Luxembourg: Draft law presented for 2017 budget
On 12 October 2016, the Luxembourg government presented a draft law for the 2017 budget. The draft law includes some new tax measures applicable from 2017 which are summarized below. Despite the fact that the work on Actions 8-10 of the OECD/G20
See MoreOECD research considers the effectiveness of carbon tax and emissions trading
A report released by the OECD on 26 September 2016 entitled Effective Carbon Rates: Pricing CO2 through Taxes and Emission Trading Systems suggests that current carbon prices are not high enough to reduce greenhouse gas emissions. The research also
See MoreMeeting of the UN Committee of Experts on International Cooperation in Tax Matters
The UN committee of Experts on International Cooperation in Tax Matters is meeting for its twelfth session in Geneva from 11 to 14 October 2016. The meeting is due to discuss issues connected to updating the UN Model Tax Convention and other matters
See MorePoland: Approves the general anti- avoidance rule into the Polish Tax Law
Polish President approved a draft legislation introducing a general ant avoidance rule (GAAR) into the Polish Tax Law. On June 14, 2016, the clause was published in the official Journal of Laws and came into force as of July 15, 2016. GAAR shall
See MoreSlovak Republic: Tax law amendments proposed
A governmental package of proposed amendments on tax law has been submitted to the parliament and the changes are suggested to become effective from 1st January 2017. These changes needs to be approved by the parliament and signed by the President
See MoreGreece: Draft Budget 2017 has been submitted to parliament
The draft Budget for 2017 has been submitted to the parliament (Committee of Economic Affairs) on 3rd October 2016. Now, it is available on the official website of the Finance Ministry. The following main things are enclosed with the Budget:
See MoreHungary: Introduces a new type of tax audit of binding rulings
Tax audit of binding rulings From July 1, 2016, a new type of tax audit was introduced whereas binding rulings may be fact-checked by the tax authority. The tax authority may start this type of audit regarding a taxpayer’s past tax years to find
See MorePeru: 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
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