US: Budget for 2016 Proposes Minimum Tax on Foreign Income and One-Time Tax on Profits Stockpiled Offshore
The US Government has proposed minimum tax on foreign income and one-time tax on profits stockpiled offshore in its 2016 fiscal budget. The minimum tax on foreign earnings is intended to reduce current incentives to trace production overseas and
See MoreAnnual Conference of the Green Growth Knowledge Platform
The third annual conference of the Green Growth Knowledge Platform was held on 29 to 30 January 2015 with the theme Fiscal Policies and the Green Economy Transition: Generating Knowledge – Creating Impact”. Topics discussed at the conference
See MoreRwanda: IMF Recommends Broader Tax Base rather than Higher Taxes
The IMF managing director visited Rwanda for three days from 26 January 2015 and a press release has been issued in respect of the IMF’s involvement in the country. Rwanda has enjoyed strong economic growth for fifteen years and is making progress
See MoreChile: Special income tax regime for small taxpayers
Provided by article 14 of the Income Tax Law (LIR) as amended by Law 20,780, the tax administration of Chile has released “Circular letter 69” on 6th January 2015 that gives the administrative interpretation of the new special income tax regime
See MoreEcuador: introduces anti-abuse provision on loans to shareholders
Under new legislation loans made by Ecuadorian companies to non-resident shareholders are treated as dividends and therefore subject to Ecuadorian withholding tax. The applicable domestic withholding tax rate on dividends is limited to the
See MoreLatvia: Budget committee approves 9% Microenterprise tax rate
The Parliament Budget and Finance (Taxation) Committee approved in principle a draft bill which sets the micro-enterprise tax rate at 9% in the first three years since the company's registration. As reported, in 2015, the tax rate for
See MoreEl Salvador: IMF Country Report on Fiscal Policy
The IMF issued Country Report 13/15 on El Salvador on 12 January 2015, following the completion of an IMF mission to El Salvador to assess the country’s economic situation. To deal with the imbalances in the pension system the IMF recommends a
See MoreChile: Tax reform implications for foreign investors
Foreign investors in Chile require to consider the effect of tax reform changes. According to the prior tax regime, Chile had a combined tax system whereby the corporate income tax paid by the Chilean entity was added to the foreign shareholder tax
See MorePoland: Taxation of undeclared income approves by parliament
The lower chamber of the parliament has approved a draft law (draft No. 3032) on 16 January 2015 and after publishing the law in the official Gazette it will enter into force on 1 January 2016. According to the law penalty rate will be reduced 55%
See MoreTaiwan: Individual Income Tax Modified
The Legislative Congress in Taiwan passed an amendment to article 15 of the Income Tax Act on 6 January 2015 which allows partners to calculate their income and subject themselves to individual income tax separately. The new regime retrospectively
See MoreSpain: Government Announces New Country-by-Country Reporting Obligations for MNEs
The Spanish government on 20 January 2015 announced that it will issue regulations, expected to be adopted in the first half of 2015, that will require country-by-country reporting by multinationals. The new regulations would enter into force on 1
See MoreAfrican Tax Research Network to Hold its First Annual Congress
The first Annual Congress of the African Tax Research Network (ATRN) is to take place in Zimbabwe on 2 to 4 September 2015. The ATRN has been established to continue dialogue, research and collaboration on tax matters between tax administrators, tax
See MoreHong Kong: Government Intends To Extend Offshore Fund Exemption Regime
New rules in Hong Kong are being planned to exempt offshore private equity funds from tax in Hong Kong with respect to investments made outside of Hong Kong. The proposed changes were initially announced by the Financial Secretary in his 2013/14
See MoreNigeria: The Budget Proposal 2015 presents
The Coordinating Minister for Economy and Finance in Nigeria has presented the Budget proposal for the year 2015 to the National Assembly on 17th December 2014. The appropriation bill was talked in the second reading of the Senate on 15th January
See MoreUK: Legislation to Implement Country-By-Country Reporting
The Government of UK has published draft legislation to implement country-by-country reporting (CbCR) based on a template developed by the Organization for Economic Co-operation and Development (OECD). The legislation will be included in the Finance
See MoreUkraine: Tax Compromise Law Comes into Effect
The State Fiscal Service of Ukraine has released a report stating that the law on tax compromise took effect on January 17, 2015. This law concerns the voluntary revision of unpaid tax liabilities by payers of profit tax and value added tax (VAT).
See MoreBulgaria: National Revenue Agency begins new electronic service
A new electronic service of the tax administration became available on 15th January 2015. The service permits companies and individuals to file tax returns and tax compliance documents through the National Revenue Agency (NRA)’s website by using a
See MoreMalaysia: Decentralization of Income tax Files Subsequent to the Setting Up of Large Taxpayer Branch (LTB) and Large Taxpayer Unit (LTU)
To improve the quality of services to clients, Inland Revenue Board of Malaysia (IRBM) released a press notice to inform that with effect from 1 January 2015, the Corporate Tax Department has been renamed to Large Taxpayer Branch (LTB) and will
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