Belgium referred to ECJ on property tax rules
The European Commission has referred Belgium to the European Court of Justice (ECJ) on the grounds that its property tax rules are contrary to EU law. Belgium has separate tax rules for property located in Belgium as compared to property located in
See MoreEU: action plan for fair and efficient corporate taxation
On 17 June 2015 the European Commission presented an Action Plan for fair and efficient corporate taxation in the EU. This sets out initiatives to address tax avoidance, ensure sustainable tax revenue and thereby improve the corporate tax
See MoreUganda: Budget for 2015
Uganda’s Finance Minister has presented the Budget for 2015. The Budget proposes raising the presumptive tax threshold from UGX 50 million to UGX150 million to develop tax compliance and increase tax certainty among small businesses. Thin
See MoreWTO reports on G20 trade measures
The World Trade Organization (WTO) issued its thirteenth trade monitoring report on G20 trade measures on 15 June 2015. The report shows a slowing down in the implementation of new restrictive trade measures in G20 countries. It is not clear if this
See MoreIMF issues concluding statement on consultations with the Netherlands
On 15 June 2015 the International Monetary Fund (IMF) published a concluding statement following consultations with the Netherlands government under Article IV of the IMF’s articles of agreement. The statement notes that the Netherlands economy
See MoreUK extends range of eligible investments for ISAs
With effect from 1 July 2015 the UK has extended the list of investments that can be held in an individual savings account (ISA), Junior ISA or Child Trust Fund (CTF). Savings in an ISA, Junior ISA or CTF are eligible for tax relief including an
See MoreIMF discussion note on causes of income inequality
A staff discussion note was published on the IMF website on 15 June 2015 with the title “Causes and Consequences of Income Inequality: A Global Perspective”. The analysis finds that the gap between rich and poor in advanced economies is the
See MoreNew Zealand: Minister of Finance presents the Budget for 2015/2016
The Minister of Finance presented the Budget for 2015/2016 to Parliament on 21 May 2015. The Budget 2015/2016 deals only with domestic tax issues. The Budget contains the following proposals: Strengthening the tax rules applicable to property
See MoreUK: HMRC issues draft guidance on Scottish taxpayer status
The UK tax authority HMRC has issued for consultation draft technical guidance on the definition of a Scottish taxpayer for the application of the Scottish rate of income tax which was introduced by the Scotland Act 2012. The rate will be charged on
See MoreOECD/ G20 action plan on BEPS supported by G7 summit
The Leaders’ Declaration issued at the end of the G7 summit on 8 June 2015 reaffirmed the commitment of the G7 leaders to finalizing the recommendations of the OECD/ G20 action plan on base erosion and profit shifting (BEPS) by the end of 2015.
See MoreUK: HMRC statement on late filing penalties
The UK tax authority HMRC has issued a statement following press reports that it was not pursuing penalties for late filing of income tax returns in the case of more than 800,000 individuals in the UK. The statement from HMRC indicates that it has
See MoreHungary: Proposals for tax law changes for 2016 submitted to Parliament
The Government of Hungary recently submitted to the Parliament certain proposals concerning amendments to the tax law which will become effective from 2016. However certain changes regarding corporate income tax would take effect as from 2015. The
See MoreMauritius: Signing of MOU with South Africa
South Africa and Mauritius have signed a memorandum of understanding (MOU) on 22 May 2015. Following the signature of the MOU the revised Double Taxation Agreement between the two countries is expected to become effective from 1 January 2016. To
See MoreBrazil: Issues new Normative Instruction
The Brazilian Federal Revenue Department issued Normative Instruction (NI) 1568/15 on June 8, 2015. This has restricted the application of the cost adjustments in the calculation of the transfer price based on the Brazilian commodities methods
See MoreWorld Tax Brief: May 2015
Indonesia Incentives: On 6 April 2015, the government grants regulation (GR) No. 18 of 2015 (GR 18/2015) regarding the income tax incentive facilities available for investments in specified business sectors and regions. This regulation is
See MoreTransfer Pricing Brief: May 2015
India: Comparable Data Range: The company having high or extremely high profits and losses should not be the only consideration to exclude as a comparable company for purposes of determining the arm’s length price but other matters like
See MoreOECD: Seven more countries agree to automatic exchange of information
Seven more countries have agreed to sign up to the OECD/G20 standard on the exchange of tax information. The latest countries to join are Australia, Canada, Chile, Costa Rica, India, Indonesia and New Zealand. A total of 61 jurisdictions have now
See MoreColombia: IMF comments on fiscal policy
The IMF issued a press release on 29 May 2015 following the conclusion of discussions with Colombia under Article IV of its articles of association. Real GDP grew at a rate of 4.6% in 2014 but is expected to slow to 3.4% in 2015 owing to the
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