UK: 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
See MoreCzech Republic: Information on mandatory electronic submissions for VAT purposes
The General Tax Directorate of Czech Republic has released information regarding compulsory electronic submissions in VAT proceedings on its website. As effect from 1st January 2014, VAT returns and other documents must be submitted electronically.
See MoreFrance: VAT Regime Modified
The French VAT authority has issued a number of decrees regarding modifications to the VAT regime. The modifications, effective on 1 January 2015, include: VAT rates The VAT rate on construction services provided in designated deprived areas has
See MoreCanada: Comments for OECD discussion draft on international VAT-GST guidelines
The Organization for Economic Co-operation and Development (OECD) has published a discussion draft on 18th December 2014 entitled “Guidelines on Place of Taxation for Business-to-Consumer Supplies of Services and Intangibles and Provisions on
See MoreMalta cut down VAT registration threshold to nil in 2015 Budget
The recent budget of Malta for the year 2015 has cut down the value added tax (VAT) registration threshold from EUR 14,000 to nil. The value added tax (VAT) registration threshold is the amount above which an entrepreneur has to register with the
See MoreTax rate down in Malta’s 2015 Budget
Recent budget of Malta for next year contains a reduction of personal income tax (PIT) brackets, through a rate down on income between €19,500 and €60,000 from 29% to 25%. Those who purchasing their first property they can get tax concession and
See MoreSpain: Real Time VAT Reporting From 2017
The Spanish government has announced that it will introduce a new real-time VAT reporting system from January 1 2017, requiring larger tax payers to file transaction details within four days of invoices issued/received. The aim of the measure is to
See MoreFrance: Extension Of Electronics Audit File To Non-resident VAT Companies
All non-resident or foreign French VAT registered companies are required to prepare and submit their accounting statement in a prescribed electronic format for audits starting after 1 January 2015. This is an extension period, where the same
See MoreBelgium: new government agrees on VAT compliance updates
The new government of Belgium has agreed on changes of VAT compliance issues. The changes are: 6% of the reduced VAT rate will be applicable on the expenditure for improvements to homes of at least 10 years old. Previously it was 5 years old to
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