Latvia: Amending tax law on Micro-Enterprise entered into force
The amendment tax law regarding Micro-Enterprise has entered into force on January 1, 2016. Under the amendments, with effect from 1 January 2017, Micro-enterprise whose annual turnover- EUR 0 – 7,000 the rate is 5%; EUR 7,000.01 – 100,000,
See MoreWorld Bank to review efficiency and equity of Latvia’s tax system
The World Bank and Latvia’s Ministry of Finance have signed the Latvia Tax Policy and Equity Reimbursable Service Agreement (RAS) with the objective of reviewing the tax system in Latvia and finding ways to improve its efficiency, competitiveness
See MoreTurkey: Clarifications to Corporate Tax Law General Application Communiqué declared
The website of the Revenue Administration published Corporate Tax Communiqué No. 9 (regarding clarifications to the Corporate Tax Law General Application Communiqué of 3 April 2007) on February 11, 2016. This measure has not yet been published in
See MoreRussia: Amendments to CFC rules adopted by lower chamber
The lower chamber of the parliament has passed in the third reading the draft Federal Law No. 724609-6 amending the thin capitalization rules on 29th January 2016, which was submitted to the lower chamber of the parliament on 14th December 2015. It
See MoreUK: Review of VAT Grouping Provisions
A policy paper published on 14 January 2016 announced the launch of a review of VAT grouping provisions in the UK following the Larentia + Minerva and Marenave case and the Skandia case in the European Court of Justice (ECI). Currently the UK
See MoreUK: Guidance on income tax exemption for trivial benefits in kind
Draft legislation on the income tax exemption for trivial benefits in kind is to be included in the UK Finance Bill 2016. Draft regulations have also been published to extend this exemption to benefits in kind provided to former employees and to
See MoreNetherlands: IMF paper comments on the tax system
On 11 February 2016 the IMF issued a staff report and selected issues paper in connection with discussions with the Netherlands under Article IV of the IMF’s articles of agreement. The selected issues paper covers the possibility of further tax
See MoreCzech Republic: Amendment allows allocation of VAT reverse charge mechanism
In regard to the value added tax (VAT) rules, there is a new provision that allows buyers and sellers to agree to an allocation of the reverse charge mechanism, without considering the value of the goods. This amendment is effective from 1st
See MoreUK: Reverse charge mechanism for wholesale supplies of telecommunications services
Owing to the threat of intra community missing trader fraud the UK government has drawn up a statutory instrument to introduce the reverse charge mechanism for accounting for value added tax (VAT) on wholesale supplies of telecommunications services
See MoreUK: Businesses trading below the VAT registration threshold
Revenue and Customs Brief 4 (2016) sets out simplifications available to businesses trading below the value added tax (VAT) registration threshold (which in the UK is currently GBP 82,000) and making supplies of digital services to consumers in
See MoreUK: HMRC Clarifies Approach to Taxing Multinationals
The UK Parliament’s Public Accounts Committee is taking evidence on 11 February 2016 in relation to the tax affairs of multinational enterprises. In advance of the parliamentary hearing the UK tax authority HMRC has published a factsheet on its
See MoreNew Zealand: IMF selected issues paper looks at tax changes
A selected issues paper published on 8 February 2016 was prepared by IMF staff as background to consultations in New Zealand under Article IV of the IMF’s articles of agreement. The paper notes that New Zealand’s economy has performed well in
See MoreChile: Law to simplify structural tax reform of 2014 published
Law No. 20.899 was published in the Official Gazette on 8th February 2016. This Law simplifies the implementation of the tax reform 2014 in matters regarding provisions of the tax code, income tax and VAT, among others. Under the tax reform of 2014
See MoreUK: HMRC Publishes Statistics on Accelerated Payments Notices
The UK tax authority HMRC has noted in a press release of 8 February 2008 that more than GBP 2 million has been collected under the accelerated payments provisions. Under these provisions the users of tax avoidance schemes must pay tax up-front
See MoreECJ: preliminary ruling on interest on VAT refund
The European Court of Justice (ECJ) gave a preliminary ruling on 21 October 2015 in the Kovozber case. Reference had been made to the ECJ by the Regional Court of Kosice (Slovak Republic) for a ruling on the following issues: 1. Should the first
See MoreIMF report comments on tax policy of Sri Lanka
On 5 February 2016 the IMF released a report on the conclusion of discussions by its staff in Sri Lanka under Article IV of the IMF’s articles of association. The Sri Lankan economy has been performing positively and real GDP growth was 5.2% in
See MoreRomania: New rules enacted for transfer pricing documentation
As per the Order no. 442/2016 published by the National Agency for Fiscal Administration (ANAF) on February 2, 2016, “large taxpayers” engaged in transactions with related parties, having a total annual value determined by reference to the value
See MorePeru- New filing conditions and requirements for the tax year 2015 published
The tax authorities of Peru published Resolution No. 358-2015 in the Official Gazette on 30 December 2015. The Resolution establishes new filing conditions and requirements for the entities and individuals of the income tax return for tax year
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