UK: Tax gap estimates published
On 20 October 2016 HMRC announced that the tax gap in the UK has fallen to GBP 36 billion or 6.5%, its lowest ever level. The latest figures released relate to the year 2014/15. The tax gap represents the difference between the amount of tax that
See MoreSlovak Republic: Introduction to country-by-country reporting
The legislative bodies of Slovakia has issued a bill amending Act No. 442/2012 Coll. on international assistance and cooperation in tax administration that introduces the country-by-country (CbC) reporting obligation in Slovakia. The draft
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreSlovak Republic: Tax law amendments proposed
A governmental package of proposed amendments on tax law has been submitted to the parliament and the changes are suggested to become effective from 1st January 2017. These changes needs to be approved by the parliament and signed by the President
See MoreEuropean Commission to investigate Luxembourg tax rulings
On 19 September 2016 the European Commission announced that it is commencing an investigation into the tax treatment of GDF Suez Group (now known as Engie) in tax rulings issued by Luxembourg. The tax rulings may in the view of the Commission have
See MoreFive European countries to exchange information on beneficial ownership
On 15 April 2016 it was announced that Britain, France, Germany, Italy and Spain have agreed to exchange information on beneficial ownership of companies and of "trusts with tax consequences". The five European countries will explore the best way to
See MoreOECD: Revenue Statistics in Africa
The first edition of the OECD publication Revenue Statistics in Africa presents statistics relating to eight countries that represent around a quarter of Africa’s GDP. The countries studied in this edition are Cameroon, Ivory Coast, Mauritius,
See MoreItaly: Tax Authorities Issue Regulation to Clarify APA Procedure
The director of the Italian Revenue Office (Agenzia delle Entrate) issued regulation no. 42295/2016 (the regulation) on March 21 2016 which contains provisions for the application of the rules on advance pricing agreements (APAs) for enterprises
See MoreIreland: Advance pricing agreement regime announced
The Irish revenue authority has announced that it will introduce a formal Advance Pricing Agreement (APA) program and are expected to be published in 2016. Ireland has accepted and concluded bilateral advance pricing agreements (APAs) for many years
See MoreOECD: Latin American Revenue Statistics
The OECD has published the revenue statistics for Latin American and Caribbean countries. The report entitled Revenue Statistics in Latin America and the Caribbean was produced by the Inter-American Centre of Tax Administration (CIAT), the Economic
See MoreEuropean Commission and IMF discuss revenue mobilization
Representatives of the European Commission and the international Monetary Fund (IMF) met on 14 March 2016 to discuss strengthening their partnership in areas such as mobilizing domestic revenue. In the next few months the two organizations are
See MoreOECD: Report to G20 on BEPS and global forum developments
A report by the OECD prepared for the meeting of the G20 Finance Ministers on 26 and 27 February 2016 summarizes the developments on the project on base erosion and profit shifting (BEPS) and other international tax initiatives. The report notes
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
See MoreTaiwan: Simplifies the conditions for the application of advance pricing agreement
The Ministry of Finance has simplified the conditions for the application of an advance pricing agreement (APA) and other procedural rules based on the amendments enacted on 6 March 2015. Accordingly, a taxpayer may apply for an APA if the total
See MoreUK: Digital communications research published
The UK tax administration HMRC plans to extend online tax accounts to all individuals and businesses paying tax in the UK. To prepare for this customer research was performed to look at the reaction of difference groups of taxpayers and to help in
See MoreRomania: Government publishes new Orders on tax rulings and APAs
The Romanian Government published Orders at the end of 2015 regarding binding tax rulings and advance pricing agreement (APAs). Under the provisions on binding tax rulings the tax situation that is to be the subject of the ruling must be in the
See MoreUK: Corporation tax and large companies
A report published by a UK accounting firm indicates that 85 of the companies in the FTSE 350 index paid corporation tax at a rate of less than 5% on their accounting profits; a further 8 companies paid less than 10% of their profits in corporation
See MoreNetherlands: Decree published on adjustment period for advance tax rulings issued
During the parliamentary debate on the Act implementing the changes Parent-Subsidiary Directive 2015 have been in the Memorandum relating to the report two indicated publish a policy decision on an adjustment period for advance tax rulings
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