Qatar: IMF makes recommendations on fiscal policy
On 2 April 2015 the IMF published on its website a staff report and selected issues paper in respect of discussions with Qatar under Article IV of the IMF’s articles of agreement. The IMF has looked at the economic situation and has made
See MoreLithuania: IMF comments on fiscal policy
The IMF has published a report of its preliminary findings following a visit to Lithuania for consultations on economic policy. The report finds that Lithuania’s economic growth in recent years has been among the strongest in Europe. Growth is
See MoreSwitzerland: Completes corporate tax reform III
The Swiss Federal Council issued its parameters for the dispatch on the Corporate Tax Reform III on 2 April 2015 and The Federal Department of Finance will arrange a dispatch on the new rules by June 2015. After it has been accepted by the Council,
See MoreCanada: Federal budget due 21 April 2015
Finance Minister will deliver the Conservative government’s federal budget for 2015 on 21st April 2015. It is being expected that the budget is to be balanced and will set the platform for Conservative government’s tax and financial policies due
See MoreRussia: Law concerning notification process of CFCs adopted
The parliament has approved Law No. 667946-6 on 27th March 2015 for extending the deadline of tax resident’s notification about the involvements held in controlled foreign companies (CFCs). The deadline for notification has been extended from 1st
See MoreRomania: IMF Comments on Fiscal Policy
The IMF issued a report on 27 March 2015 following the conclusion of Article IV consultations with the Romanian government. The economic recovery following the financial crisis has become broad based in Romania and economic growth is remaining
See MoreUK: HMRC Publishes Departmental Improvement Plan
On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of
See MoreUS: Low Income Taxpayer Clinic Grant Recipients Announced
The Internal Revenue Service awarded approximately $10.25 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2015 grant year (Jan. 1, 2015, through Dec. 31, 2015). LITCs are organizations that represent low income taxpayers in
See MoreIreland: IMF comments on fiscal policy
The International Monetary Fund (IMF) has issued a report following discussions with the Irish government under Article IV of the IMF’s articles of agreement. The IMF notes that Ireland has made a robust recovery with economic growth around 5% in
See MoreColombia: IMF makes recommendations on tax policy
The international Monetary Fund (IMF) has issued a report following a visit by staff to Colombia for discussions under Article IV of the IMF’s articles of agreement. The recent decline in oil prices is a challenge that is affecting Colombia’s
See MoreMauritius: Budget for 2015-16
The Minister of Finance presented the Budget speech for 2015-16 to the parliament on 23 March 2015. The most important changes are summarized below: Corporate taxation: Interest payments to non-resident companies on bonds listed in the stock
See MoreOECD: Meeting of Task Force on Tax and Development
On 18 March 2015 the OECD’s Task Force on Tax and Development met to consider the input resulting from regional network meetings on base erosion and profit shifting (BEPS). The meeting also considered capacity building support provided to
See MoreUK: HMRC to publish new pensions guidance manual
The UK tax authority HM Revenue and Customs (HMRC) announced on 20 March 2015 that it will be publishing a draft Pensions Tax Manual in the early spring of 2015. This will replace the existing Registered Pension Schemes Manual. The new draft Manual
See MoreSwitzerland: Goes forward to Phase 2 of the global forum peer review
On 16 March 2015 the Global Forum on Transparency and Exchange of Information for Tax Purposes published a supplementary report to its Phase I Peer Review of Switzerland. The supplementary peer review report had been requested by Switzerland on the
See MoreSpain: Publishes draft Corporate Income Tax Regulations
The Spanish Ministry of Finance released a draft regulation on Corporate Income Tax on March 18, 2015. Included in the regulations are some transfer pricing changes that are summarized below; Country-by-country reporting: A group of
See MoreIndonesia: IMF comments on fiscal policy
The IMF has issued a report after its Article IV consultations with Indonesia. The Indonesian economy slowed in 2014 but growth is expected to increase to 5.2% in 2014 with an increase in public investment in infrastructure. Economic risks arise
See MoreEuropean Commission Presents Tax Transparency Package
On 18 March 2015 the European Commission issued a range of measures aimed at tacking corporate tax avoidance and harmful tax competition. Corporate tax avoidance distorts economic decisions and prevents fair competition. The complexity of tax rules
See MoreUK: Budget Announcements for 2015/16
The UK budget announcements were delivered on 18 March 2015. The detail of the announcements is as follows: Business tax measures As already announced the UK corporation tax rate is 20% from 1 April 2015. The budget announcements include the
See More