Chile: Bill to amend the tax reform of 2014
The Finance Ministry has declared that the Government submitted a bill on 10th August 2015 to amend the tax reform of 2014. The main features of the bill will be as follows: The combined income tax regime with income attribution would be
See MoreJapan: Introduction of Tax Identification System from 2016
The National Tax Agency (NTA) of Japan has announced that a new tax identification number system ("My Number") will be introduced for both individuals and corporations in October 2015. The NTA will provide the 12-digit number to all relevant
See MoreUS Treasury to develop regulations implementing CbC reporting requirement
US Treasury announced on 31 July 2015 that the US government intends to develop regulations implementing the OECD/G20 base erosion and profit shifting (BEPS) action plan guidance on country-by-country (CbC) reporting by multinational
See MoreGhana: Tax Authority Formed Special Tax Compliance Taskforce
The revenue authority of Ghana has formed a special revenue collection taskforce including 40 members. The aim of taskforce is to enforce compliance with the country's tax code and to encourage actual or potential tax defaulters to honor their tax
See MorePoland: Amending bill adopted by government
The Council of Ministers adopted a bill amending the Corporate Income Tax Law and Individual Income Tax Law on 21 July 2015.The amending bill requires a taxpayer that is part of a multinational corporate group with annual income or expenses of at
See MoreChile: Guidance on statement needed to benefit from a tax treaty
The Internal Revenue Service has issued Resolution No. 48 along with instructions on 25th May 2015 regarding the contents of a confirmed statement to be requested by a Chilean payer from a beneficiary resident in a tax treaty country due to apply
See MoreDenmark: National Tax Tribunal Decision on foreign exchange losses on sale of shares
The Customs and Tax Administration published National Tax Tribunal Case No. 122-0208149 on 30 June 2015. The Tribunal held that foreign exchange losses realized on the sale of shares of a subsidiary resident in another Member State are not
See MoreAustria: Parliament and Federal Council approve Tax Reform Act 2015/16
The parliament (Nationalrat) and Federal Council (Bundesrat) approved the “Tax Reform Act 2015/16 (Steuerreformgesetz 2015/16)” with minor changes on 23 July
See MoreFrance introduces withholding tax on benefits from employment
On 17 June 2015, the Ministries of Finances and Budget declared that a withholding tax system for fringe benefits will be introduced in France and will come into effect from 1 January 2018. It is expected that the withholding tax will be processed
See MoreHong Kong: Exemption for offshore funds
The Hong Kong government has Gazetted the Inland Revenue (Amendment) (No.2) Ordinance 2015, which seeks to extend the profits tax exemption for offshore funds to private equity funds. With the implementation of the Amendment Ordinance, transactions
See MoreCyprus: Parliament Enacts Tax Law Amendments
On 9 July 2015 the House of Representatives of Cyprus enacted into law a number of significant tax law proposals. The laws were published in the Cyprus Government Gazette on 16 July 2015. A number of changes to the Cyprus corporate and personal
See MoreCyprus: Sweeping tax reforms to encourage foreign investors
Cyprus has announced a series of tax reforms which aim to sustain Cyprus as an even more attractive choice for Individuals and companies aiming to structure their worldwide investments using Cyprus as the jurisdiction of choice for holding
See MoreNigeria: ECOWAS common external tariff to be implemented
The Nigerian Customs Service has issued a circular on 23rd June 2015 for accepting the implementation of the Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2015-2019. Benin, Burkina Faso, Cape Verde, Gambia, Ghana,
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 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 MoreDenmark: Parliament Enacts Law to Combat Tax Evasion
The Danish parliament has adopted a law proposal (L 167) that includes some of the measures agreed on in the package of proposals to combat tax evasion. The law covers the following measures: The control of foreign trusts is improved in order
See MoreHong Kong: Government Continues Anti-Tax Evasion Measures
The Hong Kong Monetary Authority (HKMA) and the relevant enforcement authorities will continue to monitor closely measures to combat money laundering and tax evasion, the Secretary for Financial Services and the Treasury, K C Chan has
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
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