OECD publishes comments received on VAT/GST guidelines
On 24 February 2015 the OECD published on its website the comments received on its consultation document on aspects of the International VAT/GST Guidelines. Almost fifty responses were received from professional firms, trade and professional bodies
See MoreHong Kong: Tax Measures Proposed in Budget 2015-2016
The Financial Secretary proposed a number of tax measures in his 2015-16 Budget speech on 25 February 2015. All of these measures require legislative amendments before implementation. Highlights of the measures are given below; Reducing profits tax,
See MoreSouth Africa: Tax Proposals In Budget 2015
South Africa has increased income tax rates for the first time in 20 years. The first increase since 1995, the move is likely to be unpopular with the public and businesses suffering from persistently lacklustre growth since the 2009
See MoreIMF/ TAXUD conference on Corporate Debt Bias: Economic Insights and Policy Options
The Fiscal Affairs Department of the IMF and the Directorate General for the Taxation and Customs Union held a conference on 23 and 24 February 2015 to discuss the corporate debt bias. This arises from the rule in most tax systems that interest on
See MoreJapan: Tax Reform Legislation Introduced
The Japanese Government submitted legislation to Parliament on February 17 2015, including the planned corporate tax cuts. As the Prime Minister previously had previously promised growth strategies, the Government plans to reduce the country's
See MoreSingapore: Budget proposals for 2015
The Finance Minister of Singapore presented The Budget for 2015 to Parliament by on 23 February 2015. The proposals include measures regarding: Corporate taxation; Individual taxation; Goods and services tax; and Other taxes and measures. The
See MoreNigeria: Tax-free treatment period for pioneer certificates has been reduced
The Nigerian Investment Promotion Council (NIPC) has reduced the available tax-free treatment period from 5 years to 3 years on the basis of the “Pioneer Status Incentive” program. It appears however that the NIPC is still issuing pioneer
See MoreOman – No New Taxes In 2015 Budget
In the budget for 2015, all income from the projects taxes and fees will increase by 28.5% and there was a discussion for introducing possible new taxes or increased tax rates. However neither issue was proposed in the
See MoreUkraine: State Tax Service Clarifies Amendments of the Tax Code
The State Tax Service issued a letter on 21 January 2015 clarifying the latest amendments to the Tax Code in relation to taxation of pensions, interest on bank accounts, dividends, prizes and winnings. Details of the clarification; From 1
See MoreOECD makes recommendations to Italy on tax policy
The OECD Economic Survey of Italy released on 19 February 2015 notes that Italy is undertaking ambitious reforms to increase economic growth. In the past reform projects have not reached full implementation but this time Italy is reforming the
See MoreOECD holds a public discussion on BEPS action 4
On 17 February 2015 a public consultation was held on Action 4 of the OECD/G20 action plan on base erosion and profit shifting (BEPS). This action aims to limit base erosion and profit shifting that takes place through interest and other financial
See MoreSlovenia: IMF makes Policy Recommendations
On 13 February 2015 the International Monetary Fund (IMF) concluded consultations with Slovenia under Article IV of its articles of agreement. Slovenia is still suffering from the legacy of the financial crisis with high unemployment and output
See MoreCanada: Budget 2015–16 of British Columbia issued
The Finance Ministry of British Columbia has listed the province’s fiscal 2015-2016 budget. The 2015 budget did not bring any major legislative changes. It includes certain tax measures that should benefit the taxpayers. The brief summary of the
See MoreCanada: Federal budget 2015 could come in May
The Canadian Finance Minister declared that the federal budget 2015 has been postponed until April or later because of oil market volatility. Usually the budget comes in February and March. In spite of prices were somewhat less volatile than
See MoreFinland: Cabinet Finalizes Supplementary Budget For 2015
The Finnish Government has concluded negotiations for the supplementary budget for 2015 and this will be forwarded to parliament for approval on 12 Feb, 2015. Economic growth is expected to remain sluggish in the current year but growth will be
See MoreIMF reports on discussions on Pakistan’s economic position
The IMF has held meetings with officials from Pakistan to conduct discussions as part of the sixth review under its Extended Fund Facility and has issued a press release reporting on its preliminary findings. A Memorandum of Economic and Financial
See MoreUS: 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 MoreJapan Publishes New Consumption Tax Plans for Foreign E-services
Japan has published new plans to subject the supply by foreign providers of electronic services to their consumers to 8% Consumption Tax. This should come into place from 1 October 2015. Here is the summary of plans: Changes from the origin to
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