Angola: IMF report comments on fiscal policy
The International Monetary Fund (IMF) issued a report on 25 August 2015 following the conclusion of discussions with Angola under Article IV of the IMF’s articles of agreement. The IMF report notes that Angola’s economy has been hit by the
See MoreRussia: MoF clarifies income tax treatment of remuneration paid to remote employees
The Finance Ministry (MoF) issued letter No. 03-04-06/40525 on 15th July 2015 for clarifying the income tax treatment paid by a Russian employer to employees working on a remote basis abroad. The MoF noted that the income tax treatment
See MoreCanadian non-resident permitted to carry-forward of non-capital losses
The Canadian Tax Court issued a decision regarding a case entitled Hatt v. The Queen (2015 TCC 207) on 19th August 2015. The issue was whether the taxpayer was entitled to deduct a non-capital loss from employment in Canada in the 2010 tax
See MoreBulgaria: Tax reform declared
The Finance Ministry has declared a tax reform through a press release on 22nd August 2015. The proposed tax modification would harmonize Bulgarian law with EU law, with the objective of implementing successful control mechanisms and reducing the
See MoreSpain: IMF conference call considers tax policy issues
On 14 August 2015 the International Monetary Fund (IMF) published the transcript of a conference call held to clarify issues arising from the discussions with Spain under Article IV of the IMF’s articles of agreement. As Spain’s public debt is
See MoreSaudi Arabia: IMF comments on economic and fiscal policy
On 17 August 2015 the International Monetary Fund (IMF) issued a report following the conclusion of consultations with Saudi Arabia under Article IV of the IMF articles of agreement. Real GDP growth is estimated to slow to 2.8% in 2015 and to 2.4%
See MoreSpain: IMF comments on fiscal and tax policy
A selected issues paper published by the IMF on 14 August 2015 covers among other matters the challenge of coordination between national and regional levels of government in relation to fiscal consolidation. As significant taxing powers have been
See MoreBrazil: Presents new proposal on taxation for financial firms and interest on net equity
Brazilian Senator presented a report on the analysis of Provisional Measure 675 (MP 675) regarding new social contribution on net profits (CSLL) rate and elimination of interest on net equity on 12 August 2015. MP 675: Tax rate (CSLL) increased
See MoreOECD Issues Tax Administration Report for 2015
The OECD issued the Tax Administration 2015 report on 11 August 2015. This report contains data from a survey of 56 tax administrations in industrialized and emerging economies and analyses the latest trends and best practice within tax
See MoreChile: Bill to amend the tax reform of 2014
The Finance Ministry has declared that the Government submitted a bill on 10th August 2015 to amend the tax reform of 2014. The main features of the bill will be as follows: The combined income tax regime with income attribution would be
See MoreRussia: Authorization for signature to tax agreement with Hong Kong
The Government of Russia has authorized the Finance Ministry to sign the draft text of the tax agreement between Hong Kong and Russia and it was released on 6th August 2015 for public
See MoreJapan: Introduction of Tax Identification System from 2016
The National Tax Agency (NTA) of Japan has announced that a new tax identification number system ("My Number") will be introduced for both individuals and corporations in October 2015. The NTA will provide the 12-digit number to all relevant
See MoreGhana: Finance Minister Presented To Parliament “Income Tax Bill 2015”
The Deputy Minister for Finance submitted the Income Tax Bill 2015 to the Parliament on 30 July 2015. Government is seeking to broaden the tax base and reorganise the various income tax law provisions to simplify them and make them more
See MoreUS Treasury to develop regulations implementing CbC reporting requirement
US Treasury announced on 31 July 2015 that the US government intends to develop regulations implementing the OECD/G20 base erosion and profit shifting (BEPS) action plan guidance on country-by-country (CbC) reporting by multinational
See MoreGhana: Tax Authority Formed Special Tax Compliance Taskforce
The revenue authority of Ghana has formed a special revenue collection taskforce including 40 members. The aim of taskforce is to enforce compliance with the country's tax code and to encourage actual or potential tax defaulters to honor their tax
See MoreIMF comments on fiscal and tax policy in Kazakhstan
The International Monetary Fund (IMF) has concluded discussions with Kazakhstan under Article IV of its articles of association and on 5 August 2015 a report was issued commenting on Kazakhstan’s economic situation and fiscal policy. Real GDP
See MoreIMF report contains tax recommendations for the UAE
The International Monetary Fund (IMF) has concluded discussions with the United Arab Emirates (UAE) under Article IV of its articles of association and on 4 August 2015 published a report and a selected issues paper. The IMF notes that government
See MorePoland: Amending bill adopted by government
The Council of Ministers adopted a bill amending the Corporate Income Tax Law and Individual Income Tax Law on 21 July 2015.The amending bill requires a taxpayer that is part of a multinational corporate group with annual income or expenses of at
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