EU: action plan for fair and efficient corporate taxation
On 17 June 2015 the European Commission presented an Action Plan for fair and efficient corporate taxation in the EU. This sets out initiatives to address tax avoidance, ensure sustainable tax revenue and thereby improve the corporate tax
See MoreUganda: Budget for 2015
Uganda’s Finance Minister has presented the Budget for 2015. The Budget proposes raising the presumptive tax threshold from UGX 50 million to UGX150 million to develop tax compliance and increase tax certainty among small businesses. Thin
See MoreWTO reports on G20 trade measures
The World Trade Organization (WTO) issued its thirteenth trade monitoring report on G20 trade measures on 15 June 2015. The report shows a slowing down in the implementation of new restrictive trade measures in G20 countries. It is not clear if this
See MoreIMF issues concluding statement on consultations with the Netherlands
On 15 June 2015 the International Monetary Fund (IMF) published a concluding statement following consultations with the Netherlands government under Article IV of the IMF’s articles of agreement. The statement notes that the Netherlands economy
See MoreIMF discussion note on causes of income inequality
A staff discussion note was published on the IMF website on 15 June 2015 with the title “Causes and Consequences of Income Inequality: A Global Perspective”. The analysis finds that the gap between rich and poor in advanced economies is the
See MoreNew Zealand: Minister of Finance presents the Budget for 2015/2016
The Minister of Finance presented the Budget for 2015/2016 to Parliament on 21 May 2015. The Budget 2015/2016 deals only with domestic tax issues. The Budget contains the following proposals: Strengthening the tax rules applicable to property
See MoreBrazil: Issues new Normative Instruction
The Brazilian Federal Revenue Department issued Normative Instruction (NI) 1568/15 on June 8, 2015. This has restricted the application of the cost adjustments in the calculation of the transfer price based on the Brazilian commodities methods
See MoreColombia: IMF comments on fiscal policy
The IMF issued a press release on 29 May 2015 following the conclusion of discussions with Colombia under Article IV of its articles of association. Real GDP grew at a rate of 4.6% in 2014 but is expected to slow to 3.4% in 2015 owing to the
See MoreIndia: WTO conducts trade policy review
The World Trade Organization (WTO) is conducting a trade policy review of India on 2 and 4 June 2015. The report on India’s trade policy issued by the WTO before the review and published on its website indicates that trade liberalization has
See MoreIMF working paper looks at base erosion, profit shifting and developing countries
The International Monetary Fund (IMF) has published on its website a working paper (No. 15/118) entitled “Base Erosion, Profit Shifting and Developing Countries”. Although the working paper does not necessarily represent the views of the IMF it
See MoreOECD Publishes Economic Survey of Slovenia for 2015
The OECD has published its Economic Survey of Slovenia for 2015. The survey notes that in pursuit of fiscal consolidation Slovenia has increased value added tax (VAT) and raised excise duties on alcohol, tobacco and fuel. The automatic indexation of
See MoreUK government proposes legislation to freeze income tax rate
On 27 May 2015 the UK government’s legislative program for 2015/16 was announced in the traditional Queen’s Speech at the opening of parliament. The program includes proposed legislation to prohibit increases in the rates of income tax,
See MoreZambia: IMF comments on fiscal policy
The International Monetary Fund (IMF) issued a press release on 22 May 2015 following discussions with Zambia under Article IV of its articles of association. Although Zambia has strong growth potential economic growth has slowed. Growth was down
See MoreEuropean Commission re-launches plan for common tax base in the EU
On 27 May 2015 the European Commission moved to re-launch the idea of a Common Consolidated Corporate Tax Base (CCCTB) in the European Union (EU). This was announced after the College of Commissioners held an orientation debate on measures aimed to
See MorePhilippines: IMF comments on economic and fiscal policy
The International Monetary Fund (IMF) has issued a statement at the conclusion of its discussions with the Philippines under Article IV of its articles of association. The economic outlook is favorable in spite of weaker global growth. Real GDP is
See MoreJapan: IMF comments on economic and fiscal position
The IMF has issued a concluding statement at the end of discussions with Japan under Article IV of its articles of association. The IMF report notes that the positive signs in the Japanese economy need to be built upon by working to end the
See MoreGreece: Finance Minister Announces Tax Amnesty Plans
The Finance Minister of Greece Mr. Yanis Varoufakis has announced his intention to introduce a bill to allow taxpayers to declare funds held abroad without incurring penalties. Any funds declared under the amnesty will be taxed at rates of 15 to 20
See MoreUK government considers changes to taxation of non-domiciled individuals
The second UK budget for 2015 planned for 8 July 2015 could include changes to the UK tax rules for non-domiciled individuals. Non-domiciled individuals can elect to pay UK income tax on the remittance basis so that UK tax is only paid on foreign
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