Luxembourg: Proposed 2017 tax reform measures
The government of Luxembourg released an outline of the proposals on 29 February 2016 for tax reform in 2017. The gradual introduction of the Organisation for Economic Co-operation and Development recommendations made in the framework of the Base
See MoreIMF comments on Luxembourg tax changes
As part of a report on Luxembourg’s economic position following discussions under Article IV of its articles of agreement the IMF has commented on the current tax reform. The report notes that implementation of the international tax transparency
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 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 MoreIMF Managing Director Discusses Revenue Mobilization and International Taxation
On 22 February 2016 the IMF Managing Director spoke in Abu Dhabi on the issue of revenue mobilization and international taxation. A text of the speech has been published on the IMF’s website. At the moment many countries need to generate higher
See MoreUK: IMF report and selected issues paper look at property taxation
The IMF has published a staff report and a selected issues paper following the conclusion of consultations with the UK under Article IV of the IMF’s articles of agreement. The UK economy has been growing steadily and growth is set to continue at
See MoreOECD to broaden participation in BEPS
On 23 February 2016 the OECD agreed a new framework to broaden participation in the OECD/G20 project on base erosion and profit shifting (BEPS). The new framework will be submitted to the G20 Finance Ministers for approval at their meeting on 26 and
See MoreChina: Administrative measures to qualify as a high and new tech Enterprise
On 29 January 2016, the Ministry of Science and Technology (MOST), Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued a notice revising the administrative measures with regard to the classification of high and new
See MoreUK: Parliamentary Committee launches inquiry into corporate tax system
The UK Parliament’s Treasury Select Committee has launched an inquiry into the UK corporate tax system, covering tax policy and the tax base. Written evidence has been requested by 31 March 2016. The terms of reference include the making of tax
See MoreAustria: IMF Selected Issues Paper looks at the tax system
Following consultations with the Austrian government the IMF has published a staff report and a selected issues paper looking at the tax revenues and government expenditure. The selected issues paper notes that the Austrian government announced an
See MoreSri Lanka: World Bank study highlights low tax collection
The World Bank published a Systematic Country Diagnostic on Sri Lanka on 1 February 2016. This looks at the key obstacles to sustained progress in ending poverty and increasing prosperity. The study identifies the low tax to GDP ratio as an
See MoreHungary: IMF report recommends tax changes
The International Monetary Fund (IMF) has issued a concluding statement describing the preliminary staff findings following consultation with Hungary under Article IV of the IMF’s articles of agreement. The Hungarian economy is performing well
See MoreBangladesh: NBR drafts new income tax law
The National Board of Revenue (NBR) of Bangladesh has drafted a new income tax law that seeks to keep corporate tax rates equal for all companies and narrow down the list of tax breaks and exemptions. The drafted new law is expected to replace the
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 MoreWorld Bank to review efficiency and equity of Latvia’s tax system
The World Bank and Latvia’s Ministry of Finance have signed the Latvia Tax Policy and Equity Reimbursable Service Agreement (RAS) with the objective of reviewing the tax system in Latvia and finding ways to improve its efficiency, competitiveness
See MoreNetherlands: IMF paper comments on the tax system
On 11 February 2016 the IMF issued a staff report and selected issues paper in connection with discussions with the Netherlands under Article IV of the IMF’s articles of agreement. The selected issues paper covers the possibility of further tax
See MoreIMF report comments on tax policy of Sri Lanka
On 5 February 2016 the IMF released a report on the conclusion of discussions by its staff in Sri Lanka under Article IV of the IMF’s articles of association. The Sri Lankan economy has been performing positively and real GDP growth was 5.2% in
See MoreBahrain: IMF report comments on economic position
A statement issued by the IMF at the conclusion of consultations with Bahrain under Article IV of the IMF articles of agreement comments on the economic position. The low oil prices have lowered exports and fiscal revenues. Economic growth
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