France adopts country-by-country reporting requirement
The lower house of the parliament in France adopted an amendment to the Finance Bill for 2016 on 12 November 2015. The amended Finance Bill introduces a country-by-country reporting requirement for multinational companies which will be applicable
See MoreUK: Autumn Statement Includes Measures Effective from 25 November 2015
The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 25 November 2015. The measures with immediate effect from 25 November 2015 are as follows: Loans to participators, trustees of charitable trusts: This measure affects
See MoreLuxembourg: Circular on Reduction of Net Worth Tax
The Luxembourg administration for direct taxes published Circular on 19 November 2015 regarding the reduction of the net worth tax. In order to obtain the tax reduction, a company must allocate a portion of its profits of a tax year to a reserve
See MoreHong Kong signed tax treaty with Romania
The Government of the Hong Kong Special Administrative Region signed an agreement on the avoidance of double taxation with Romania on November 18, 2015. Under the agreement, Romania's withholding tax rate on royalties, currently at 16 per cent, will
See MoreItaly: Draft Budget Law for 2016 Considered in Parliament
The Italian draft budget law for 2016 is currently under discussion. It is expected to be approved by 31 December 2015. A series of tax matters included in the draft budget one of which is the reduction of the corporate tax rate by 3 percentage
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 MoreSlovenia: Changes to Corporate Income Tax Law
The Ministry of Finance proposed amendments to the Corporate Income Tax Law on 10 November 2015. Once adopted by the Slovenian parliament the amendments will apply from 1 January 2016. The following amendments are proposed: Decrease of tax
See MoreNetherlands: Lower House of the Parliament Adopted the Tax Plan 2016
The lower house of the parliament adopted the Tax Plan 2016 on 18 November 2015. The same was presented to the lower house of the parliament on 15 September 2015 by the Minister of Finance. The important measures were included on corporate tax and
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 MoreIreland’s Revenue published the Manual on role of the competent authority
On 9 November 2015, the Irish Revenue issued a manual regarding the role of the Irish competent authority in resolving international tax disputes and ensuring the correct allocation of taxable profits to Ireland. Mutual agreement procedures
See MoreNetherlands: Decree published on adjustment period for advance tax rulings issued
During the parliamentary debate on the Act implementing the changes Parent-Subsidiary Directive 2015 have been in the Memorandum relating to the report two indicated publish a policy decision on an adjustment period for advance tax rulings
See MoreSlovenia: Changes to corporate income tax law enter into force
The amendments to the Corporate Income Tax Law were published on 3 November 2015, in the Official Gazette No. 83/2015. The Law entered into force on 4 November 2015. The amendments to the Corporate Income Tax Law include: - Implementation of
See MoreUkraine: Draft law proposed to introduce thin capitalization rules
Draft law No. 3357 on amending the Tax Code of Ukraine regarding tax liberalization was registered in the Ukrainian parliament on October 26, 2015. The draft law have proposed several tax measure including thin capitalization rules and distributed
See MoreDTA between Malaysia and Slovak Republic ratified
The Income Tax Treaty (2015) between Malaysia and the Slovak Republic has been ratified by the Slovak Republic on 4th November
See MoreGhana and United Kingdom sign MoU regarding automatic exchange of information
Ghana and the United Kingdom signed a memorandum of understanding (MoU) on automatic exchange of information on 6 August 2015. Further details will be reported when they are
See MoreDTA between Armenia and Slovak Republic ratified by Slovak Republic
The Income and Capital Tax Treaty (2015) between Armenia and Slovak Republic has been ratified on 4th November
See MoreCzech Republic: Amendment to law on international cooperation in tax administration
The Government has submitted a bill to the Parliament on 10th November 2015 regarding changes to the law on international cooperation in tax administration. The Bill must be accepted by both chambers of the parliament and signed into law by the
See MorePortugal: Surcharge on personal income tax may reduce for 2016
The government of Portugal approved the plan to reduce the surcharge from 3.5% to 2.625% on personal income tax for the fiscal year 2016, on 5 November 2015, however it needs to get parliamentary approval to enter into force. If the parliament of
See More