Croatia: IMF reports on economic and fiscal policy
The International Monetary Fund (IMF) has issued a concluding statement of preliminary findings following consultations with Croatia under Article IV of its articles of agreement. In 2015 Croatia’s economy is expected to grow for the first time in
See MoreSri Lanka: IMF comments on economic and fiscal policy
The IMF has concluded the third Post Program Monitoring discussion with Sri Lanka and issued a press release on 5 May 2015 summarizing its findings. Sri Lanka’s GDP growth was 7.4% in2014 and is estimated to be 6.5% in 2015 and later years.
See MoreHong Kong: Government Continues Anti-Tax Evasion Measures
The Hong Kong Monetary Authority (HKMA) and the relevant enforcement authorities will continue to monitor closely measures to combat money laundering and tax evasion, the Secretary for Financial Services and the Treasury, K C Chan has
See MoreIMF Publishes Working Paper on Tax Policy in MENA Countries
A working paper issued by the International Monetary Fund (IMF) looks at taxation trends in the countries of the Middle East and North Africa in the period from 1990 to 2012, focusing on non-resource taxes. Revenues from these taxes have slightly
See MoreOman: IMF comments on economic and tax issues
The IMF has held consultations with Oman under Article IV of its articles of agreement and has issued a report on the discussions. Oman’s non-hydrocarbon growth rate was 6.5% in 2014 but is estimated to fall to 5% in 2015 and to 4.5% in later
See MoreRussia: Appeal Court agrees that payments made under a sham transaction are not tax deductible
The Appeal Court of Russia has ruled in Case no. А40-28065/13 on 25th February 2015 regarding fees paid for the use of know how. The fees are not deductible for corporate income tax purposes if the transaction is a fake. Summary of the case: LLC
See MoreDenmark: Minister of Taxation Clarifies Danish Treaty Policy
The Ministry of Taxation published a press release summarizing the statements given by the Minister to Parliament on 29 April 2015 in an open hearing regarding the Danish treaty policy. The main emphasis of the hearing was the conclusion of tax
See MoreCanada: Notice to implement tax provisions in Economic Action Plan 2015 and other tax measures
The Ministry of Finance has scheduled a complete notice of ways and means motion to implement certain tax provisions in Economic Action Plan 2015 and other tax measures on 5th May 2015. This notice contains the following measures and specific
See MoreMali: IMF reports on fiscal and tax measures
Following a visit to Mali IMF staff have issued a preliminary report of their discussions and their view of the economic position of Mali. Mali’s economy grew by 7.2% in 2014 and real growth is estimated to be 5% in 2015. The end-2014 tax revenue
See MoreIreland: IMF comments on fiscal position
The IMF has held consultations with Ireland in connection with Article IV of its articles of agreement and a Concluding Statement has been published setting out the preliminary findings of its staff. The IMF considers that the high economic growth
See MoreUS: Propsed Amendment to Regulations Applicable to Refund and Credit Claims
The US Department of the Treasury and the Internal Revenue Service (IRS) have released Notice 2015-10 on 28 April 2015 announcing their intention to amend regulations applicable to refund and credit claims for amounts withheld on payments to foreign
See MoreCanada: Tax proposals in Manitoba budget 2015
The Ministry of Finance in Manitoba has delivered the province's budget for the year 2015. The budget does not propose any corporate or individual tax rate changes. The province budget 2015 proposals include: The Manitoba's budget increases the
See MoreSweden: Tax Hikes in Spring Budget
On 15 April 2015 the Swedish Government presented to Parliament its proposed Spring 2015 Budget to balance increased spending on education and welfare with tax rises of around SKR8bn (USD930m) this year. The Government is proposing tax hikes that
See MoreBulgaria: National Revenue Agency issues 2015 manual on personal and corporate income tax
The National Revenue Agency (NRA) has issued the 2015 manual on corporate and personal income tax on 28th April 2015. The manual, inter alia, deals with the following matters: Taxation scope Tax returns Tax payments and Penalty
See MoreSlovak Republic: Proposed amendments to tax legislation
The Slovak Republic has proposed changes in the tax legislation including corporate income tax, personal income tax and value added tax. The amendments should come into force from 1st January 2016. The changes are summarized below: Corporate
See MoreRomania: Government Amends the Fiscal Code
Law no. 571/2003 regarding the Fiscal Code has been amended and supplemented by the publication of Government Emergency Ordinance no. 6/ 2015. This Ordinance introduces provisions on the taxation of income from the transfer of immovable property
See MorePeru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares
In Peru changes have been made to the income tax regulations regarding financial derivatives and the tax basis on indirect transfers of Peruvian shares through Supreme Decree No. 088-2015-EF on 18 April 2015. The changes became effective as from 19
See MoreTurkey: Draft guidance on APA applications
The Turkish revenue administration released draft guidance in early April 2015 on advance pricing agreements (APAs). The guidance sets out the information that may be requested by the tax authorities in order to review APA applications. In
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