US: President Obama Submitted his Administration’s Fiscal year 2017 Budget
President Obama has submitted his Administration's fiscal year 2017 budget to the US Congress. The proposal would raise $955 billion over ten years by closing certain loopholes for wealthy taxpayers. For example, it would: Raise the top tax
See MoreIndia: Finance Minister releases 2016 -2017 Budget
The Finance Minister of India presented Budget for 2016-17 to the Parliament on 29 February 2016. The main changes of the Indian budget for 2016/17 are summarized below: Corporate income tax: - No change in the corporate tax rate except for new
See MorePortugal: Further budget measures 2016
On 5 February 2016, further budget measures were announced. The most important measures are summarized here. Corporate income tax (i) Patent box: The patent box regime will be amended to incorporate the "modified nexus approach" in line with BEPS
See MoreNigeria: Budget for the year 2016
The budget measures for 2016 were delivered to the National Assembly on 22nd December 2015. The government proposes to reduce reliance on oil revenues (which are expected to amount to NGN 820 billion) in 2016. Non-oil revenues, comprising company
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreUK: Proposed Tax Measures in Autumn Statement
The Autumn Statement was delivered on 25 November 2015 and the following tax measures were announced: Apprenticeships levy With effect from April 2017 an Apprenticeships Levy will be introduced at a rate of 0.5% of total payroll and will be
See MoreBulgaria: Budget for 2016 published
The Finance Ministry (MoF) has published the Budget for 2016 on 26th October 2015. The MoF included the following measures in this budget: The income tax rate, withholding tax rate, and VAT rate will remain unchanged for 2016 through
See MoreCanada: Alberta fiscal budget for 2015-2016 issued
The Finance Minister of Alberta has presented the Province’s fiscal budget for 2015-2016 on 27th October 2015. The budget contains no changes to the personal income tax rates. However, some other new tax measures contained in the budget may
See MoreIreland: Budget 2016 announced
On 13 October 2015, the Finance Minister of Ireland announced Budget proposals for 2016 in the context of the country being the fastest growing economy in Europe for 2015, with GDP growth at 6.2%. The Minister also published a document
See MoreDenmark: Budget for 2016
The Budget for 2016 was presented to the parliament on 6 October 2015. The following main changes are proposed in the Budget: Corporate taxation: Country-by-country reporting for income and taxes paid is introduced for multinational enterprises.
See MoreKenya: Budget for 2015-16
The Finance Bill for 2015-16 was passed as the Finance Act on 15 September 2015 in Kenya. The following changes were made to the main Budget measures prior to enactment: The corporate tax rate for a special economic zone enterprise, developer or
See MoreFrance: Draft Finance Bill 2016
The draft Finance Bill for 2016 has been presented in France. According to the proposals the income tax-exempt threshold will be increased to EUR9,700 (USD10,840). For income above this threshold the income tax rates will be reduced. The tax rates
See MoreDenmark publishes information on the Budget for 2016
The Danish government published information on the Budget for 2016 on 29 September 2015. The tax measures set out in the Budget, which will be presented to the parliament on 8 October 2015, include some important changes as summarized below: -
See MoreUruguay-Proposed Budget Bill for 2015-19
Uruguay’s government has submitted to the Congress the Bill of the National Budget for the years 2015 up to 2019 on 31 August 2015. If enacted the bill would make significant changes to the tax laws. According to the proposal, income derived from
See MoreNetherlands-Publish Budget Proposal for 2016
The Dutch Ministry of Finance published its budget proposals for fiscal year 2016 on 15 September 2015. The budget proposals cover several tax law changes, including the application of the recent modifications of the European Union (EU)
See MoreLatvia: Government approves draft budget for 2016
The Latvian government has agreed on a number of tax measures within the framework of the draft Budget for 2016. The most significant matters regarding next year's budget are to increase the minimum wage to EUR 370, to implement the differentiated
See MorePakistan: Budget for 2015/16
The Budget for the fiscal year 2015/16 (tax year 2016) was presented on 5 June 2015. The Budget proposals will basically take effect from 1 July. The proposed measures are summarized below: Corporate Tax: The corporate income tax rate is to be
See MoreKenya: Finance Bill for 2015
The Finance Bill 2015 was presented to the National Assembly on 11 June 2015. The Bill contains far reaching improvements to different laws and regulations as well as introducing new tax laws. Corporate taxation The corporate tax rate for a
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