OECD: Meeting of Task Force on Tax and Development
The OECD’s Task Force on Tax and Development met on 1 March 2016 to discuss the inclusive framework for implementing the OECD’s recommendations on base erosion and profit shifting (BEPS) on a global basis, including the initiatives to support
See MoreWorld Tax Brief: February 2016
South Africa Main corporate tax rate: The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from
See MoreDenmark proposes amendments for the several laws
The Ministry of Taxation submitted a law proposal (L 123) to the parliament on 23 February 2016, amending several laws. The proposal includes the following amendments: Participation exemption: -The rules on the participation exemption are enhanced
See MoreLuxembourg: Proposed 2017 tax reform measures
The government of Luxembourg released an outline of the proposals on 29 February 2016 for tax reform in 2017. The gradual introduction of the Organisation for Economic Co-operation and Development recommendations made in the framework of the Base
See MoreTransfer Pricing Brief: February 2016
Taiwan: Transfer Pricing Rules: As per the amendments to the Regulations governing assessment of profit-seeking enterprises, it is mandatory to apply the arm's length principle in the attribution of profits in a business restructuring provided
See MoreIMF comments on Luxembourg tax changes
As part of a report on Luxembourg’s economic position following discussions under Article IV of its articles of agreement the IMF has commented on the current tax reform. The report notes that implementation of the international tax transparency
See MoreIndia: CBDT issues guidance on transfer pricing audit procedures
The Central Board of Direct Taxes (CBDT) in India has issued Instruction No. 3 of 2016 on 10 March 2016, with immediate effect as new guidance to provide guidance to Assessing Officers (AOs) in selecting cases for transfer pricing (TP) audits in
See MoreOECD: Report to G20 on BEPS and global forum developments
A report by the OECD prepared for the meeting of the G20 Finance Ministers on 26 and 27 February 2016 summarizes the developments on the project on base erosion and profit shifting (BEPS) and other international tax initiatives. The report notes
See MoreIndia: Finance Minister releases 2016 -2017 Budget
The Finance Minister of India presented Budget for 2016-17 to the Parliament on 29 February 2016. The main changes of the Indian budget for 2016/17 are summarized below: Corporate income tax: - No change in the corporate tax rate except for new
See MoreChile: IRS established an obligation to submit a new affidavit aligned with BEPS
According to tax audit strategy of Chile, the Internal Revenue Service (IRS) has improved its formal requirements for Chilean taxpayers. On 24th December 2015, the IRS established an obligation to submit an affidavit F.1913 (Annual Return of Global
See MoreUK: Regulations on Country by Country Reporting
The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 contain detailed regulation on country by country (CbC) reporting. The regulations provide the detailed procedure for CbC reporting in line with the
See MoreHong Kong: Tax measures in Budget for 2016/17
The Budget for 2016/17 was presented to the Legislative Council by the Financial Secretary on 24 February 2016. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2015/16 by 75%, subject to a ceiling of
See MoreSouth Africa: Finance Minister proposes to increase capital gain tax rate in Budget 2016-2017
The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from 18.6% to 22.4%. The rate will be
See MoreTurkey: R&D reform package enters into force
The Law No. 6676 on the Research and Development (R&D) Reform Package was published in Official Gazette on February 26, 2016 and will be entered into force on March 1, 2016. It enhances the opportunity of R&D incentives under the Income Tax
See MoreIMF Managing Director Discusses Revenue Mobilization and International Taxation
On 22 February 2016 the IMF Managing Director spoke in Abu Dhabi on the issue of revenue mobilization and international taxation. A text of the speech has been published on the IMF’s website. At the moment many countries need to generate higher
See MoreTurkey: Communiqué regarding pre-filled online tax returns published
Tax Procedure Law General Communiqué No. 470 that concerns pre-filled online tax returns pertaining to certain types of income has been published in the Official Gazette of February 25, 2016. The Communiqué aims to improve the opportunity of
See MoreFinland: IMF report on the value added tax compliance gap
On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Finland. The estimates of the VAT gap in Finland were made by the IMF for the years 2008 to 2014 under the Revenue Administration
See MoreDenmark: IMF report on the value added tax gap
On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Denmark. Estimates of the VAT gap in Denmark were made for the years 2008 to 2012. The IMF’s methodology for the Revenue
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