Russia: State Duma considers new draft law regarding thin capitalization rules
The Russian State Duma Council accepted the decision on 17th February 2015 to incorporate a new draft of Law No. 724609-6 on the introduction of changes to Article 269, Part 2 of the Tax Code regarding the meaning of controlled debt. The draft law
See MoreUK Issues Guidance on the Diverted Profits Tax
The UK included legislation to introduce the Diverted Profits Tax in the Finance Bill for 2015. Guidance on the tax was updated on 30 March 2015 to explain the changes to the provisions since the draft legislation was first published. The guidance
See MoreIndia: Extends Time for Filing Roll-back Applications under APA
The Central Board of Direct Tax authorities announced that the deadline for filing APA (Advance Pricing Agreement) rollback applications has been extended to 30 June 2015. Originally, the date for filing rollback applications was 31 March
See MoreRomania: IMF Comments on Fiscal Policy
The IMF issued a report on 27 March 2015 following the conclusion of Article IV consultations with the Romanian government. The economic recovery following the financial crisis has become broad based in Romania and economic growth is remaining
See MoreGermany: New regulations approved by German Parliament on the application of the arm’s length principle to profit allocations
New regulations approved by The Upper House of the German Parliament on the application of the arm’s length principle to profit allocations between head office and permanent establishments, which follow the authorized OECD approach (AOA) and is
See MoreRussia: Application for participation exemption by a tax agent
The Finance Ministry (MoF) has issued Letter No. 03-03-06/1/885 on 19th January 2015 for describing the application of the participation exemption by a tax agent giving dividends to a Russian company. In accordance with article 284 (3) of the Tax
See MoreUK: HMRC Publishes Departmental Improvement Plan
On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of
See MoreUS: Low Income Taxpayer Clinic Grant Recipients Announced
The Internal Revenue Service awarded approximately $10.25 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2015 grant year (Jan. 1, 2015, through Dec. 31, 2015). LITCs are organizations that represent low income taxpayers in
See MoreIreland: IMF comments on fiscal policy
The International Monetary Fund (IMF) has issued a report following discussions with the Irish government under Article IV of the IMF’s articles of agreement. The IMF notes that Ireland has made a robust recovery with economic growth around 5% in
See MoreColombia: IMF makes recommendations on tax policy
The international Monetary Fund (IMF) has issued a report following a visit by staff to Colombia for discussions under Article IV of the IMF’s articles of agreement. The recent decline in oil prices is a challenge that is affecting Colombia’s
See MoreVietnam: Releases Decree on Tax administration
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015. The main changes regarding tax administration are summarized below: Supporting documents
See MoreMauritius: Budget for 2015-16
The Minister of Finance presented the Budget speech for 2015-16 to the parliament on 23 March 2015. The most important changes are summarized below: Corporate taxation: Interest payments to non-resident companies on bonds listed in the stock
See MoreEuropean Parliament pushing for financial transaction tax as own (EU) resource
In its Annual Tax Report, approved on March 25, 2015, the European Parliament emphasised the urgency of acting on the commitment of eleven Member States to introduce a financial transaction tax (FTT) and called for the FTT revenues to be part of an
See MoreEgypt: Rules for Dividend taxation, electronic tax payments
In Egypt, there are rules for the taxation of dividends and requirements for electronic tax payments by joint-stock companies and state-owned entities. Dividend tax for corporate entities: For corporate entities, the dividend tax applies at a rate
See MoreOECD: Meeting of Task Force on Tax and Development
On 18 March 2015 the OECD’s Task Force on Tax and Development met to consider the input resulting from regional network meetings on base erosion and profit shifting (BEPS). The meeting also considered capacity building support provided to
See MoreUK: Finance Bill 2015 published
The UK Finance Bill (No.2) Bill was introduced into parliament on 24 March 2015. The Bill contains measures announced in the budget proposals for 2015 together with some measures that were announced earlier such as the new rules for banks and the
See MoreUK: HMRC to publish new pensions guidance manual
The UK tax authority HM Revenue and Customs (HMRC) announced on 20 March 2015 that it will be publishing a draft Pensions Tax Manual in the early spring of 2015. This will replace the existing Registered Pension Schemes Manual. The new draft Manual
See MoreSwitzerland: Goes forward to Phase 2 of the global forum peer review
On 16 March 2015 the Global Forum on Transparency and Exchange of Information for Tax Purposes published a supplementary report to its Phase I Peer Review of Switzerland. The supplementary peer review report had been requested by Switzerland on the
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