Brazil: Government declares new tax measures
Brazil’s Executive branch has proposed different tax measures that would decrease the expected 30 billion Reais (R$) deficit for 2016 to avoid a budget deficit. Tax incentives Under the proposal, tax incentive for export companies will reduce
See MoreRussia: Tax authority issues an official order on tax treaty application
The Russian government issued Order No. 1531-r on 8th August 2015. This Order relates to an agreement between Russia and Kazakhstan on the recognition of official documents authorizing the tax residence of taxpayers for the purpose of tax
See MoreMexico: Tax reform proposal submitted to congress
The Mexican tax reform proposal presented to congress on September 8, 2015 which includes supplementary transfer pricing documentation requirements in line with the three-tiered approaches of Action 13 of the OECD like master file and local file
See MoreRomania enacts new Fiscal Procedure Code
The Romanian tax authority has published the revised Fiscal Procedure Code in the Official Gazette no. 545 dated 23 July 2015. The existing Fiscal Procedure Code is being updated by Law 207/2015 implementing new provisions with respect to tax
See MoreChile: Reporting process of indirect transfer of shares published
The Resolution No. 65 has been issued on 30th July 2015 and published on the tax administration's website. As described under article 10 and paragraph 3 of the Income Tax Law on about the indirect transfer of shares, this resolution controls
See MoreSouth Africa: SARS publishes “Guide on Income Tax and the Individual 2014/15”
The South African Revenue Service has issued an updated version of its “Guide on Income Tax and the Individual 2014/15” on 28 August 2015. The purpose of this guide is to inform individuals who are South African residents of their income tax
See MoreRussia: MoF clarifies income tax treatment of remuneration paid to remote employees
The Finance Ministry (MoF) issued letter No. 03-04-06/40525 on 15th July 2015 for clarifying the income tax treatment paid by a Russian employer to employees working on a remote basis abroad. The MoF noted that the income tax treatment
See MoreCanadian non-resident permitted to carry-forward of non-capital losses
The Canadian Tax Court issued a decision regarding a case entitled Hatt v. The Queen (2015 TCC 207) on 19th August 2015. The issue was whether the taxpayer was entitled to deduct a non-capital loss from employment in Canada in the 2010 tax
See MoreBulgaria: Tax reform declared
The Finance Ministry has declared a tax reform through a press release on 22nd August 2015. The proposed tax modification would harmonize Bulgarian law with EU law, with the objective of implementing successful control mechanisms and reducing the
See MoreBrazil: Presents new proposal on taxation for financial firms and interest on net equity
Brazilian Senator presented a report on the analysis of Provisional Measure 675 (MP 675) regarding new social contribution on net profits (CSLL) rate and elimination of interest on net equity on 12 August 2015. MP 675: Tax rate (CSLL) increased
See MoreChile: 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
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