UK: Government to deliver second budget for 2015
The UK government has indicated that a second set of budget proposals will be announced on 8 July 2015. This follows the recent election of 7 May 2015. The budget would clarify the expected government expenditure reductions and how they are to be
See MoreAustralia: Budget for 2015-2016 Includes BEPS Measures and Exposure Drafts for a New Targeted Anti-Avoidance Rule
The Government of Australia announced the 2015-2016 fiscal budget on May 12, 2015. Australia has included in the budget a country-by-country reporting requirement following the recommendation in the OECD/G20 action plan on base erosion and profit
See MoreCanada: Tax proposals in Manitoba budget 2015
The Ministry of Finance in Manitoba has delivered the province's budget for the year 2015. The budget does not propose any corporate or individual tax rate changes. The province budget 2015 proposals include: The Manitoba's budget increases the
See MoreNigeria: Budget proposal 2015 passed by parliament
The parliament has passed 2015 Budget proposal on 28th April 2015. There was a proposal in Budget to raise VAT rate but the rate is still 5%. Future information on this topic will be reported
See MoreAustria: First Details of Tax Reform
The Ministry of Finance published the first details of the planned Tax Reform on 20 March 2015. The amendments will generally be applicable with effect from 1 January 2016. Main changes of the reform are as follows: Individual tax: Reduction of
See MoreCanada: Highlights of Pre-election Federal Budget 2015
The Finance Minister delivered the Government’s 2015 pre-election federal budget on 21st April 2015. The tax highlights in the 2015 budget are given below: From the beginning of 2015, the limit for annual contributions to a tax-free savings
See MoreNamibia: Budget proposals for 2015-16
The Namibian budget speech for 2015-16 was delivered on 31 March 2015. In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining
See MoreEgypt Publishes Preliminary Budget for 2015-2016
The Ministry of Finance issued a preliminary statement on 18 March 2015, for the 2015-2016 Budget. The statement highlighted the following changes: The standard corporate tax rate will be reduced to 22.5%. The new rate is expected to apply for
See MoreCanada: Small firms publish pre-Budget proposal
The Canadian Federation of Independent Business (CFIB) has requested the Government to cut the tax rate for small business and reestablish fairness in employer payroll taxes. A recent survey has made by CFIB said that cut down the payroll taxes
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
See MoreCanada: Federal budget due 21 April 2015
Finance Minister will deliver the Conservative government’s federal budget for 2015 on 21st April 2015. It is being expected that the budget is to be balanced and will set the platform for Conservative government’s tax and financial policies due
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 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 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 MoreIndia: 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 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 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
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