IMF report comments on economic position of the United Arab Emirates
On 9 May 2016 the IMF issued a report following the conclusion of discussions with the United Arab Emirates (UAE) under Article IV of the IMF’s articles of agreement. The IMF comments that the UAE is in a good position to face the oil price shock
See MoreIndia: Proposes amendments to Finance Bill 2016
The Finance Bill, 2016 (the Bill) was introduced by the Finance Minister on 29 February 2016 in the Lok Sabha. On 5 May 2016, the amendments to the Bill have been proposed by notice of amendments. The Bill has proposes following amendments: -The
See MoreDenmark: Publishes new transfer pricing documentation guidelines
The Danish Ministry of Taxation issued two Orders : BEK nos. 401 and 402, on 28 April 2016, concerning transfer pricing documentation. The new documentation guidelines BEK no. 402, which will replace the previous guidelines of 24 January 2006 (BEK
See MoreIMF report comments on the economic position of Germany
On 9 May 2016 the IMF published a staff report following the completion of consultations with Germany under Article IV of the IMF’s articles of agreement. Economic growth in Germany will continue at a moderate pace in 2016 with strong domestic
See MoreIMF report comments on the economic policy of El Salvador
On 6 May 2016 the IMF published on its website a staff report following the conclusion of consultations with El Salvador under Article IV of the IMF’s articles of agreement. In the years from 2000 to 2014 economic growth in El Salvador averaged
See MoreIMF report comments on the economic and fiscal position of Malaysia
On 4 May 2016 the IMF issued a staff report following consultations with Malaysia under Article IV of the IMF’s articles of agreement. Although Malaysia has an open, diversified economy it has been hit by the lower oil price, economic problems of
See MoreIMF report comments on economic policy in Colombia
On 5 May 2016 the IMF published a report on the economy of Colombia following the conclusion of discussions under Article IV of the IMF’s articles of agreement. Colombia achieved economic growth in 2015 of 3.1% which was one of the highest growth
See MoreIMF report comments on the economic situation in Latvia
On 3 May 2016 the IMF issued a report following consultations with Latvia under Article IV of the IMF’s articles of agreement. Economic growth in Latvia is expected to slow slightly to 2.5% in 2016 owing to economic uncertainty and the
See MoreIMF report comments on the economic policy of Denmark
On 4 May 2016 the IMF issued a report on the economy of Denmark following the conclusion of consultations under Article IV of the IMF’s articles of agreement. Denmark scores well in international comparisons of business competitiveness and the
See MorePortugal: State Budget 2016 approved
On 30 March 2016, the State Budget 2016 (Law 7-A/2016) of Portugal has been promulgated by the President of the Portuguese Republic and published in the official journal Diário da República. Additionally, on 5 February 2016, further budget
See MoreIMF report comments on economic situation of Bahrain
The IMF issued a report on 26 April 2016 following consultations with Bahrain under Article IV of its articles of agreement. Bahrain has been affected by the decline in oil prices and the fiscal deficit is projected to remain high over the medium
See MoreIMF report comments on the economic situation of Hungary
The IMF released a report on 22 April 2016 following consultations with Hungary under Article IV of the IMF’s articles of agreement. Hungary has been experiencing robust economic growth in the past few years and output expanded by 2.9% in 2015.
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreSlovenia: publishes proposal for amendments to the corporate income tax law
Recently, the government published several proposals for amendments to the individual and corporate income tax laws with the aim of balancing the tax burden between companies and individuals. According to the proposals, the corporate income tax
See MoreVietnam: Corporate tax incentives for regular investment activities
The Ministry of Finance on 7 April 2016, published Official Letter No. 4769/BTC-TCT which providing criteria on tax incentives for regular investment activities. As per this guidance, “regular investment activities” is defined as regular
See MoreIndia: Central Board of Direct Taxes issues draft rules concerning foreign tax credit
India’s Central Board of Direct Taxes (CBDT) issued the draft rules: F. No. 142/24/2015-TPL, concerning the foreign tax credit and specifying the procedure for granting relief for income taxes paid in another country of foreign territory. As per
See MorePlatform for Collaboration on Tax set up by OECD, IMF, UN and World Bank
On 19 April 2016 the OECD, IMF, World Bank and UN announced the creation of a Platform for Collaboration on Tax. The Platform will intensify cooperation between these bodies as well as hosting regular consultations on the design and implementation
See MoreRussia: Draft law on CbC reporting requirements issued for public consultation
The Russian Finance Ministry has issued a draft law regarding the introduction of country-by-country (CbC) reporting in Russia on 8 April 2016. The CbC reporting requirements would apply only to international groups whose aggregate revenue according
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