Nigeria: Budget proposal 2015 passed by parliament
The parliament has passed 2015 Budget proposal on 28th April 2015. There was a proposal in Budget to raise VAT rate but the rate is still 5%. Future information on this topic will be reported
See MoreAustria: First Details of Tax Reform
The Ministry of Finance published the first details of the planned Tax Reform on 20 March 2015. The amendments will generally be applicable with effect from 1 January 2016. Main changes of the reform are as follows: Individual tax: Reduction of
See MoreFinland: Government approves law adopting amendments to non-residents taxation
The President of Finland signed a law on 24 April, 2015 regarding the proposal (HE 365/2014) amending the taxation of non-residents. The proposal was adopted 12 February 2015. The proposal entails that the taxation of non-resident individuals by
See MoreChina: Publishes new annual corporate income tax return package
State Administration of Tax issued Annual Corporate Income Tax Return Package of People's Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014
See MoreCanada: Highlights of Pre-election Federal Budget 2015
The Finance Minister delivered the Government’s 2015 pre-election federal budget on 21st April 2015. The tax highlights in the 2015 budget are given below: From the beginning of 2015, the limit for annual contributions to a tax-free savings
See MoreSpain: Parliament approves draft law amending the General Tax Law
The Spanish Parliament approved the submission to Parliament of the draft law amending the General Tax Law (LGT) on 17 April 2015, following the opinion of the State Council. The key objectives of the reform of the Tax Code are to enhance the fight
See MoreIMF: Using Fiscal Policy to Support Sustainable Growth
In the most recent Fiscal Monitor released on 15 April 2015 the IMF discusses how sound fiscal policy can promote growth and employment. Various factors can help economic recovery including the low oil price, growth-friendly monetary policy and a
See MoreOECD Releases Taxing Wages 2015
The latest OECD report Taxing Wages 2015 shows that the taxation of wages rose slightly for workers in the countries of the OECD between the years 2010 and 2014. Most of the countries have not raised their rates of income taxation but the increase
See MoreNamibia: Budget proposals for 2015-16
The Namibian budget speech for 2015-16 was delivered on 31 March 2015. In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining
See MoreEgypt Publishes Preliminary Budget for 2015-2016
The Ministry of Finance issued a preliminary statement on 18 March 2015, for the 2015-2016 Budget. The statement highlighted the following changes: The standard corporate tax rate will be reduced to 22.5%. The new rate is expected to apply for
See MoreBrazil: IMF report assesses fiscal policy
The International Monetary Fund (IMF) has issued a press release following the consultation with Brazil under Article IV of the IMF’s articles of agreement. The report notes that economic growth has decreased in recent years with sluggish
See MoreCanada: Small firms publish pre-Budget proposal
The Canadian Federation of Independent Business (CFIB) has requested the Government to cut the tax rate for small business and reestablish fairness in employer payroll taxes. A recent survey has made by CFIB said that cut down the payroll taxes
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
See MoreFrance: Intergroup services marked out in tax-avoidance transactions list
The French tax administration has recently published an updated list of abusive practices and fixtures that are considered to be contrary to the law. Among these are certain inter-group arrangements. Relocation of profits after restructuring:
See MoreHungary: IMF report makes recommendations on fiscal policy
The IMF issued a report on 3 April 2015 following the conclusion of discussions with the government of Hungary under Article IV of its articles of agreement. The economy has been growing strongly with output increasing by 3.6% in 2014. The fiscal
See MoreFrance: New steps to improve relationship between tax administration and companies
The Ministry of Finances and Public Accounts and the Ministry of Economy and Industry announced a set of measures to fight tax fraud on 1 April 2015. The measures also fight against tax evasion at national, European and international level, and
See MoreSouth Africa: SARS Issues Tax Guide For Non-Residents
The South African Revenue Service (SARS) has issued a tax guide for the tax treatment of South Africa-sourced income of non-residents. The guide mainly focuses on employment income. Non-resident individuals are required to register with SARS and
See MoreNigeria: IMF comments on fiscal policy
The International Monetary Fund (IMF) has concluded bilateral discussions with Nigeria under Article IV of the IMF’s articles of agreement. The staff report together with a selected issues paper commenting on Nigeria’s economic situation were
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