Australia: Multinational anti tax avoidance bill receives Royal Assent
On 11 December 2015, Further to its passing by Parliament on 3 December 2015 the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent. The Bill implements a new anti avoidance rule designed to counter the
See MoreUkraine: Cabinet Ministers approve amendments to tax code
The Cabinet of Ministers of Ukraine approved a draft budget for 2016 and amendments to the Tax Code on December 10, 2015. The amendments were submitted to the Parliament on December 11, 2015. The Cabinet of Ministers approved a compromise on tax
See MoreMexico: New requirements for documentation
Mexico has introduced transfer pricing documentation requirements for a master file and local file in line with the OECD Base Erosion and Profit Shifting (BEPS) project from 1 January 2016. It will be mandatory to prepare this information for
See MoreCanada: Increased tax exemption amount for small businesses in Manitoba
In December 2015 an increase was announced from the previous small business tax-free threshold of $450,000. From the beginning of 2017, Manitoba's small business threshold will increase from $450,000 to $500,000 and small businesses with taxable
See MoreUK: Measure to increase large business tax transparency
Following an announcement in the Summer Budget 2015 and a public consultation legislation is to be introduced in the Finance Bill 2016 to require large businesses or qualifying groups to publish on the internet a tax strategy in relation to UK tax.
See MoreHungary: Tax amendments approved by parliament
The parliament of Hungary approved a bill on 17 November 2015 establishing some additional amendments to the country's current tax system. According to the approved bill a classification system will be introduced and companies will be classified as
See MoreRussia: MoF clarifies interest expense regarding loans
The Ministry of Finance (MoF) has recently released Letter No. 03-03-06/1/63388 to clarify the applicable tax treatment of interest expense incurred on a loan used to pay dividends. According to Article 252 of the Tax Code (TC) a taxpayer may
See MoreBulgaria: New Accounting Act gazetted
The new Accounting Act implementing the provisions of EU Directive 2013/34/EC was published on 8 December 2015 in the State Gazette and will be effective from 1st January 2016. This Act will give administrative and reporting relief for businesses
See MoreBulgaria: Bill to amend tax laws gazetted
A bill that amends the Corporate Income Tax (CIT), Value Added Tax (VAT), Personal Income Tax, local taxes and fees has been published in the State Gazette on 8th December 2015 and these amendments will be effective from 1st January 2016. This
See MoreUK: Consultation on draft regulations for Innovative Finance ISA
The UK government has published in draft form the Individual Savings Account (Amendment No 2) Regulations 2016 introducing a new type of Individual Savings Account (ISA) called the Innovative Finance ISA. Comments on the draft legislation may be
See MorePartial agreement reached on EU financial transaction tax
On December 8, 2015, 10 EU Member States have issued a joint statement on the proposal to introduce a financial transaction tax (FTT) setting out areas on which agreement has been reached and areas which are not yet agreed. Estonia, which was
See MoreIsrael: Draft amendment regarding CIT rate approved
The Ministerial Committee on Legislation has approved the proposal of the Prime Minister and Finance Ministry on 6th December 2015 to reduce the corporate income tax rate from 26.5% to 25% with effect from 1st January 2016. This draft amendment was
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreOECD: Revenue Statistics Show Falling Corporate Tax Revenues
The OECD’s annual publication Revenue Statistics was published on 3 December 2015. The publication shows that since the financial crisis corporate tax revenues have been falling in the OECD countries. The statistics show that corporate income tax
See MoreWorld Tax Brief: November 2015
Spain Main Corporate tax rate: The corporate income tax rate will be reduced from 28% to 25% from January 2016. Following Companies also are not required to file tax returns for taxable periods commencing on or after 1 January 2016 if: i) their
See MoreAustralian Senate passes Government’s multinational anti tax avoidance measures
The Turnbull Government has secured the passage of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill, a critical piece of legislation, which will ensure major international companies operating in Australia but booking profits
See MoreHungary-Proposed bill on reduction to the current bank surtax
The government of Hungary presented to the parliament on 24 November 2015, a bill proposing amendment to the special bank surtax applicable to financial institutions which was introduced in 2010 as a temporary measure and became permanent in
See MoreTransfer Pricing Brief: November 2015
Greece: Documentation requirement: Transfer pricing documentation requirements as set out by the Income Tax Code and the Procedural Code do not apply in respect of transactions made by real estate investment companies as per the clarification
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