US: Budget Proposals for 2016 Bring Changes to the US Internal Revenue Code (IRC)
US fiscal Budget proposals for 2016 have brought some changes to the Internal Revenue Code (IRC) with respect to tax administration and compliance. The key proposals include: Restricted deductions of excessive interest expenses by members of
See MoreUS: Budget for 2016 Proposes Minimum Tax on Foreign Income and One-Time Tax on Profits Stockpiled Offshore
The US Government has proposed minimum tax on foreign income and one-time tax on profits stockpiled offshore in its 2016 fiscal budget. The minimum tax on foreign earnings is intended to reduce current incentives to trace production overseas and
See MoreLatvia: Budget committee approves 9% Microenterprise tax rate
The Parliament Budget and Finance (Taxation) Committee approved in principle a draft bill which sets the micro-enterprise tax rate at 9% in the first three years since the company's registration. As reported, in 2015, the tax rate for
See MoreNigeria: The Budget Proposal 2015 presents
The Coordinating Minister for Economy and Finance in Nigeria has presented the Budget proposal for the year 2015 to the National Assembly on 17th December 2014. The appropriation bill was talked in the second reading of the Senate on 15th January
See MoreBulgaria: Summary of tax amendments that apply from 2015
On 9 January 2015 the Finance Ministry published a summary of amendments to the tax legislation that are effective from 1st January 2015. The amendments include the following major tax changes: Personal income tax Introduction of a new tax relief
See MoreAustria: Ministry of Finance publishes report from Tax Reform Commission
The Austrian Ministry of Finance published a report by the Tax Reform Commission on 12 January 2015. The Tax Reform Commission consists of members from the coalition parties and the report was prepared in 2014. The report comprises several proposals
See MoreBelgium Federal Budget for 2015
Recently, the Belgian Government was gazettes the following federal end of year tax measures for corporate income tax in the State Gazette: Changes regarding Corporate income tax: The corporate income tax exemption for communal joint-venture
See MoreJapan: Tax Reform Plan for 2015
The government of Japan outlined its Tax Reform Plan for 2015 on 30 December 2014. The main changes are summarized below: – The corporate income tax rate will be reduced from 34.62% (2014) to 32.11% (2015) and 31.33% (2016). – Exemption for
See MoreBulgaria: Budget for the year 2015 adopts
The Bulgarian parliament has adopted the Budget Bill on 19th December 2014 for the year 2015 and this Bill applies as from 1st January 2015. It gives a tax increment on bank deposits from 8% to 10%. Additionally, the Bill continues the same social
See MoreUkraine: Parliament Approves Tax Reform Plans
The Ukraine Parliament approved a package of laws on December 28, 2014, which significantly amend the system of taxation in Ukraine. Key changes are summarized below; General Provisions Number of taxes was decreased from 22 to 11 (including 2
See MoreIndia: Update on GST and management service fees
The Union Cabinet approved the Constitutional Amendment Bill on Goods and Services Tax (GST) on 17 December 2014 and this can be passed to parliament for consideration. The clearance of the Bill by the Cabinet was achieved by a compromise. It was
See MoreFrance: Parliament approves the Finance Bill for 2015
The French Parliament approved the Finance Bill for 2015 and the Second Amended Finance Bill for 2014 On 18 December 2014. The Finance Bill for 2015 provides that for tax audits initiated from 1 January 2015 penalties for inadequate documentation
See MoreItaly: approves fiscal budget for 2015
Italy has approved 2015 fiscal budget with deficit. The budget bill was passed by both houses of parliament when the Chamber of Deputies approved the budget on December 22. Budget implication on Tax & VAT: The Budget includes a cut in the
See MoreFinland: Parliament approves Budget Bill For 2015
The Finnish Parliament approved the Budget of around 53.9 billion euros for 2015 on 19 December, 2014. A summary of the Budget is as follows: Total Budget amount is 53.9 billion euros. Deficit of 4.7 billion euros which will be covered by
See MoreEU Parliament approves Budget for 2015
On December 17, 2014, at its plenary session Members of the European Parliament (MEPs) approved the draft EU budget for 2015 and a top-up for the 2014 budget with 443 votes for, 250 against and 43 abstentions in the French city of Strasbourg. The
See MoreLatvia: Parliament adopts the State Budget for 2015
The Latvian Parliament adopted the state budget for 2015 on 17 December, 2014. The state budget for 2015 preserves the existing tax policy and does not envisage an increase in current tax rates. The income gap will be reduced by increasing the
See MoreFrance: Assembly Passes Second Draft Finance Bill For 2014
The draft amending budget for 2014 was passed at first reading by the French assembly on 9 December 2014. The legislation also has been passed by the Senate, and enactment is now expected before the end of 2014. This second draft Finance Amendment
See MoreUK: Government publishes draft tax legislation to implement Budget and Autumn Statement 2014 policies
The government of UK has published draft tax legislation on December 10, 2014 which will implement policies published at Budget 2014 and Autumn Statement 2014. The government has also published responses to related policy consultations which took
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