UK: 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 MoreEU: Plans for digital single market published by European Commission
On 6 May 2015 the European Commission published a document entitled “A Digital Single Market Strategy for Europe” outlining a plan for coordinated action to take advantage of opportunities for innovation, growth and jobs brought about by the
See MoreUK: HMRC explains new VAT refund scheme for charities
The UK tax authority HMRC has issue VAT Notice 1001 giving details of the VAT rules where charities can obtain VAT refunds under legislation effective from 1 April 2015. Charities that qualify under the new rules can claim a refund of VAT on most of
See MoreECJ issues preliminary ruling on VAT taxable amount of a building
On 23 April 2015 the European Court of Justice (ECJ) ruled on a question relating to the VAT taxable amount where part of the purchase price of a building relates to interest on borrowed capital. The relevant legislation applicable in this case was
See MoreSlovak Republic: Proposed amendments to tax legislation
The Slovak Republic has proposed changes in the tax legislation including corporate income tax, personal income tax and value added tax. The amendments should come into force from 1st January 2016. The changes are summarized below: Corporate
See MoreArgentina – new installment plan for settling tax debts
The tax authority of Argentina (AFIP) has introduced a special installment plan through General Resolution No. 3727/2015 with the aim of helping taxpayers to settle tax, customs and social security debts by instalments in certain cases. The regime
See MoreRomania: Government Amends the Fiscal Code
Law no. 571/2003 regarding the Fiscal Code has been amended and supplemented by the publication of Government Emergency Ordinance no. 6/ 2015. This Ordinance introduces provisions on the taxation of income from the transfer of immovable property
See MoreECJ rules on VAT exemption for postal services
The European Court of Justice (ECJ) has ruled in the case of European Commission v Sweden in respect of the VAT exemption for postal services. The European Commission referred Sweden to the ECJ on 10 March 2014 under Article 258 of the Treaty on
See MoreECJ: VAT input tax deductions on supplies made free of charge
On 22 April 2015 the Advocate General of the European Court of Justice (ECJ) issued an opinion in the case of Sveda UAB. The case was referred to the ECJ on 17 March 2014 for a preliminary ruling and the Court was requested to provide an answer to
See MoreECJ: decision on disbursements and the VAT taxable amount
The European Court of Justice (ECJ) delivered its ruling in the case of Wojskowa Agencja Mieszkaniowa w Warszawie on 16 April 2015. The case concerned the inclusion of disbursements in the taxable amount for computing value added tax. The case was
See MoreCanada: Highlights of Pre-election Federal Budget 2015
The Finance Minister delivered the Government’s 2015 pre-election federal budget on 21st April 2015. The tax highlights in the 2015 budget are given below: From the beginning of 2015, the limit for annual contributions to a tax-free savings
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 MoreECJ: Advocate General issues an opinion in a case concerning VAT groups
The Advocate General of the European Court of Justice (ECJ) has published an opinion in the case of Beteiligungsgesellschaft Laurentia + Minerva mbH & Co KG. Questions arising from this case were referred to the ECJ for a preliminary ruling by
See MoreOECD releases discussion draft on mandatory disclosure rules
On 31 March 2015 the OECD released a discussion draft in respect of Action 12 of the action plan on base erosion and profit shifting (BEPS). Action 12 calls for disclosure initiatives to deal with the lack of relevant information for tax
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 MoreCanada: Indirect tax responsibilities for financial organizations
Under their GST/HST and QST annual information returns, many financial institutions will have to file their final returns regarding Goods and Service Tax (GST), Harmonized Sales Tax (HST) and Quebec Sales Tax (QST) for the year 2014 by 30th June
See MoreCanada: Indirect tax compulsions for financial organizations
Many Financial institutes have to be filed their 2014 GST/HST and QST final returns on or before 30th June 2015 along with the GST/HST and QST annual information returns. Again, these institutions need to find if any changes in their organizations
See MoreOECD study on the distributional effects of consumption taxes
A study recently released by the OECD on the distributional effects of consumption taxes in OECD countries is a result of a joint venture between the OECD and the Korean Institute of Public Finance. Recent OECD research has shown that there are
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