World Tax Brief: February 2016
South Africa Main corporate tax rate: The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from
See MoreWorld Tax Brief: January 2016
Chile CFC Rule: Under the Circular 30 of the tax administration from 2016, the main aspects of the CFC rules are: A controlled foreign entity exist where a Chilean resident holds, directly or indirectly, more than 50% of the shared capital,
See MoreWorld Tax Brief: December 2015
Australia GAAR: The Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 received Royal Assent on 11 December 2015. The Bill implements a new anti avoidance rule designed to counter the erosion of the Australian tax base by
See MoreWorld Tax Brief: November 2015
Spain Main Corporate tax rate: The corporate income tax rate will be reduced from 28% to 25% from January 2016. Following Companies also are not required to file tax returns for taxable periods commencing on or after 1 January 2016 if: i) their
See MoreWorld Tax Brief: October 2015
Denmark Dividends: The Danish Minister of Taxation published a draft bill on 5 October 2015. This draft bill planned to relax the taxation of certain categories of outbound and inbound dividends in order to comply with European Union (EU)
See MoreWorld Tax Brief: September 2015
Australia Sanctions for tax evasion: The Government of Australia announced double the maximum administrative penalties that can be applied by the Commissioner of Taxation to large companies that enter into tax avoidance and profit shifting
See MoreWorld Tax Brief: August 2015
China Incentives for Small enterprises - China's State Council decided on August 19 to improve and extend the tax breaks available for small and micro enterprises. Small and low-profit enterprises are subject to enterprise income tax on 50% of
See MoreWorld Tax Brief: June to July 2015
Austria Withholding tax on dividend distributions, capital gains: The withholding tax rate for dividends and capital gains will be increased to 27.5% (up from the current rate of 25%). If dividends are paid to corporations, a reduced withholding
See MoreWorld Tax Brief: May 2015
Indonesia Incentives: On 6 April 2015, the government grants regulation (GR) No. 18 of 2015 (GR 18/2015) regarding the income tax incentive facilities available for investments in specified business sectors and regions. This regulation is
See MoreWorld Tax Brief : March & April 2015
United Kingdom Main Corporate tax Rate: The main rate of Corporation Tax for 2015 is 20% (With the exception of oil and gas companies with ring fence profits) from 1 April 2015. The Corporation Tax will be charged at a single rate known as the
See MoreWorld Tax Brief : January & February 2015
Belgium Taxability of other income: From 2015 small and medium sized companies may create a "liquidation reserve" from after-tax profits. The liquidation reserve is immediately subject to a separate tax of 10%. Upon liquidation, no dividend
See MoreWorld Tax Brief : December 2014
China Incentives on Industry/manufacturing : Circular Cai Shui no 59 has extended the 15% tax rate to Technologically Advanced Service Enterprises (TASEs) in 21 trial cities until 31 December 2018. These must provide qualifying services and
See MoreWorld Tax Brief : November 2014
Chile Main corporate tax rates: Under the Law 20,780A, 20% of tax rate applies in 2014 to Chilean companies or permanent establishments of foreign companies. Under legislation enacted in September 2014 the corporate income tax rate will rise to
See MoreWorld Tax Brief : October 2014
Argentina Withholding taxes due: Tax must be withheld by the payer at the time of making the payment. In the case
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