Namibia-Proposed VAT and Income Tax Amendments
The Namibian Minister of Finance submitted the Value-Added Tax (VAT) Amendment Bill and the Income Tax Amendment Bill to the National Assembly on 22 September 2015. The changes to the VAT Act will become effective from the first day of the month
See MoreUK: Summary of responses to penalties discussion document
On 17 September 2015 HMRC issued a summary of responses to a discussion document on penalties. The original discussion document published on 2 February 2015 put forward five principles that should be the basis for any tax penalty regime. These are
See MoreUK: Research Report on Effect of the Annual Tax on Enveloped Dwellings
Although most residential property in the UK is owned directly by individuals in some cases the property is owned by a company or other corporate structure. The property can then be said to be enveloped in a corporate wrapper. Until 1 April 2013
See MoreUK: Research into company investment decisions
A research report on profit distribution and investment patterns of unlisted companies was published on the HMRC website on 17 September 2015. The quantitative and qualitative research looks at the reasons for company behaviour including tax
See MoreIreland explains approach to VAT and portfolio management services
Following the European Court of Justice (ECJ) decision in the Deutsche Bank case concerning the value added tax (VAT) treatment of portfolio management services the Irish Revenue issued an eBrief on 4 September 2015 to explain its approach to the
See MoreUK: HMRC Publishes Results of Large Business Panel Survey 2014
The results of the Large Business Panel Survey for 2014 have been published on HMRC’s website. The survey of large businesses was performed in late 2014 and early 2015. The aim was to track and assess the views of businesses on the services
See MoreECJ: decision on time of supply of services for VAT purposes
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the case of Asparuhovo Lake Investment Company. The case had been referred to the ECJ by the Administrativen sad in Bulgaria and concerned the time of the chargeable event
See MoreECJ: decision in Groupe Steria case on freedom of establishment
On 3 September 2015 the European Court of Justice (ECJ) issued a decision in the Groupe Steria case which concerned the application of the principle of freedom of establishment under EU law. In the relevant years the parent company of the group was
See MoreUK: HMRC issues updated guidance on accelerated payments
On 20 August 2015 the UK tax authority HMRC published on its website a fact sheet containing updated information on the requirement to make accelerated payments in connection with tax avoidance schemes. A tax avoidance scheme is defined for this
See MoreArgentina-Deadline for issuance of VAT electronic invoices and records
The tax administration of Argentina published General Resolution No. 3,793 in the Official Gazette on 10 August 2015. According to the resolution 31 March 2016 is the deadline for the electronic issuance and storage of VAT receipts by taxpayers
See MoreUK: Capital gains tax treatment of carried interest
Legislation was included in the Summer Finance Bill 2015 published on 15 July 2015 to make technical changes to the capital gains tax treatment of carried interest. A summary of the changes was issued by the UK tax authority HMRC on 20 July
See MoreUK: Consultation on extension of HMRC data gathering powers
On 22 July 2015 the UK tax authority HMRC issued a consultation document entitled “Tackling the Hidden Economy: Extension of Data Gathering Powers”. HMRC estimated that in 2012/13 the element of the tax gap caused by the hidden economy amounted
See MoreUK: Consultation on strengthening sanctions for tax avoidance
On 22 July 2015 the UK government issued a consultation document containing detailed proposals for strengthening the penalties for tax avoidance. The closing date for comments on this consultation document is 14 October 2015. Serial avoiders’
See MoreUK: HMRC publishes report on small business and tax decisions
The UK tax authority HMRC has published a research report entitled Small Business and Choice, reflecting interviews held with small businesses and their views on choice in the tax system. HMRC authorized the research to be done in order to explore
See MoreChina ratifies Multilateral Convention for Mutual Assistance in Tax Matters
On 1 July 2015 China’s National People’s Congress approved the signature of the Multilateral Convention for Mutual Assistance in Tax Matters. The agreement was originally signed by China in August 2013. The Multilateral Convention contains
See MoreUK: HMRC statement on late filing penalties
The UK tax authority HMRC has issued a statement following press reports that it was not pursuing penalties for late filing of income tax returns in the case of more than 800,000 individuals in the UK. The statement from HMRC indicates that it has
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 MoreVietnam: Releases Decree on Tax administration
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015. The main changes regarding tax administration are summarized below: Supporting documents
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