Russia: Law concerning notification process of CFCs adopted
The parliament has approved Law No. 667946-6 on 27th March 2015 for extending the deadline of tax resident’s notification about the involvements held in controlled foreign companies (CFCs). The deadline for notification has been extended from 1st
See MoreUK: HMRC Publishes Departmental Improvement Plan
On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of
See MoreUS: Low Income Taxpayer Clinic Grant Recipients Announced
The Internal Revenue Service awarded approximately $10.25 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2015 grant year (Jan. 1, 2015, through Dec. 31, 2015). LITCs are organizations that represent low income taxpayers in
See MoreUK: HMRC to publish new pensions guidance manual
The UK tax authority HM Revenue and Customs (HMRC) announced on 20 March 2015 that it will be publishing a draft Pensions Tax Manual in the early spring of 2015. This will replace the existing Registered Pension Schemes Manual. The new draft Manual
See MoreEgypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
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 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
See MoreCanada: Federal budget 2015 could come in May
The Canadian Finance Minister declared that the federal budget 2015 has been postponed until April or later because of oil market volatility. Usually the budget comes in February and March. In spite of prices were somewhat less volatile than
See MoreIMF reports on discussions on Pakistan’s economic position
The IMF has held meetings with officials from Pakistan to conduct discussions as part of the sixth review under its Extended Fund Facility and has issued a press release reporting on its preliminary findings. A Memorandum of Economic and Financial
See MoreAnnual Conference of the Green Growth Knowledge Platform
The third annual conference of the Green Growth Knowledge Platform was held on 29 to 30 January 2015 with the theme Fiscal Policies and the Green Economy Transition: Generating Knowledge – Creating Impact”. Topics discussed at the conference
See MorePoland: Taxation of undeclared income approves by parliament
The lower chamber of the parliament has approved a draft law (draft No. 3032) on 16 January 2015 and after publishing the law in the official Gazette it will enter into force on 1 January 2016. According to the law penalty rate will be reduced 55%
See MoreTaiwan: Individual Income Tax Modified
The Legislative Congress in Taiwan passed an amendment to article 15 of the Income Tax Act on 6 January 2015 which allows partners to calculate their income and subject themselves to individual income tax separately. The new regime retrospectively
See MoreSpain: Government Announces New Country-by-Country Reporting Obligations for MNEs
The Spanish government on 20 January 2015 announced that it will issue regulations, expected to be adopted in the first half of 2015, that will require country-by-country reporting by multinationals. The new regulations would enter into force on 1
See MoreNigeria: The Budget Proposal 2015 presents
The Coordinating Minister for Economy and Finance in Nigeria has presented the Budget proposal for the year 2015 to the National Assembly on 17th December 2014. The appropriation bill was talked in the second reading of the Senate on 15th January
See MoreBulgaria: Summary of tax amendments that apply from 2015
On 9 January 2015 the Finance Ministry published a summary of amendments to the tax legislation that are effective from 1st January 2015. The amendments include the following major tax changes: Personal income tax Introduction of a new tax relief
See MoreMexico: Plan to remove fiscal deficit by 2017
Mexican Government has decided not to come up with new taxes or even increase existing taxes in this current 2015 Budget year due to their strategic resolution of harmonizing the federal tax budget by the year 2017, Undersecretary of Finance and
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