Peru: Government proposes higher corporate taxes
In August 2016 the Government of Peru presented a bill to the parliament which stated its intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for large companies
See MoreIMF comments on economic position of Jamaica
On 19 September 2016 the IMF issued a press release following the 13th Review under the Extended Fund Facility (EFF) with Jamaica. Jamaica’s economy is improving with an agricultural recovery, a strong performance in tourism and manufacturing and
See MoreIMF report comments on tax policy in Greece
On 23 September 2016 the IMF issued a concluding statement following a staff visit to Greece for consultations under Article IV of the IMF’s articles of agreement. Greece has reduced its fiscal primary and current account deficits to around zero
See MoreIMF comments on tax policy in Sri Lanka
On 23 September 2016 the IMF issued a press release following the conclusion of a staff visit to Sri Lanka to discuss the progress of the economic reform program. Sri Lanka’s economic performance in the first half of 2016 shows an improved
See MoreOECD report on tax policy reforms in 2015
The OECD has issued a report entitled “Tax Policy Reforms in the OECD 2016”. This is the first edition of an annual monitoring project that will provide a summary of tax reforms in OECD countries each year. This report identifies the tax policy
See MoreNetherlands presented tax plan 2017
On 20 September 2016, the Tax Plan 2017 was presented by the Minister of Finance to the lower house of the parliament. The most important proposals regarding corporate income tax and dividend withholding tax, which unless otherwise indicated will
See MoreSweden: Presents Budget for 2017
The Budget for 2017 was presented to the parliament on 20 September 2016. The Budget, measures will apply from 1 January 2017. The following measures relate to corporate tax: -The deductibility of representation expenses (relating to lunch, dinner,
See MoreUruguay: Publishes Decree regulating modifications to tax rules made by National Budget Law
The Ministry of Finance issued Decree No. 279/016 on 12 September 2016 that contains regulatory provisions for the application of the modifications to tax rules made by Law No. 19,355 of 15 December 2015. The main provisions of the Decree are
See MoreMauritius: Budget for 2016-2017 with respect to tax management
The Minister of Finance delivered the Budget speech for 2016-17 to the parliament on 29 July 2016. The most important measures with respect to tax management are summarized below. –The Mauritius Revenue Authority (MRA) Act will be amended so that
See MoreItaly: Publishes new guidance on CFC regulations
The Italian Tax Authorities issued Protocol No. 143239 (the Protocol) on 16 September 2016, providing further clarifications on CFC legislation, as recently amended by Legislative Decree No. 147 of 14 September 2015 and Law No. 208 of 28 December
See MoreIMF comments on tax policy of Lithuania
Following a visit to Lithuania from 6 to 12 September 2016 for consultation on economic developments the IMF has issued a press release setting out its preliminary findings. Lithuania’s economic activity is expanding and GDP growth is expected to
See MoreVietnam: Publishes Circular on tax incentives
The Ministry of Finance (MoF) on 17 June 2016, issued Circular No. 83/2016/TT-BTC which provided guidance on the implementation of investment tax incentives with regard to corporate income tax, import tax and non-agricultural land use tax. The key
See MoreIMF to support economic reform in Bosnia
On 9 September 2016 the IMF issued a report in relation to Bosnia’s economy following the granting of funds under the Extended Finance Facility to support a more competitive economy to attract investment and create private sector jobs. Bosnia has
See MoreRussia: New version of draft law on BEPS Action 13 implementation issued
The Finance Ministry has issued a new version of the draft law on 6th September 2016 regarding BEPS Action 13 implementation. The draft law proposes the following topics: BEPS related compliance: Documentation requirement: Master file: As per the
See MoreG20 leaders comment on tax policy
The final communiqué from the G20 summit held in Hangzhou, China on 4 and 5 September 2016 began by noting that although the global economy is recovering from the crisis growth is still relatively weak. New sources for growth are emerging but
See MoreTurkey: Draft General Communiqué on Corporate Tax Law issued
The Revenue Administration of Turkey has issued a draft General Communiqué No. 11 on 6th September 2016 regarding Corporate Tax Law (Law No. 5520) on its website. The draft was published in Official Gazette No. 29796 on 9th August 2016. It results
See MoreFinland: Ministry of Finance published budget proposal for 2017
The Ministry of Finance published its proposal for Budget 2017 on 12 August 2016. The tax measures will be discussed by the government on 31 August and 1 September 2016. Details of the tax measures are summarized below. The possibility for setting
See MoreIsrael: CbC reporting, transfer pricing documentation in budget plan
The Ministry of Finance’s budget plan for 2017-2018 has been approved by the Israeli government on 12th August 2016 that includes tax legislative measures. This budget plan covers: CbC reporting requirement: General rule: The Israeli budget plan
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