IMF report comments on Peru’s fiscal policy
On 15 July 2016 the IMF published a report following the conclusion of talks with Peru under Article IV of the IMF’s articles of agreement. Peru’s economy has weathered the economic crisis and has become the largest growing in the South America
See MoreGreece: A draft bill submitted to parliament
A draft bill was submitted to the parliament on 13th July 2016 for amending unified property tax, Procedural Tax Code and transfer pricing legislation. In accordance with the draft bill, the General Secretary of Public Revenue may discharge very
See MoreIMF report comments on the economic position of Italy
On 6 July 2016 the IMF released a staff report following consultations with Italy under Article IV of the IMF’s articles of agreement. Italy’s economy is recovering from a deep recession and growth was 0.8% in 2015 with continued expansion in
See MoreTurkey: Draft General Communiqué on CIT Law issued
The Revenue Administration has submitted a draft General Communiqué No. 10 on 30th June 2016 regarding Corporate Tax Law (Law No. 5520) to the Prime Minister for publication in the Official Gazette. This draft addresses the changes of General
See MoreIsrael: Announcement of corporate tax rate cut
On 19th of July 2016, the government and finance minister of Israel declared that the corporate income tax rate will be reduced by 2% in the next two years. Currently, the corporate income tax rate is 25%. As per declaration, the rate will be 24% in
See MoreIMF report comments on Poland’s tax plans
On 27 June 2016 the IMF published a report following the conclusion of consultations under Article IV of the IMF’s articles of agreement. Poland’s economy has been performing strongly. Growth in 2016 remains strong and is projected to
See MoreIMF report comments on the economic position of Germany
On 24 June 2016 the IMF published a report and selected issues paper following the conclusion of consultations with Germany under Article IV of the IMF’s articles of agreement. Germany’s economy has continued its growth momentum with domestic
See MoreUK: Chancellor announces plan to cut the corporation tax rate
The UK’s Chancellor of the Exchequer has suggested in an interview that he intends to reduce the corporation tax rate to less than 15% in an effort to attract business. This would be part of an effort to build a “super-competitive economy”
See MoreIMF report comments on the fiscal position of El Salvador
On 1 July 2016 the IMF published a report and selected issues paper following the conclusion of consultations under Article IV of the IMF’s articles of agreement. El Salvador’s economic growth rate has been significantly lower than other
See MorePlatform for Collaboration on Tax releases discussion draft on effective capacity building
The Platform for Collaboration on Tax was set up by the IMF, OECD, UN and World Bank at the request of the G20 group of countries to recommend mechanisms to ensure effective implementation of technical assistance programs. The February 2016 meeting
See MoreBangladesh: Budget measures for FY 2016-17
The Budget for fiscal year 2016-2017 was presented on 2 June 2016. Budget measures relating to corporate taxation, once adopted, will take effect from 1 July 2016. Some of the proposed measures are following: the minimum tax rates will be
See MorePakistan: Publishes Budget for 2016/17
The Minister of Finance has published the tax proposals on 3 June 2016 in the Finance Bill 2016 as part of the annual budget for fiscal year 2016/17. The main details of the Budget on income taxes are summarized below: The following measures
See MoreIMF report discusses economic policy in Japan
On 20 June 2016 the IMF issued a concluding report following the conclusion of discussions with Japan under Article IV of the IMF’s articles of agreement. Japan’s economy is expected to grow at around 0.5% in 2016 but slow to 0.3% in 2017. The
See MoreIMF report comments on the economic position of Latvia
On 16 June 2016 the IMF published on its website a staff report following the conclusion of discussions with Latvia under Article IV of the IMF’s articles of agreement. Growth increased to 2.7% in 2015 and investment grew at 2.1% following a
See MoreOECD Council approves BEPS amendments to the Transfer Pricing Guidelines
On 23 May 2016 the OECD Council gave its approval to the amendments to the transfer pricing guidelines recommended in the final report of the project on base erosion and profit shifting (BEPS). The amendments were contained in the final report on
See MoreIMF report comments on economic and fiscal policy of Sri Lanka
On 14 June 2016 the IMF issued a report following the completion of consultations with Sri Lanka under Article IV of the IMF’s articles of agreement. GDP growth was 4.8% in 2015, generally unchanged from 2014. The economy is however facing an
See MoreIMF report comments on the economic policy of Peru
On 13 June 2016 the IMF published on its website a concluding statement following the completion of discussions with Peru under Article IV of the IMF’s articles of agreement. Peru’s economic growth fell in 2014 as a result of declines in
See MoreIMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See More