UK: Announces support for the oil and gas industry
On 20 March 2015 the UK government announced a package of support for the oil and gas industry. A new Oil and Gas Authority is to have the power to promote the economic recovery of the industry. The new body would have the power to issue fines
See MoreUK: Proposes new measures to tackle tax evaders
The UK has announced new measures to deal with tax evasion. The proposed measures are outlined in a policy paper issued on 19 March 2015 entitled “Tackling tax evasion and avoidance”. The UK government is introducing measures including publicly
See MoreSpain: Publishes draft Corporate Income Tax Regulations
The Spanish Ministry of Finance released a draft regulation on Corporate Income Tax on March 18, 2015. Included in the regulations are some transfer pricing changes that are summarized below; Country-by-country reporting: A group of
See MoreTaiwan: Amendments to Transfer Pricing Rules
The Ministry of Finance announced on 6 March 2015 amendments to the transfer pricing rules governing non-arm’s length transactions of profit-seeking enterprises. This amendment coming 10 years after the promulgation of the transfer pricing
See MoreIndonesia: IMF comments on fiscal policy
The IMF has issued a report after its Article IV consultations with Indonesia. The Indonesian economy slowed in 2014 but growth is expected to increase to 5.2% in 2014 with an increase in public investment in infrastructure. Economic risks arise
See MoreCanada: Indirect tax responsibilities for financial organizations
Under their GST/HST and QST annual information returns, many financial institutions will have to file their final returns regarding Goods and Service Tax (GST), Harmonized Sales Tax (HST) and Quebec Sales Tax (QST) for the year 2014 by 30th June
See MoreEuropean Commission Presents Tax Transparency Package
On 18 March 2015 the European Commission issued a range of measures aimed at tacking corporate tax avoidance and harmful tax competition. Corporate tax avoidance distorts economic decisions and prevents fair competition. The complexity of tax rules
See MoreCanada: Indirect tax compulsions for financial organizations
Many Financial institutes have to be filed their 2014 GST/HST and QST final returns on or before 30th June 2015 along with the GST/HST and QST annual information returns. Again, these institutions need to find if any changes in their organizations
See MoreUK: Budget Announcements for 2015/16
The UK budget announcements were delivered on 18 March 2015. The detail of the announcements is as follows: Business tax measures As already announced the UK corporation tax rate is 20% from 1 April 2015. The budget announcements include the
See MoreRussia: State Duma passes new tax law without extension of thin capitalization rules
The President has signed a new law on 8th March 2015 for changing article 269 of the Russian Tax Code. Precisely, the provisions of extending thin capitalization rules to foreign affiliates and bank loans are excluded from the new law. Under Russian
See MoreOECD Working Paper makes recommendations on Slovak tax policy
The OECD has published a Working Paper entitled “Moving beyond the flat tax: tax policy reform in the Slovak Republic”. The paper looks at the Slovak tax system and how it has developed in recent years, and makes various policy
See MoreIceland: IMF makes recommendations on fiscal policy
The International Monetary Fund (IMF) has issued a report following a visit by staff to Iceland for consultations under Article IV of the IMF’s articles of agreement. A selected issues paper has also been published highlighting important themes
See MoreIndia: Introduced rollback provisions under the Advance Pricing Agreement
The Finance (No.2) Act, 2014 introduced the rollback provisions under the Advance Pricing Agreement (APA) program. The rules have been notified / SO 758(E)] on 14 March 2015 setting out the applicability and the requirement for applying
See MoreBelgium: IMF comments on fiscal policy
The International Monetary Fund (IMF) issued a staff report on 12 March 2015 in connection with the consultations held with Belgium under Article IV of the IMF’s articles of agreement. Belgium’s government is pursuing policies of
See MorePhilippines Updates Withholding Tax Guidance
The Department of Finance has released updated guidance on withholding tax - Revenue Regulations (RR) No. 2-2015. The regulation amends previous rules regarding the process of submitting withholding tax forms to the Bureau of Internal Revenue
See MoreEgypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
See MoreIndia: IMF makes recommendations on fiscal policy
On 11 March 2015 the IMF issued a press release on their consultation with India under Article IV of its articles of agreement. The IMF considers that India’s short term outlook has improved with increased business confidence and several positive
See MoreAustralia: Approval process for application of the reconstruction provisions
The practice statement (PS LA 2015/3) issued on 26 February 2015 sets out a new internal approval process for application of the reconstruction provisions. This law administration practice statement is issued under the authority of the Commissioner
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