Denmark: Government Passes bill on Country-by-Country Reporting
On 18 December 2015 the Danish Parliament approved the draft Bill introducing Country-by-Country Reporting based on Action 13 of the Organization for Economic Co-operation and Development (OECD) project on Base Erosion and Profit Shifting
See MoreMexico-Publishes new Income Tax Law regulations regarding corporate taxation
The new regulations to the Income Tax Law were published in the Official Gazette on 8 October 2015. The main changes included in the regulations are summarized below: Corporate taxation: - Informative returns must be filed for donations exceeding
See MoreChile: Legislation intended to simplify provisions of tax reform 2014
The Government of Chile has sent to Congress a bill on 15th December 2015 that would make changes to the tax reform legislation enacted in 2014. The current legislative proposal is planned to simplify certain aspects of the tax reform 2014. It is
See MoreUK: Measure to increase large business tax transparency
Following an announcement in the Summer Budget 2015 and a public consultation legislation is to be introduced in the Finance Bill 2016 to require large businesses or qualifying groups to publish on the internet a tax strategy in relation to UK tax.
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreOECD: Revenue Statistics Show Falling Corporate Tax Revenues
The OECD’s annual publication Revenue Statistics was published on 3 December 2015. The publication shows that since the financial crisis corporate tax revenues have been falling in the OECD countries. The statistics show that corporate income tax
See MoreRussia: Decision regarding related party’s liability published
The Supreme Court of Russia upheld the decisions of the lower courts regarding case No. A40-153792/2014 on 2nd November 2015. The Court stated that a newly established company (LLC "SU-91 Injstroyset" (LLC)) which is related to a taxpayer (ZAO
See MoreLithuania: Changes to various tax laws
Draft amendments to various tax laws were approved by the parliament in the first reading on 17 November 2015. If adopted by the parliament in the final reading, the amendments will enter into force from January 2016. The modifications are
See MoreSpain: EC requests amendment of taxation of foreign non profit entities
The European Commission has urged Spain to amend its rules on the taxation of certain income obtained by foreign non-profit entities and of certain contributions to such entities. According to the European Commission’s statement foreign
See MoreUK: Proposed Tax Measures in Autumn Statement
The Autumn Statement was delivered on 25 November 2015 and the following tax measures were announced: Apprenticeships levy With effect from April 2017 an Apprenticeships Levy will be introduced at a rate of 0.5% of total payroll and will be
See MoreKazakhstan: IMF report comments on economic and fiscal position
The IMF staff issued a report on the conclusion of discussions in Kazakhstan under Article IV of the IMF’s articles of agreement. The economy has recently declined sharply owing to challenges such as the lower oil price and the slowdown in Russia
See MoreTax Authority of Colombia rules on tax management of consultancy services given by international organizations
In a recently published ruling, the National Tax Authority of Colombia pronounced on the income tax, VAT and withholding tax treatment of a consultancy agreement concluded between a Colombian taxpayer and the Inter American Centre of Tax
See MoreOECD: Latin America and Caribbean Countries Discuss BEPS
A regional meeting was held in Costa Rica on 17 and 18 November 2015 to discuss the outcomes of the action plan on base erosion and profit shifting (BEPS). The participating countries explored ways of participating on an equal footing in the
See MoreCzech Republic: Ministry of Finance holds conference on countering tax evasion
The Finance Ministry held a conference on 18th November 2015 regarding tax evasion and measures taken to counter it. It was reported that because of intensifying the fight against tax evasion and avoidance, public revenues had increased. In
See MoreIsrael: Draft amendment to the ITO published for public comments
The Finance Ministry has published a draft amendment to the Income Tax Ordinance (ITO) on 22nd November 2015 for public comments. It provides a reduction of the corporate income tax rate from 26.5% to 25% as from 2016. The deadline for public
See MoreSlovenia: Changes to Corporate Income Tax Law
The Ministry of Finance proposed amendments to the Corporate Income Tax Law on 10 November 2015. Once adopted by the Slovenian parliament the amendments will apply from 1 January 2016. The following amendments are proposed: Decrease of tax
See MoreIMF reports on economic and fiscal policy of Bangladesh
On 17 November 2015 the IMF issued a report following the completion of discussions with Bangladesh under Article IV of the IMF’s articles of agreement. Real GDP growth has been strong and the ratio of public debt to GDP has remained at a
See MoreChina: super deduction regulation update for qualified R&D expenses
On 2 November 2015, China’s State Administration of Taxation, Ministry of Finance and the Ministry of Science and Technology jointly released Cai shui No.119 to provide expanded scope and follow-up guidance of qualified industries and research
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