France-Approved Finance Bill 2016 and amended Finance Bill 2015
The French Parliament approved the Finance Bill for 2016 and and the amended Finance Bill for 2015 on 17 December 2015. The Finance Bill enacts the country-by-country (CbC) reporting requirement into the legislation of France. From 1 January 2016
See MoreCountry-by-country reporting is enacted in Ireland
On 22 December 2015, the president of Ireland signed into law Finance Act 2015 that includes rules following the OECD's recommended country-by-country (CbC) reporting requirements. The Finance Act provision closely mirrors the OECD’s recommended
See MoreRussia: Draft amendments to CFC rules
A draft of Federal Law No. 953192-6 regarding the СFC provisions was submitted to the lower chamber of the parliament on 14th December 2015. The CFC provisions were first provided by the Tax Code and Federal Law No. 376-FZ of 24 November 2014. The
See MoreItaly: Budget for 2016 Approved with Reduction of Corporate Tax Rate and CbC Reporting Requirement
The 2016 budget law that has now been approved includes reduction of corporate tax rate for 2017 and Country-by-Country (CbC) reporting requirements with amendments in Act n. 2111-B. The Law no. 208 of 28 December 2015 provides a reduction of the
See MoreBolivia: IMF comments on fiscal policy
On 18 December 2015 the IMF issued a report and selected issues paper following discussions with Bolivia under Article IV of the IMF’s articles of agreement. Bolivia has averaged 5% annual real GDP growth since 2006 but the end of the commodity
See MoreMalawi: IMF comments on economic position
On 14 December 2015 the IMF issued a report and selected issues paper following the conclusion of discussions in Malawi under Article IV of the IMF’s articles of agreement. The economic outlook for Malawi remains difficult, reflecting
See MoreUK: Scottish rate of income tax
On 16 December 2015 the UK updated its guidance on the Scottish rate of income tax. From 6 April 2016 people living in Scotland are to pay the Scottish rate of income tax at a rate of 10%. However the same overall rate of income tax will be paid as
See MoreUK: Consultation on changes to National Insurance Contributions
On 9 December 2015 the UK issued a consultation document proposing changes to Class 2 and Class 4 national insurance contributions. These are payments made by self-employed people in respect of entitlement social security benefits including the
See MoreUK: VAT changes following Le Credit Lyonnais case in the ECJ
A change to the VAT regulations in the UK will affect partly exempt businesses that have establishments both inside and outside the UK. The changes have been made in response to the ruling of the European Court of Justice (ECJ) in the Le Credit
See MoreArgentina: Income tax and net worth tax surcharges abolished
In Argentina General Resolution 3819 was published in the Official Gazette on 17 December 2015. The Resolution abolishes the Income Tax and Net Worth Tax surcharges (Percepción) enacted by General Resolution 3450 and General Resolution 3583. This
See MoreKorea: Tax reform bill of 2016 enacted
The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on 15 December 2015 and certain Enforcement Decrees are expected to be approved by the Government in the near future. According to the
See MoreDenmark: Government Passes bill on Country-by-Country Reporting
On 18 December 2015 the Danish Parliament approved the draft Bill introducing Country-by-Country Reporting based on Action 13 of the Organization for Economic Co-operation and Development (OECD) project on Base Erosion and Profit Shifting
See MoreMexico-Publishes new Income Tax Law regulations regarding corporate taxation
The new regulations to the Income Tax Law were published in the Official Gazette on 8 October 2015. The main changes included in the regulations are summarized below: Corporate taxation: - Informative returns must be filed for donations exceeding
See MoreChile: Legislation intended to simplify provisions of tax reform 2014
The Government of Chile has sent to Congress a bill on 15th December 2015 that would make changes to the tax reform legislation enacted in 2014. The current legislative proposal is planned to simplify certain aspects of the tax reform 2014. It is
See MoreGhana: New Income Tax Act from January 2016
Ghana's new Income Tax Act (No. 896 of 2015) will come into force on January 1, 2016. It is intended to improve tax compliance and administration and broaden the country's income tax base by rationalizing tax breaks. A number of significant changes
See MoreUK issues timetable for digital tax accounts
On 14 December 2015 the UK issued a document entitled Making Tax Digital. This outlines the future of digital returns and sets out a timetable for phasing in further changes. By April 2016 individuals and small businesses will have access to a
See MoreBrazil: New deadlines for corporate tax e-filing
On 3rd December 2015 Brazil’s tax authority (Receita Federal do Brasil - RFB) announced new deadlines for certain information filings by corporate taxpayers for 2015. The guidance of Instruções Normativas nº 1.594/15 and nº 1.595/2015,
See MoreJapan: 2016 Tax Reform Outline
Japan’s ruling party released the 2016 Tax Reform outline on 16 December 2015. The Outline includes a further corporate tax rate reduction and introduction of a new transfer pricing documentation rule. A tax reform bill will be prepared based on
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