India: Finance Minister releases 2015 -2016 Budget
The Honorable Finance Minister of India on 28th February announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. Presenting the budget
See MoreECJ to consider scope of the VAT exemption for financial services
The First Tier Tribunal in the UK has referred a question to the European Court of Justice (ECJ) concerning the application of the VAT exemption for financial services in the case of Bookit Ltd (Case C-607/14). The following issues have been
See MoreOECD publishes comments received on VAT/GST guidelines
On 24 February 2015 the OECD published on its website the comments received on its consultation document on aspects of the International VAT/GST Guidelines. Almost fifty responses were received from professional firms, trade and professional bodies
See MoreRussia: Guidance on definition of related parties
The Finance Ministry (MoF) has issued Letter No. 03-01-18/1989 on 23rd January 2015 describing the rules for definition of a company and its employees as related parties for transfer pricing determinations. The MoF considered that the meaning of
See MoreHong Kong: Tax Measures Proposed in Budget 2015-2016
The Financial Secretary proposed a number of tax measures in his 2015-16 Budget speech on 25 February 2015. All of these measures require legislative amendments before implementation. Highlights of the measures are given below; Reducing profits tax,
See MoreSouth Africa: Tax Proposals In Budget 2015
South Africa has increased income tax rates for the first time in 20 years. The first increase since 1995, the move is likely to be unpopular with the public and businesses suffering from persistently lacklustre growth since the 2009
See MoreIMF/ TAXUD conference on Corporate Debt Bias: Economic Insights and Policy Options
The Fiscal Affairs Department of the IMF and the Directorate General for the Taxation and Customs Union held a conference on 23 and 24 February 2015 to discuss the corporate debt bias. This arises from the rule in most tax systems that interest on
See MoreJapan: Tax Reform Legislation Introduced
The Japanese Government submitted legislation to Parliament on February 17 2015, including the planned corporate tax cuts. As the Prime Minister previously had previously promised growth strategies, the Government plans to reduce the country's
See MoreSingapore: Budget proposals for 2015
The Finance Minister of Singapore presented The Budget for 2015 to Parliament by on 23 February 2015. The proposals include measures regarding: Corporate taxation; Individual taxation; Goods and services tax; and Other taxes and measures. The
See MoreNigeria: Stock exchange rules regarding related-party transactions
The Nigerian Stock Exchange has issued rules for lending transactions with related parties or interested persons to guard against the risk that interested persons could influence an issuer, its affiliates or associated companies. One provision is
See MoreNigeria: Tax-free treatment period for pioneer certificates has been reduced
The Nigerian Investment Promotion Council (NIPC) has reduced the available tax-free treatment period from 5 years to 3 years on the basis of the “Pioneer Status Incentive” program. It appears however that the NIPC is still issuing pioneer
See MoreCanada: New Transfer Pricing Memorandum (TPM-16) published
The Canada Revenue Agency (CRA) has published new Transfer Pricing Memorandum (TPM-16) on 23rd February 2015 that reconfirms the CRA’s existing positions and gives proper instruction on the use of multiple-year data in determining an
See MoreOman – No New Taxes In 2015 Budget
In the budget for 2015, all income from the projects taxes and fees will increase by 28.5% and there was a discussion for introducing possible new taxes or increased tax rates. However neither issue was proposed in the
See MoreUkraine: State Tax Service Clarifies Amendments of the Tax Code
The State Tax Service issued a letter on 21 January 2015 clarifying the latest amendments to the Tax Code in relation to taxation of pensions, interest on bank accounts, dividends, prizes and winnings. Details of the clarification; From 1
See MoreOECD makes recommendations to Italy on tax policy
The OECD Economic Survey of Italy released on 19 February 2015 notes that Italy is undertaking ambitious reforms to increase economic growth. In the past reform projects have not reached full implementation but this time Italy is reforming the
See MoreOECD holds a public discussion on BEPS action 4
On 17 February 2015 a public consultation was held on Action 4 of the OECD/G20 action plan on base erosion and profit shifting (BEPS). This action aims to limit base erosion and profit shifting that takes place through interest and other financial
See MoreItaly and Liechtenstein: First Move for Tax Information Exchange Agreement (TIEA)
The Ministry of Economy and Finance of Italy announced that a Tax Information Exchange Agreement (TIEA) with Liechtenstein had been initialed on February 13,
See MoreIreland and Marshall Islands: Tax Information Exchange Agreements (TIEA)
On February 10, 2015, the TIEA between Ireland and the Marshall Islands entered into force and effective from that
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