Kazakhstan: IMF report comments on economic and fiscal position
The IMF staff issued a report on the conclusion of discussions in Kazakhstan under Article IV of the IMF’s articles of agreement. The economy has recently declined sharply owing to challenges such as the lower oil price and the slowdown in Russia
See MoreUK: Autumn Statement Includes Measures Effective from 25 November 2015
The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 25 November 2015. The measures with immediate effect from 25 November 2015 are as follows: Loans to participators, trustees of charitable trusts: This measure affects
See MoreSouth Africa: SARS issues revised guide on the determination of medical tax credits
The South African Revenue Service (SARS) has issued a revised Guide on the Determination of Medical Scheme Fees Tax Credits and Additional Medical Expenses Tax Credits. This guide provides general guidelines regarding the medical scheme fees tax
See MoreTax Authority of Colombia rules on tax management of consultancy services given by international organizations
In a recently published ruling, the National Tax Authority of Colombia pronounced on the income tax, VAT and withholding tax treatment of a consultancy agreement concluded between a Colombian taxpayer and the Inter American Centre of Tax
See MoreLuxembourg: Circular on Reduction of Net Worth Tax
The Luxembourg administration for direct taxes published Circular on 19 November 2015 regarding the reduction of the net worth tax. In order to obtain the tax reduction, a company must allocate a portion of its profits of a tax year to a reserve
See MoreItaly: Draft Budget Law for 2016 Considered in Parliament
The Italian draft budget law for 2016 is currently under discussion. It is expected to be approved by 31 December 2015. A series of tax matters included in the draft budget one of which is the reduction of the corporate tax rate by 3 percentage
See MoreMexico: The tax reform package for 2016 published in the Official Gazette
Mexico published the tax reform package for 2016 including amended Federal Tax Code and Income Tax Law in the Official Gazette on 18 November 2015. The tax reform will be applicable from 1 January 2016.According to the tax reform package the main
See MoreOECD: Institutions of Intergovernmental Fiscal Relations
A new publication in the series of OECD Fiscal Federalism Studies was issued on 18 November 2015 dealing with institutions of intergovernmental fiscal relations. These are the institutions that provide the framework for relations across different
See MoreOECD: Mutual Agreement Procedure Statistics for 2014
On 24 November 2015 the OECD released the statistics on the Mutual Agreement Procedure (MAP) for the 2014 reporting period. For OECD countries there were 2,266 new MAP cases in 2014. The inventory of MAP cases at the end of the reporting period was
See MoreOECD: Latin America and Caribbean Countries Discuss BEPS
A regional meeting was held in Costa Rica on 17 and 18 November 2015 to discuss the outcomes of the action plan on base erosion and profit shifting (BEPS). The participating countries explored ways of participating on an equal footing in the
See MoreUK: Finance (No 2) Act 2015 Receives Royal Assent
The Finance (No. 2) Act 2015 received the Royal Assent on 18 November 2015. The Act provides that the basic, higher and additional rates of income tax will not increase above their present levels in this parliament (i.e. until the next general
See MoreRussia: FATCA compliance for national banks
The Central Bank of Russia has published a letter No. 1245/2568 on 13th November 2015 for describing the process of how Russian financial institutions (RFI) should apply the Foreign Account Tax Compliance Act (FATCA). In accordance with Federal
See MoreCzech Republic: Ministry of Finance holds conference on countering tax evasion
The Finance Ministry held a conference on 18th November 2015 regarding tax evasion and measures taken to counter it. It was reported that because of intensifying the fight against tax evasion and avoidance, public revenues had increased. In
See MoreIsrael: Draft amendment to the ITO published for public comments
The Finance Ministry has published a draft amendment to the Income Tax Ordinance (ITO) on 22nd November 2015 for public comments. It provides a reduction of the corporate income tax rate from 26.5% to 25% as from 2016. The deadline for public
See MoreSlovenia: Changes to Corporate Income Tax Law
The Ministry of Finance proposed amendments to the Corporate Income Tax Law on 10 November 2015. Once adopted by the Slovenian parliament the amendments will apply from 1 January 2016. The following amendments are proposed: Decrease of tax
See MoreIMF reports on economic and fiscal policy of Bangladesh
On 17 November 2015 the IMF issued a report following the completion of discussions with Bangladesh under Article IV of the IMF’s articles of agreement. Real GDP growth has been strong and the ratio of public debt to GDP has remained at a
See MoreUK: Autumn Statement May Include Measures to Combat Tax Avoidance
On 25 November 2015 the UK Chancellor of the Exchequer is to announce fiscal measures for 2016/17 in the annual Autumn Statement. The proposals will be formulated against a backdrop of lower tax receipts and higher borrowing than expected, and the
See MoreIndia: Government Press Release on phasing out the plan of deductions under the Income-tax Act
The Finance Minister in his Budget Speech for 2015 indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with the corresponding phasing out of exemptions and deductions. The Central Board of Direct
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