IMF reports on economic and fiscal policy of Bangladesh
On 17 November 2015 the IMF issued a report following the completion of discussions with Bangladesh under Article IV of the IMF’s articles of agreement. Real GDP growth has been strong and the ratio of public debt to GDP has remained at a
See MoreChina: super deduction regulation update for qualified R&D expenses
On 2 November 2015, China’s State Administration of Taxation, Ministry of Finance and the Ministry of Science and Technology jointly released Cai shui No.119 to provide expanded scope and follow-up guidance of qualified industries and research
See MoreFinland: IMF comments on economic and fiscal policy
On 11 November 2015 the IMF completed its consultations with Finland under Article IV of its articles of agreement. The economy has been in recession for three years but a slight recovery is projected for 2015 and expected to strengthen in 2016.
See MoreNetherlands: Lower House of the Parliament Adopted the Tax Plan 2016
The lower house of the parliament adopted the Tax Plan 2016 on 18 November 2015. The same was presented to the lower house of the parliament on 15 September 2015 by the Minister of Finance. The important measures were included on corporate tax and
See MoreNigeria: Implications of BEPS proposals
The Federal Inland Revenue Service (FIRS) has incorporated into its tax audit procedures certain of the recommendations included in the OECD’s base erosion and profit shifting (BEPS) project. For instance, the tax authority is scrutinizing
See MoreIMF: Report on Regional Economic Issues for Central, Eastern and Southeastern Europe
On 16 November 2015 the IMF published a report on economic issues for Central, Eastern and Southeastern Europe (CESEE). The region as a whole is generally experiencing economic growth, although Russia and the other CIS economies are facing
See MoreUK: HMRC to reorganize into regional centers
The UK tax authority HMRC has announced a reorganization of its offices that will result in the replacement of 170 local offices by 13 new regional centers. The regional centers will support the necessary digital infrastructure and contain a mix of
See MoreCzech Republic: Control form to counter VAT fraud to be postponed
The government has submitted a bill to parliament that would postpone the announcement of the "control form" to counter VAT fraud till 1st January 2017. Primarily, the filing requirement of the form applies with effect from 1st January 2016. The
See MoreSaudi Arabia-publishing of new Companies Law
The Ministry of Commerce and Industrial declared on 9 November 2015 that the new Companies Law (NCL) will come into force after 150 days of its publication in the Saudi Official Gazette. According to the new law only one shareholder will be able to
See MoreOECD: Harmonizing revenue statistics
Representatives of thirteen Asian Finance Ministries and tax administrations met on 14 and 15 October 2015 to consider a framework to increase the comparability of revenue statistics. The countries involved in the meeting were Cambodia, China,
See MoreOECD: Asia Pacific Regional Meeting on BEPS
An Asia Pacific regional meeting was held on 11 and 12 November 2015 to discuss the outcomes of the project on base erosion and profit shifting (BEPS) and their significance for the countries of the region. Representatives of seventeen regional
See MoreUK: Planned tax treaties and protocols
On 13 November 2015 the UK published a policy paper on planned tax treaty developments. The paper states that negotiations are to begin on double tax treaties with Nepal, Romania, Trinidad and Tobago and Uzbekistan. Work is also to be done on tax
See MoreSlovenia: Changes to corporate income tax law enter into force
The amendments to the Corporate Income Tax Law were published on 3 November 2015, in the Official Gazette No. 83/2015. The Law entered into force on 4 November 2015. The amendments to the Corporate Income Tax Law include: - Implementation of
See MoreNetherlands: IMF report comments on fiscal and tax policy
The International Monetary Fund (IMF) has issued a report on the economy of the Netherlands following discussions under Article IV of the IMF’s articles of agreement. The recovery is stronger but growth will remain moderate at around 2% in 2015
See MoreCzech Republic: Amendment to law on international cooperation in tax administration
The Government has submitted a bill to the Parliament on 10th November 2015 regarding changes to the law on international cooperation in tax administration. The Bill must be accepted by both chambers of the parliament and signed into law by the
See MoreIMF, OECD, UN and World Bank issue report on use of tax incentives by low income countries
A report on the options for low income countries to use tax incentives has been prepared for the G20 Development Working Group by the IMF, OECD, UN and World Bank. Based on practical experience the report suggests that there is room for the
See MoreSlovak Republic: IMF reports on economic and fiscal position
The IMF has published a staff report following consultations in the Slovak Republic under Article IV of the IMF’s articles of agreement. Economic growth in the Slovak Republic is recovering and expected to reach 3.2% in 2015/16 and 3.5% in
See MoreSlovak Republic: Concept of ‘company in crisis’ in introduced into Commercial Code
The amendment to the Slovakian Commercial Code introduces the concept of a “company in crisis”. It will be effective from 1st January 2016. A company is regarded ‘in crisis’ if it is: Bankrupt; or The share of its equity and
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