Korea: 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
See MoreAustralia: 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
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