Japan: Tax Reform Plan 2015 Submitted to the Diet
The bills for the proposed changes to the tax law as announced on 30 December 2014 were submitted to the Diet on 17 February 2015. The main Proposal for changes is summarized below: Corporation taxation: The corporate tax rate is reduced for
See MoreCanada: New Democratic Party would aim tax agency reforms
In Canada, New Democratic Party (NDP) has declared that if the party win this year's general election, it would prioritize significant reforms to the Canada Revenue Agency (CRA). The party has committed to work with small business organizations and
See MoreUK: Draft legislation to be introduced restricting bank loss relief
The UK budget measures are to be announced on 18 March 2015 and after that date the Finance Bill 2015 will be published. Among the measures to be included in the Finance Bill 2015 is a provision to restrict the amount of loss relief that can be
See MoreUK: draft legislation on country by country reporting
The UK Finance Bill 2015 that will be published soon after the budget announcements of 18 March 2015 is to contain legislation in respect of country by country reporting for purposes of transfer pricing documentation. The UK is committed to being
See MoreUK: Diverted Profits Tax to be introduced in April 2015
The UK budget proposals for 2015 are to be announced on 18 March 2015, following which the Finance Bill 2015 will be published. One of the most important tax provisions to be introduced in 2015 will be the diverted profits tax which is to apply from
See MoreSpain: Council of Ministers approves second chance mechanisms
The Council of Ministers has approved on 28 February, 2015 the “Royal Decree Law on second chance mechanisms and the reduction in the financial burden, and other measures of a social order”. The Royal Decree includes several measures on
See MoreChile: Administrative interpretation on 2015 tax amnesty
The tax administration has released circular 8 on 23rd January 2015 that gives the SII administrative interpretation regarding a tax amnesty announced by Law 20,780 which is effective in 2015. According to article 24 of transitory law 20,780,
See MoreTaiwan: Non-Residents Notified On Tax Compliance
The National Taxation Bureau of Taipei has announced that it is currently assessing a total of 3,253 foreign taxpayers from countries such as the United States, Japan, Hong Kong, Malaysia, and Singapore to ensure their compliance with relevant
See MoreIndia: Finance Minister releases 2015 -2016 Budget
The Honorable Finance Minister of India on 28th February announced a budget aimed at high growth, saying the pace of cutting the fiscal deficit would slow as he seeks to boost investment and ensure that ordinary people benefit. Presenting the budget
See MoreOECD publishes comments received on VAT/GST guidelines
On 24 February 2015 the OECD published on its website the comments received on its consultation document on aspects of the International VAT/GST Guidelines. Almost fifty responses were received from professional firms, trade and professional bodies
See MoreHong Kong: Tax Measures Proposed in Budget 2015-2016
The Financial Secretary proposed a number of tax measures in his 2015-16 Budget speech on 25 February 2015. All of these measures require legislative amendments before implementation. Highlights of the measures are given below; Reducing profits tax,
See MoreSouth Africa: Tax Proposals In Budget 2015
South Africa has increased income tax rates for the first time in 20 years. The first increase since 1995, the move is likely to be unpopular with the public and businesses suffering from persistently lacklustre growth since the 2009
See MoreIMF/ TAXUD conference on Corporate Debt Bias: Economic Insights and Policy Options
The Fiscal Affairs Department of the IMF and the Directorate General for the Taxation and Customs Union held a conference on 23 and 24 February 2015 to discuss the corporate debt bias. This arises from the rule in most tax systems that interest on
See MoreJapan: Tax Reform Legislation Introduced
The Japanese Government submitted legislation to Parliament on February 17 2015, including the planned corporate tax cuts. As the Prime Minister previously had previously promised growth strategies, the Government plans to reduce the country's
See MoreSingapore: Budget proposals for 2015
The Finance Minister of Singapore presented The Budget for 2015 to Parliament by on 23 February 2015. The proposals include measures regarding: Corporate taxation; Individual taxation; Goods and services tax; and Other taxes and measures. The
See MoreNigeria: Tax-free treatment period for pioneer certificates has been reduced
The Nigerian Investment Promotion Council (NIPC) has reduced the available tax-free treatment period from 5 years to 3 years on the basis of the “Pioneer Status Incentive” program. It appears however that the NIPC is still issuing pioneer
See MoreOman – No New Taxes In 2015 Budget
In the budget for 2015, all income from the projects taxes and fees will increase by 28.5% and there was a discussion for introducing possible new taxes or increased tax rates. However neither issue was proposed in the
See MoreUkraine: State Tax Service Clarifies Amendments of the Tax Code
The State Tax Service issued a letter on 21 January 2015 clarifying the latest amendments to the Tax Code in relation to taxation of pensions, interest on bank accounts, dividends, prizes and winnings. Details of the clarification; From 1
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