UK: Call for evidence on cash and the hidden economy
The hidden economy has generally been understood as an economy that uses cash to avoid leaving a record of transactions. Recently the decline in the use of cash within the UK economy has been highlighted as consumers and businesses use other methods
See MoreBulgaria: Bill to amend tax laws for 2016 adopted
The parliament has adopted the bill on 25th November 2015 to amend tax laws for 2016. The draft bill was submitted to the parliament on 13th October
See MoreCzech Republic: Ministry of Finance holds conference on countering tax evasion
The Finance Ministry held a conference on 18th November 2015 regarding tax evasion and measures taken to counter it. It was reported that because of intensifying the fight against tax evasion and avoidance, public revenues had increased. In
See MoreUK: Autumn Statement May Include Measures to Combat Tax Avoidance
On 25 November 2015 the UK Chancellor of the Exchequer is to announce fiscal measures for 2016/17 in the annual Autumn Statement. The proposals will be formulated against a backdrop of lower tax receipts and higher borrowing than expected, and the
See MoreG20 leaders approve final BEPS package
The leaders of the G20 group of countries approved the final package of measures to combat base erosion and profit shifting (BEPS) at their meeting on 15 and 16 November 2015. The BEPS package is based on the fifteen action points addressed by the
See MoreUK: HMRC to reorganize into regional centers
The UK tax authority HMRC has announced a reorganization of its offices that will result in the replacement of 170 local offices by 13 new regional centers. The regional centers will support the necessary digital infrastructure and contain a mix of
See MoreCzech Republic: Control form to counter VAT fraud to be postponed
The government has submitted a bill to parliament that would postpone the announcement of the "control form" to counter VAT fraud till 1st January 2017. Primarily, the filing requirement of the form applies with effect from 1st January 2016. The
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 MoreUK: Updated guidance on the Scottish rate of income tax
On 27 October 2015 the UK published updated guidance on the Scottish rate of income tax that becomes effective from 6 April 2016. The Scottish Parliament is empowered to set a tax rate that is different from the rate applicable in the rest of the
See MoreUK publishes statistics on employment allowance
The UK has published statistics on employers taking up the employment allowance for the first six months of the 2015/16 tax year (6 April 2015 to 5 October 2015). The Employment Allowance was introduced from 2014 and gives up to GBP 2,000 relief
See MoreUK Explains VAT Changes Following the Skandia Decision
The UK has issued Revenue and Customs Brief 18 (2005) explaining VAT grouping rules and the Skandia judgment. The VAT changes in the UK effective from 1 January 2016 result from the Skandia decision of the European Court of Justice (ECJ). The
See MoreUK: Two year plan to increase SME awareness of R&D tax relief
Following a consultation on research and development tax relief the UK government has announced a two-year plan to make it easier for small and medium enterprises (SMEs) conducting research and development (R&D) to claim the tax relief. The
See MoreHungary: Draft bill for tax law changes in 2016
The government of Hungary recently presented to the Parliament a draft bill with proposals for tax law changes which would take effect as from 2016. The proposed draft bill creates a classification system for taxpayers based on the level of risk
See MoreWorld Customs Organization Discusses the Future of Customs
The Permanent Technical Committee of the World Customs Organization (WCO) discussed the Future of Customs at its meeting of 14 to 16 October 2015. The meeting considered issues put forward by the WCO Virtual Working Group on the Future of Customs.
See MoreMali: IMF Report on Local Taxation
Following the conclusion of the work of a technical assistance mission on fiscal policy the IMF has compiled a report containing technical advice for the Mali authorities. The report dated July 2015 has been published on the IMF website. The report
See MoreKenya submits Memorandum of Economic and Financial Policies to the IMF
A Memorandum of Economic and Financial Policies prepared by Kenya on 31 August 2015 in connection with a request for financial support from the IMF was published on the IMF website on 22 October 2015. The Memorandum notes that the Kenyan economy
See MoreNamibia-Increased VAT registration threshold
In Namibia the VAT registration threshold will be increased from 1 November 2016. The threshold will increase from NA$200,000 to
See MoreBulgaria: Draft bill to amend tax laws for 2016
The Council of Ministers has approved the bill for amendments to tax laws for 2016 and submitted the draft on 13th October 2015 to the parliament for consideration. The major improvements are as follows: Dividend withholding tax: Implementation of
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