OECD: Joint Statement on Illicit Financial Flows from Africa
A joint statement was released on 19 April 2016 by the OECD secretary general and the Chair of the High Level Panel on Illicit Financial Flows from Africa. Illicit financial flows include money laundering, tax evasion and international bribery and
See MoreFive European countries to exchange information on beneficial ownership
On 15 April 2016 it was announced that Britain, France, Germany, Italy and Spain have agreed to exchange information on beneficial ownership of companies and of "trusts with tax consequences". The five European countries will explore the best way to
See MoreEU proposals on country by country reporting
In the Action Plan on a Fairer Corporate Tax System issued in March 2015 the European Commission proposed to implement in the European Union (EU) the proposals under Action 13 of the OECD’s action plan on base erosion and profit shifting (BEPS).
See MoreCzech Republic: Website on electronic reporting of revenues of VAT launched
The General Tax Directorate announced a new website on 4th April 2016 devoted to electronic reporting of revenues: www.e-trzby.cz. The president signed the Bill on electronic reporting of revenues and reduction of VAT regarding catering services on
See MoreUK: Budget to be announced this week
The UK budget for 2016/17 is to be announced on 16 March 2016. As the UK’s economic outlook is not as favorable as outlined at the time of the Autumn Statement this year’s budget announcements are expected to contain some revenue-raising
See MoreFinland: IMF report on the value added tax compliance gap
On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Finland. The estimates of the VAT gap in Finland were made by the IMF for the years 2008 to 2014 under the Revenue Administration
See MoreDenmark: IMF report on the value added tax gap
On 23 February 2016 the IMF published a technical assistance report on the analysis of the value added tax (VAT) gap in Denmark. Estimates of the VAT gap in Denmark were made for the years 2008 to 2012. The IMF’s methodology for the Revenue
See MoreVenezuela: Increase in value of tax unit gazetted
Resolution SNAT/2016/011 was issued by the National Integrated Service for the Administration of Customs Duties and Taxes on 11th February 2016 and has been published in the Official Gazette. The Resolution increases the tax unit value (TU) from VEF
See MoreUK: Review of VAT Grouping Provisions
A policy paper published on 14 January 2016 announced the launch of a review of VAT grouping provisions in the UK following the Larentia + Minerva and Marenave case and the Skandia case in the European Court of Justice (ECI). Currently the UK
See MoreNetherlands: IMF paper comments on the tax system
On 11 February 2016 the IMF issued a staff report and selected issues paper in connection with discussions with the Netherlands under Article IV of the IMF’s articles of agreement. The selected issues paper covers the possibility of further tax
See MoreCzech Republic: Amendment allows allocation of VAT reverse charge mechanism
In regard to the value added tax (VAT) rules, there is a new provision that allows buyers and sellers to agree to an allocation of the reverse charge mechanism, without considering the value of the goods. This amendment is effective from 1st
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 MoreChile: Law to simplify structural tax reform of 2014 published
Law No. 20.899 was published in the Official Gazette on 8th February 2016. This Law simplifies the implementation of the tax reform 2014 in matters regarding provisions of the tax code, income tax and VAT, among others. Under the tax reform of 2014
See MoreUK: HMRC Publishes Statistics on Accelerated Payments Notices
The UK tax authority HMRC has noted in a press release of 8 February 2008 that more than GBP 2 million has been collected under the accelerated payments provisions. Under these provisions the users of tax avoidance schemes must pay tax up-front
See MoreUK: Digital communications research published
The UK tax administration HMRC plans to extend online tax accounts to all individuals and businesses paying tax in the UK. To prepare for this customer research was performed to look at the reaction of difference groups of taxpayers and to help 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 MoreIsrael: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
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