Oman: IMF comments on economic and tax issues
The IMF has held consultations with Oman under Article IV of its articles of agreement and has issued a report on the discussions. Oman’s non-hydrocarbon growth rate was 6.5% in 2014 but is estimated to fall to 5% in 2015 and to 4.5% in later
See MoreRussia: Appeal Court agrees that payments made under a sham transaction are not tax deductible
The Appeal Court of Russia has ruled in Case no. А40-28065/13 on 25th February 2015 regarding fees paid for the use of know how. The fees are not deductible for corporate income tax purposes if the transaction is a fake. Summary of the case: LLC
See MoreDenmark: Minister of Taxation Clarifies Danish Treaty Policy
The Ministry of Taxation published a press release summarizing the statements given by the Minister to Parliament on 29 April 2015 in an open hearing regarding the Danish treaty policy. The main emphasis of the hearing was the conclusion of tax
See MoreCanada: Notice to implement tax provisions in Economic Action Plan 2015 and other tax measures
The Ministry of Finance has scheduled a complete notice of ways and means motion to implement certain tax provisions in Economic Action Plan 2015 and other tax measures on 5th May 2015. This notice contains the following measures and specific
See MoreMali: IMF reports on fiscal and tax measures
Following a visit to Mali IMF staff have issued a preliminary report of their discussions and their view of the economic position of Mali. Mali’s economy grew by 7.2% in 2014 and real growth is estimated to be 5% in 2015. The end-2014 tax revenue
See MoreIreland: IMF comments on fiscal position
The IMF has held consultations with Ireland in connection with Article IV of its articles of agreement and a Concluding Statement has been published setting out the preliminary findings of its staff. The IMF considers that the high economic growth
See MoreUS: Propsed Amendment to Regulations Applicable to Refund and Credit Claims
The US Department of the Treasury and the Internal Revenue Service (IRS) have released Notice 2015-10 on 28 April 2015 announcing their intention to amend regulations applicable to refund and credit claims for amounts withheld on payments to foreign
See MoreCanada: Tax proposals in Manitoba budget 2015
The Ministry of Finance in Manitoba has delivered the province's budget for the year 2015. The budget does not propose any corporate or individual tax rate changes. The province budget 2015 proposals include: The Manitoba's budget increases the
See MoreSweden: Tax Hikes in Spring Budget
On 15 April 2015 the Swedish Government presented to Parliament its proposed Spring 2015 Budget to balance increased spending on education and welfare with tax rises of around SKR8bn (USD930m) this year. The Government is proposing tax hikes that
See MoreBulgaria: National Revenue Agency issues 2015 manual on personal and corporate income tax
The National Revenue Agency (NRA) has issued the 2015 manual on corporate and personal income tax on 28th April 2015. The manual, inter alia, deals with the following matters: Taxation scope Tax returns Tax payments and Penalty
See MoreSlovak Republic: Proposed amendments to tax legislation
The Slovak Republic has proposed changes in the tax legislation including corporate income tax, personal income tax and value added tax. The amendments should come into force from 1st January 2016. The changes are summarized below: Corporate
See MoreRomania: Government Amends the Fiscal Code
Law no. 571/2003 regarding the Fiscal Code has been amended and supplemented by the publication of Government Emergency Ordinance no. 6/ 2015. This Ordinance introduces provisions on the taxation of income from the transfer of immovable property
See MorePeru: Amendments to income tax regulations related to financial derivatives and tax basis on indirect transfers of Peruvian shares
In Peru changes have been made to the income tax regulations regarding financial derivatives and the tax basis on indirect transfers of Peruvian shares through Supreme Decree No. 088-2015-EF on 18 April 2015. The changes became effective as from 19
See MoreTurkey: Draft guidance on APA applications
The Turkish revenue administration released draft guidance in early April 2015 on advance pricing agreements (APAs). The guidance sets out the information that may be requested by the tax authorities in order to review APA applications. In
See MoreNigeria: Budget proposal 2015 passed by parliament
The parliament has passed 2015 Budget proposal on 28th April 2015. There was a proposal in Budget to raise VAT rate but the rate is still 5%. Future information on this topic will be reported
See MoreAustria: First Details of Tax Reform
The Ministry of Finance published the first details of the planned Tax Reform on 20 March 2015. The amendments will generally be applicable with effect from 1 January 2016. Main changes of the reform are as follows: Individual tax: Reduction of
See MoreFinland: Government approves law adopting amendments to non-residents taxation
The President of Finland signed a law on 24 April, 2015 regarding the proposal (HE 365/2014) amending the taxation of non-residents. The proposal was adopted 12 February 2015. The proposal entails that the taxation of non-resident individuals by
See MoreChina: Publishes new annual corporate income tax return package
State Administration of Tax issued Annual Corporate Income Tax Return Package of People's Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014
See More