UK: IMF report and selected issues paper look at property taxation
The IMF has published a staff report and a selected issues paper following the conclusion of consultations with the UK under Article IV of the IMF’s articles of agreement. The UK economy has been growing steadily and growth is set to continue at
See MoreOECD to broaden participation in BEPS
On 23 February 2016 the OECD agreed a new framework to broaden participation in the OECD/G20 project on base erosion and profit shifting (BEPS). The new framework will be submitted to the G20 Finance Ministers for approval at their meeting on 26 and
See MoreThailand-Program for tax audit protection for SME taxpayers
The government of Thailand recently released an emergency decree providing a “tax audit exemption program” which has become effective and available to taxpayers beginning in 2016. According to the program, any kind of tax examination, inquiry,
See MoreChina: Administrative measures to qualify as a high and new tech Enterprise
On 29 January 2016, the Ministry of Science and Technology (MOST), Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued a notice revising the administrative measures with regard to the classification of high and new
See MoreUK: Parliamentary Committee launches inquiry into corporate tax system
The UK Parliament’s Treasury Select Committee has launched an inquiry into the UK corporate tax system, covering tax policy and the tax base. Written evidence has been requested by 31 March 2016. The terms of reference include the making of tax
See MoreRussia: Amendments to CFC rules entered into force
The president of Russia has signed Federal Law No. 32-FZ on February 15, 2016 that amends the СFC provisions. This Law has published on 15th February 2016 and will enter into force on 1st January 2017. For bank loans that will already be exempt
See MoreAustria: IMF Selected Issues Paper looks at the tax system
Following consultations with the Austrian government the IMF has published a staff report and a selected issues paper looking at the tax revenues and government expenditure. The selected issues paper notes that the Austrian government announced an
See MoreRussia: Amendment in thin capitalization rules passed
Federal Law No. 25-FZ amending the thin capitalization rules was passed by the Parliament on 15 February 2016. As per the amended thin capitalization rules, interest on loans from banks and Russian companies will not be subject to the thin
See MoreIndonesia: Reduced final withholding income tax rates on interest income
As per the new Regulation No. 123/2015 issued in late December 2015, final withholding income tax rates have been reduced on interest received or earned from deposits, savings or Bank Indonesia (BI) Certificate discounts, provided that the source
See MoreMalaysia: Tax incentives for companies participating in the MY Carbon programme
The Finance Ministry has approved tax incentives on 18 February 2016 for companies participating in the National Corporate Greenhouse Gas Reporting Programme for 2015 and 2016 (MY Carbon programme) said Natural Resources and Environment Minister of
See MoreCanada: Increased HST rate in New Brunswick
In New Brunswick the rate of harmonized sales tax (HST) for companies that do business in the province is to increase from 13% to 15% with effect from July 1, 2016. New Brunswick announced this HST rate increase in its 2016
See MoreVenezuela: Tax plan to fight tax evasion, avoidance and fraud announced
The President has announced six general economic measures including a tax plan naming "Tax Revolution" in order to fight tax evasion, tax avoidance and tax fraud on February 17, 2016. One of the declared tax measures is the outline of an electronic
See MoreSri Lanka: World Bank study highlights low tax collection
The World Bank published a Systematic Country Diagnostic on Sri Lanka on 1 February 2016. This looks at the key obstacles to sustained progress in ending poverty and increasing prosperity. The study identifies the low tax to GDP ratio as an
See MoreUK: deemed domicile for income tax and capital gains tax
The UK is currently conducting a consultation on measures changing the rules for non-UK domiciled individuals. The changes are to be included in the Finance Bill 2016 and are to take effect from 6 April 2017. Draft legislation has been introduced to
See MoreHungary: IMF report recommends tax changes
The International Monetary Fund (IMF) has issued a concluding statement describing the preliminary staff findings following consultation with Hungary under Article IV of the IMF’s articles of agreement. The Hungarian economy is performing well
See MoreBangladesh: NBR drafts new income tax law
The National Board of Revenue (NBR) of Bangladesh has drafted a new income tax law that seeks to keep corporate tax rates equal for all companies and narrow down the list of tax breaks and exemptions. The drafted new law is expected to replace the
See MorePortugal: Further budget measures 2016
On 5 February 2016, further budget measures were announced. The most important measures are summarized here. Corporate income tax (i) Patent box: The patent box regime will be amended to incorporate the "modified nexus approach" in line with BEPS
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
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