UK: Consultation on making tax digital for unincorporated businesses
On 15 August 2016 HMRC issued a consultation document on Making Tax Digital: Bringing business into the digital age. The UK government announced at Budget 2016 that businesses, the self employed and landlords will be required by 2020 to update a
See MoreOECD: Addressing BEPS involving interest in the banking and insurance sectors
On 28 July 2016 the OECD issued a discussion draft outlining approaches to combating base erosion and profit shifting (BEPS) involving interest in the banking and insurance sectors. This is part of further work following the final report on BEPS
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
See MoreUK: Reverse charge mechanism for wholesale supplies of telecommunications services
Owing to the threat of intra community missing trader fraud the UK government has drawn up a statutory instrument to introduce the reverse charge mechanism for accounting for value added tax (VAT) on wholesale supplies of telecommunications services
See MoreUK: Businesses trading below the VAT registration threshold
Revenue and Customs Brief 4 (2016) sets out simplifications available to businesses trading below the value added tax (VAT) registration threshold (which in the UK is currently GBP 82,000) and making supplies of digital services to consumers in
See MoreECJ: Advocate General issues opinion in BRE Ubezpieczenia case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 23 December 2015 in the case of Minister Finansow v BRE Ubezpieczenia Sp z.o.o. This case concerned a Polish insurance company (Aspiro) that provided insurance services
See MoreSpain: Budget for 2016 contains important tax measures
The Spanish government gazetted the details of the Budget for 2016 on 30 October 2015, addressing some significant income tax measures. Corporate income tax Companies whose total annual income does not exceed EUR 75,000 and whose exempt annual
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: taxation of dividend income of individuals
On 17 August 2015 the UK tax authority HMRC issued a fact sheet explaining the new rules for taxation of dividends received by individuals. With effect from April 2016 the current dividend tax credit is to be scrapped and a dividend allowance of
See MoreUK: Consultation on the taxation of termination payments
On 24 July 2015 the UK issued a consultation document in respect of the reform of income tax and national insurance on termination payments by employers. This follows a report from the Office of Tax Simplification on ways in which the complexity of
See MoreNigeria: VAT exemption for basic food items
According to Nigeria’s tax law, basic food items are exempt from VAT. The Federal High Court (Lagos) of Nigeria has issued a decision concluding that packaged water is a basic food item and is exempt from VAT. The decision was issued on 11th May
See MoreUK extends range of eligible investments for ISAs
With effect from 1 July 2015 the UK has extended the list of investments that can be held in an individual savings account (ISA), Junior ISA or Child Trust Fund (CTF). Savings in an ISA, Junior ISA or CTF are eligible for tax relief including an
See MoreECJ to consider scope of the VAT exemption for financial services
The First Tier Tribunal in the UK has referred a question to the European Court of Justice (ECJ) concerning the application of the VAT exemption for financial services in the case of Bookit Ltd (Case C-607/14). The following issues have been
See MoreMyanmar: IMF report refers to tax reform
A statement released at the close of a visit by officials of the International Monetary Fund (IMF) to Myanmar indicates that the outlook for economic growth remains favorable at least in the medium term. There are fiscal risks in the near term as a
See MoreSouth Africa Issues Tax Exemption Guide for Public Benefit Organisations
The South African Revenue Service (SARS) issued a revised version of its tax exemption guide on 15 December 2014. The publication provides general guidance on the taxation of public benefit organizations in South Africa. The guide is intended to
See MoreCanada: Exemption of tax for immigrant trusts ends
The immigrated individuals in Canada within the previous 5 years and has built a non-Canadian resident trust prior to their immigration need to be alert that the income tax exemption from immigrant trusts expires after 31st December 2014. According
See MorePortugal: VAT changes following 2015 Budget
The VAT regime has been changed in Portugal following the 2015 budget. The major changes are: Fees from exhibitions to be included in the base for the VAT calculation of advertising services. The VAT exemptions on goods in circulation have been
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