Israel: Tax benefits in draft Budget Law
The Finance Ministry has declared a draft proposals as part of the proposed Economic Arrangements Law 2017–2018 on 31st July 2016 that includes an expansion of tax benefits for hi-tech companies, at the same time further aligning Israel's tax
See MorePakistan: Government has decides to apply 0% sales tax on five export sectors
The government has decided to zero-rate for the local suppliers of textile, leather, carpets, surgical and sports sectors from 2016-17. According to the meeting between textile sector and Finance Minister, Five Export Sectors'' Associations,
See MoreCanada: Country-by-country reporting legislation introduced
Following on the Organization for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Sharing (BEPS) initiative, the Finance Department has released draft legislative proposals on 29th July 2016 that would implement certain
See MoreWTO backs Argentina’s anti-avoidance tax measures
The Appellate Body of the World Trade Organization (WTO) provided its report on 14 April 2016, regarding "Argentina – Measures relating to trade in goods and services" case brought by Panama. In the case concerned, and in relation to Argentina's
See MoreOECD: Report to G20 finance ministers
On 26 July 2016 the OECD published on its website the report prepared for the meeting of the G20 finance ministers held on 23 and 24 July 2016. The report contains updates on progress on the implementation of the recommendations of the reports on
See MorePlatform for Collaboration on Tax: Report to G20 on capacity building
On 25 July 2016 the Platform for Collaboration on Tax made available a report on enhancing the effectiveness of external support in building tax capacity in developing countries. The report was written for the meeting of the G20 finance ministers
See MoreG20 Finance Ministers support equitable growth
The G20 finance ministers and central bank governors met on 23 and 24 July 2016 and issued a final communiqué on 24 July 2016. In the final communiqué the finance ministers and central bank governors noted that the benefits of economic growth
See MoreOECD: Tax design for inclusive economic growth
On 20 July 2016 the OECD Centre for Tax Policy and Administration issued a taxation working paper entitled Tax Design for Inclusive Economic Growth. This looks at the design features of tax systems and looks at how they can be strengthened to allow
See MoreLuxembourg: Government passed the tax reform plans for 2017
The government of Luxembourg adopted tax reform plans for the year 2017 on 13 July 2016. The proposed changes are in line with the announcements made during the State of the Nation address on April 26, 2016. The changes announced for corporations
See MoreOECD: Review of Italy’s tax administration
The OECD Centre for Tax Policy and Administration has carried out a review of the organizational structure and institutional arrangements of the Italian tax administration including the Revenue Agency and the Customs Agency. The review which was
See MoreSingapore: Publishes E-Tax Guide on General anti-avoidance rule
The Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 11 July 2016, clarifying the general anti-avoidance rule and its application. IRAS issues the Guide with the following purposes: -To explain IRAS's approach to
See MoreSouth Africa: National Treasury released explanatory memoranda on proposed changes to tax laws
The National Treasury released the Explanatory Memorandum and the Memorandum on Objects (the Memoranda) on the proposed amendments contained in the draft Taxation Laws Amendment Bill (TLAB) 2016 and the Tax Administration Laws Amendment Bill
See MoreOECD: Design and operation of the group ratio rule in BEPS action 4
On 11 July 2016 the OECD released a discussion draft on the operation of the group ratio rule under Action 4 of the project on base erosion and profit shifting (BEPS). Comments are invited from interested parties by 16 August 2016. The BEPS report
See MoreIMF report comments on Philippines economy
On 13 July 2016 the IMF published a report following the conclusion of talks with the Philippines under Article IV of the IMF’s articles of agreement. After slowing down in mid-2015 the Philippines economy grew at an annual rate of 6.9% in the
See MoreIMF report comments on Peru’s fiscal policy
On 15 July 2016 the IMF published a report following the conclusion of talks with Peru under Article IV of the IMF’s articles of agreement. Peru’s economy has weathered the economic crisis and has become the largest growing in the South America
See MoreGreece: A draft bill submitted to parliament
A draft bill was submitted to the parliament on 13th July 2016 for amending unified property tax, Procedural Tax Code and transfer pricing legislation. In accordance with the draft bill, the General Secretary of Public Revenue may discharge very
See MoreIMF report comments on the economic position of Italy
On 6 July 2016 the IMF released a staff report following consultations with Italy under Article IV of the IMF’s articles of agreement. Italy’s economy is recovering from a deep recession and growth was 0.8% in 2015 with continued expansion in
See MoreTurkey: Draft General Communiqué on CIT Law issued
The Revenue Administration has submitted a draft General Communiqué No. 10 on 30th June 2016 regarding Corporate Tax Law (Law No. 5520) to the Prime Minister for publication in the Official Gazette. This draft addresses the changes of General
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