Canada: Highlights of Pre-election Federal Budget 2015
The Finance Minister delivered the Government’s 2015 pre-election federal budget on 21st April 2015. The tax highlights in the 2015 budget are given below: From the beginning of 2015, the limit for annual contributions to a tax-free savings
See MoreSpain: Parliament approves draft law amending the General Tax Law
The Spanish Parliament approved the submission to Parliament of the draft law amending the General Tax Law (LGT) on 17 April 2015, following the opinion of the State Council. The key objectives of the reform of the Tax Code are to enhance the fight
See MoreIMF: Using Fiscal Policy to Support Sustainable Growth
In the most recent Fiscal Monitor released on 15 April 2015 the IMF discusses how sound fiscal policy can promote growth and employment. Various factors can help economic recovery including the low oil price, growth-friendly monetary policy and a
See MoreOECD Releases Taxing Wages 2015
The latest OECD report Taxing Wages 2015 shows that the taxation of wages rose slightly for workers in the countries of the OECD between the years 2010 and 2014. Most of the countries have not raised their rates of income taxation but the increase
See MoreNamibia: Budget proposals for 2015-16
The Namibian budget speech for 2015-16 was delivered on 31 March 2015. In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining
See MoreEgypt Publishes Preliminary Budget for 2015-2016
The Ministry of Finance issued a preliminary statement on 18 March 2015, for the 2015-2016 Budget. The statement highlighted the following changes: The standard corporate tax rate will be reduced to 22.5%. The new rate is expected to apply for
See MoreBrazil: IMF report assesses fiscal policy
The International Monetary Fund (IMF) has issued a press release following the consultation with Brazil under Article IV of the IMF’s articles of agreement. The report notes that economic growth has decreased in recent years with sluggish
See MoreCanada: Small firms publish pre-Budget proposal
The Canadian Federation of Independent Business (CFIB) has requested the Government to cut the tax rate for small business and reestablish fairness in employer payroll taxes. A recent survey has made by CFIB said that cut down the payroll taxes
See MoreJapan: Approves Proposed tax Reforms
The National Diet has passed the proposed 2015 tax reforms and circulated the amended tax laws on 31 March 2015 with minor changes. From 1 April 2015, the corporation tax rate will be reduced to 23.9%. The effective rate for large companies is
See MoreFrance: Intergroup services marked out in tax-avoidance transactions list
The French tax administration has recently published an updated list of abusive practices and fixtures that are considered to be contrary to the law. Among these are certain inter-group arrangements. Relocation of profits after restructuring:
See MoreHungary: IMF report makes recommendations on fiscal policy
The IMF issued a report on 3 April 2015 following the conclusion of discussions with the government of Hungary under Article IV of its articles of agreement. The economy has been growing strongly with output increasing by 3.6% in 2014. The fiscal
See MoreFrance: New steps to improve relationship between tax administration and companies
The Ministry of Finances and Public Accounts and the Ministry of Economy and Industry announced a set of measures to fight tax fraud on 1 April 2015. The measures also fight against tax evasion at national, European and international level, and
See MoreSouth Africa: SARS Issues Tax Guide For Non-Residents
The South African Revenue Service (SARS) has issued a tax guide for the tax treatment of South Africa-sourced income of non-residents. The guide mainly focuses on employment income. Non-resident individuals are required to register with SARS and
See MoreNigeria: IMF comments on fiscal policy
The International Monetary Fund (IMF) has concluded bilateral discussions with Nigeria under Article IV of the IMF’s articles of agreement. The staff report together with a selected issues paper commenting on Nigeria’s economic situation were
See MoreQatar: IMF makes recommendations on fiscal policy
On 2 April 2015 the IMF published on its website a staff report and selected issues paper in respect of discussions with Qatar under Article IV of the IMF’s articles of agreement. The IMF has looked at the economic situation and has made
See MoreLithuania: IMF comments on fiscal policy
The IMF has published a report of its preliminary findings following a visit to Lithuania for consultations on economic policy. The report finds that Lithuania’s economic growth in recent years has been among the strongest in Europe. Growth is
See MoreSwitzerland: Completes corporate tax reform III
The Swiss Federal Council issued its parameters for the dispatch on the Corporate Tax Reform III on 2 April 2015 and The Federal Department of Finance will arrange a dispatch on the new rules by June 2015. After it has been accepted by the Council,
See MoreCanada: Federal budget due 21 April 2015
Finance Minister will deliver the Conservative government’s federal budget for 2015 on 21st April 2015. It is being expected that the budget is to be balanced and will set the platform for Conservative government’s tax and financial policies due
See More