the Gift Aid scheme the UK government effectively supplements a charitable donation by adding basic rate tax to the amount donated. The scheme is very valuable for UK charities as the government has added more than GBP 5 billion to charitable
See MoreUK: Consultation on taxation of benefits in kind under salary sacrifice schemes
On 10 August 2016 the UK issued a consultation document looking at possible effects of changing the way benefits apply when a benefit in kind is provided in relation to a salary sacrifice or flexible benefit scheme. The government is considering a
See MoreUruguay-Bill on adoption of CbC reporting, Master file documentation and the availability of bilateral and multilateral APAs
The Uruguay Government has submitted to Congress a tax bill including adoption of the OECD’s recommendations for Country-by-Country (CbC) reporting following the scope of information to be provided under the Base Erosion and Profit Shifting (BEPS)
See MoreArgentina-Published tax incentives for micro, small and medium-sized enterprises
In Argentina, Law 27,264 establishing a special tax regime for micro, small and medium-sized enterprises (the Law) was published in the Official Gazette on 1 August 2016 and the Law has been in force since 10 August 2016. According to the Law 27,264
See MorePakistan: Changes capital gains tax and immovable property
The President of Pakistan has circulated the Income Tax (Amendment) Ordinance, 2016 to further amend the provisions regarding valuation of immovable properties under the Income Tax Ordinance 2001 (the Ordinance). Main features of the Amendment
See MoreUK: Consultation on tax and national insurance on termination payments
Following a consultation earlier this year and consideration of the responses received HMRC has published a further consultation paper containing draft legislation on the taxation of payments received on termination of employment.. The government
See MoreCzech Republic: Announcement regarding country by country reporting
The Finance Ministry of Czech has made an announcement on 11th August 2016 that it started a public consultation on a bill which would introduce changes to the Law on International Cooperation in Tax Administration. In particular, the bill would
See MoreIsrael: Tax benefits in draft Budget Law
The Finance Ministry has declared a draft proposals as part of the proposed Economic Arrangements Law 2017–2018 on 31st July 2016 that includes an expansion of tax benefits for hi-tech companies, at the same time further aligning Israel's tax
See MorePakistan: Government has decides to apply 0% sales tax on five export sectors
The government has decided to zero-rate for the local suppliers of textile, leather, carpets, surgical and sports sectors from 2016-17. According to the meeting between textile sector and Finance Minister, Five Export Sectors'' Associations,
See MoreIndia: The tribunal held the Comparable Uncontrolled Price is the most appropriate method
The Delhi Bench of the Income-tax Appellate Tribunal upheld the decision in the case of: Liugong India Private Ltd. v. ACIT (ITA No. 1482/Del/2015) and decided that when comparable are available, the CUP method is the best method to use in
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