Ethiopia: IMF report comments on economic and fiscal position
Following consultations with Ethiopia under Article IV of the IMF’s articles of agreement the IMF released a staff report and other documents on 30 October 2015. Ethiopia’s recent economic performance has been strong, with economic growth of
See MoreAngola: IMF comments on economic and fiscal position
The Executive Board of the IMF concluded its consultations with Angola under Article IV of its articles of agreement on 28 October 2015 and has published a press release. Angola’s economy has been adversely affected by the low oil price and there
See MoreBosnia: IMF Report Suggests Reforms to Taxation and Social Security
Following consultations in Bosnia by IMF staff under Article IV of the IMF’s articles of agreement a staff report and a selected issues paper were published on 28 October 2015. The selected issues paper includes a section on moving towards a more
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 MoreRussia: A draft order regarding tax exchange information published
The Federal Tax Service (FTS) has released a draft order on 26th October 2015 that contains a list (in Russian) of countries and territories which do not exchange tax information with Russia for discussion purposes. According to article 25.13-1 of
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreMali: IMF Report on Local Taxation
Following the conclusion of the work of a technical assistance mission on fiscal policy the IMF has compiled a report containing technical advice for the Mali authorities. The report dated July 2015 has been published on the IMF website. The report
See MoreWTO: World Trade Report for 2015 looks at benefits of Trade Facilitation Agreement
On 26 October 2015 the World Trade Organization (WTO) published its World Trade Report for 2015. This report looks at the benefits of full implementation of the Trade Facilitation Agreement. The report finds that developing countries will
See MoreSouth Africa: SARS issues revised tax guide for foreign workers
The South African Revenue Service (SARS) has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income. The guide addressed the point that foreigners working in South Africa are only
See MoreKenya submits Memorandum of Economic and Financial Policies to the IMF
A Memorandum of Economic and Financial Policies prepared by Kenya on 31 August 2015 in connection with a request for financial support from the IMF was published on the IMF website on 22 October 2015. The Memorandum notes that the Kenyan economy
See MoreRomania: IMF issues report on fiscal and tax policy
The IMF has issued a report on Romania’s economy following the conclusion of discussions on recent economic developments and budget plans. Policy priorities include maintaining fiscal discipline and pushing ahead with structural reforms. The
See MoreUK: Tax Gap Still Decreasing
According to statistics released this week by HMRC the tax gap in the UK decreased to 6.4% of the tax due in 2013/14. This represents a figure of around GBP 34 billion. The tax gap is the difference between the tax that should be collected and the
See MoreIMF: Report on fairness of Tunisia’s tax system
Following the conclusion of consultations with Tunisia under Article IV of the IMF’s articles of agreement the IMF issued on 15 October 2015 a staff report and selected issues paper including an Annex on the subject of fair taxation in
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 MoreBulgaria: Draft bill to amend tax laws for 2016
The Council of Ministers has approved the bill for amendments to tax laws for 2016 and submitted the draft on 13th October 2015 to the parliament for consideration. The major improvements are as follows: Dividend withholding tax: Implementation of
See MoreATAF conference on tax evasion and illicit financial flows
The African Tax Administration Forum (ATAF) is to hold its second International Conference on Tax in Africa from 21 to 23 October 2015. The conference in Lomé, Togo has the theme of “Tax Compliance and Limiting Illicit Financial Flows”.
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.
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