Pakistan: Publishes Budget for 2016/17
The Minister of Finance has published the tax proposals on 3 June 2016 in the Finance Bill 2016 as part of the annual budget for fiscal year 2016/17. The main details of the Budget on income taxes are summarized below: The following measures
See MoreIMF report discusses economic policy in Japan
On 20 June 2016 the IMF issued a concluding report following the conclusion of discussions with Japan under Article IV of the IMF’s articles of agreement. Japan’s economy is expected to grow at around 0.5% in 2016 but slow to 0.3% in 2017. The
See MoreIMF report comments on the economic position of Latvia
On 16 June 2016 the IMF published on its website a staff report following the conclusion of discussions with Latvia under Article IV of the IMF’s articles of agreement. Growth increased to 2.7% in 2015 and investment grew at 2.1% following a
See MoreOECD Council approves BEPS amendments to the Transfer Pricing Guidelines
On 23 May 2016 the OECD Council gave its approval to the amendments to the transfer pricing guidelines recommended in the final report of the project on base erosion and profit shifting (BEPS). The amendments were contained in the final report on
See MoreIMF report comments on economic and fiscal policy of Sri Lanka
On 14 June 2016 the IMF issued a report following the completion of consultations with Sri Lanka under Article IV of the IMF’s articles of agreement. GDP growth was 4.8% in 2015, generally unchanged from 2014. The economy is however facing an
See MoreIMF report comments on the economic policy of Peru
On 13 June 2016 the IMF published on its website a concluding statement following the completion of discussions with Peru under Article IV of the IMF’s articles of agreement. Peru’s economic growth fell in 2014 as a result of declines in
See MoreIMF publishes working paper on aid and fiscal policy
On 9 June 2016 the IMF published on its website a paper entitled “What does aid do to fiscal policy? New evidence”. As foreign aid is an important source of funding for some developing countries it is important to look at how aid is allocated
See MoreTanzania: Budget 2016/17 regarding direct taxation
The Finance and Planning Minister has presented the Budget for 2016/17 to the National Assembly on 8th June 2016. The proposed measures related to direct taxation are summarized below: Corporate taxation Withholding tax on payments made to
See MoreRussia: Draft Order for approving CFC notification form published
According to the Russian Tax Code, individuals and companies are needed to notify the tax authority of controlled foreign companies (CFC) of which they are considered controlling persons. Note that, these companies and individuals are considered to
See MoreIMF working paper looks at policy adjustments required in MENA and CCA countries
On 8 June 2016 the IMF published a Middle East and Central Asia departmental paper on “Learning to Live with Cheaper Oil: Policy Adjustment in Oil Exporting Countries of the Middle East and Central Asia”. The paper looks at policy challenges in
See MoreIMF report comments on the economic position of Guatemala
The IMF has published its concluding statement following consultations with Guatemala under Article IV of the IMF’s articles of agreement. The IMF notes that the new administration and legislature in Guatemala are focused on increasing
See MoreIMF report comments on tax policy of Sri Lanka
On 5 February 2016 the IMF released a report following the conclusion of discussions by its staff in Sri Lanka under Article IV of the IMF’s articles of agreement. The Sri Lankan economy has been performing positively and real GDP growth was 5.2%
See MoreIMF report comments on the economic position of Uganda
On 6 June 2016 the IMF issued a press release on the completion of the sixth review for Uganda under a program supported by the Policy Support Instrument (PSI) and approval of a one-year extension of the program. The program supports the
See MoreHong Kong: Amendment ordinance clarifies interest deduction rules and profits tax incentives
The Inland Revenue has gazetted the “(Amendment) (No. 2) Ordinance 2016” on 3 June, 2016. The Amendment Ordinance enables, under specified conditions, the deduction of interest payable on money borrowed by a corporation carrying on in Hong Kong
See MoreIMF comments on the economic position of Sri Lanka
The IMF has issued a press release following approval of a three year USD 1.5 billion extended arrangement under the Extended Fund Facility (EFF) with Sri Lanka to support the economic reform agenda. The IMF has also concluded consultations with Sri
See MoreOECD releases request for input on multilateral instrument to implement tax treaty related BEPS measures
On 31 May 2016 the OECD released a request for input inviting comments from interested parties on the multilateral instrument to implement the tax treaty related measures in the OECD/G20 action plan on base erosion and profit shifting (BEPS). Input
See MoreIMF report comments on the economic position of Senegal
On 26 May 2016 the IMF issued a report following the completion of the second review of Senegal’s economic performance under a program supported by the Policy Support Instrument (PSI). Senegal’s economic growth increased from 4.3% in 2014 to
See MoreWorld Bank approves funds for Indonesian fiscal policy reform
On 31 May 2016 the World Bank announced the first Indonesia Fiscal Reform Development Policy Loan to strengthen revenue collection and improve the quality of spending. The financing amounting to USD 400 million is to be used to support policy and
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