World 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
See MoreGhana: VAT obligation for mortgage providers and operators
The government of Ghana has issued a statement regarding new VAT obligations for mortgage providers and operators in the real estate and construction sector. Under the statement, the sale of each unit of immovable property by an estate developer is
See MoreSlovak Republic: Amendments to income tax, VAT, excise duties and Tax Code approved
The Slovak parliament has approved the amendments to the Income Tax Act, VAT Act, legislation on excise duties and the tax code as proposed by the Finance Ministry. All the amendments have been signed by the president except the VAT Act. The changes
See MoreKazakhstan: Electronic VAT invoice
The State Revenue Committee has published a press release on 8th October 2015 for describing the system of electronic VAT invoice. A new digital registration system was announced from 1st July 2014 qualifying taxpayers to issue VAT invoices
See MoreECJ: Request for preliminary ruling on apportionment of expenses for VAT deduction
Many businesses make some supplies that are VAT exempt and the input tax relating to these supplies cannot be deducted in the VAT return. If a business is making both exempt and taxable supplies the input tax relating to the exempt supplies cannot
See MoreUK: Consultation on draft Regulations on country by country reporting
On 5 October 2015 the UK issued draft Regulations in relation to country by country reporting, along the lines of the recommendations made in the OECD action plan on base erosion and profit shifting (BEPS). The aim is to require multinational groups
See MoreKazakhstan: List of representative offices of foreign states and organizations published
Generally, a VAT refund is possible for both resident and non-resident taxable persons registered in Kazakhstan for VAT purposes. There is an exception to this rule in the case of representative offices. Representative offices are only eligible
See MoreFrance: Draft Finance Bill 2016
The draft Finance Bill for 2016 has been presented in France. According to the proposals the income tax-exempt threshold will be increased to EUR9,700 (USD10,840). For income above this threshold the income tax rates will be reduced. The tax rates
See MoreAFRITAC discusses prevention of tax fraud
From 28 September to 2 October 2015 the IMF’s regional Technical Assistance Centers (AFRITAC) for central and southern Africa are holding a seminar on prevention of tax fraud. The seminar held in Mauritius in collaboration with the African
See MoreKazakhstan: VAT withdraws
Kazakhstan has accepted plans to withdraw its VAT regime next year and it will be substituted with a simple sales tax. This sales tax will be levied at 12% regarding cash payments. To discourage non-disclosure, there will be a 7% discount on this
See MoreCzech Republic: Filing date VAT ledger statements
The government has revealed its plans to amend the tax law and it seems the changes would not totally affect the income tax law. All taxpayers who claim for value added tax (VAT) deductions will have to file VAT ledger statements that means
See MoreNamibia-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 More