Tanzania Incentives: The Budget for 2016/17 was presented to the National Assembly by the Minister of Finance and Planning on 8 June 2016. According to the budget the skills and development levy will be reduced from 5% to 4.5%.
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Spain E-filling: From 1 July 2016 large companies will have to file tax documents such as returns, declarations electronically. Also if taxpayers do not submit the documents electronically shall be subject to a fine of EUR 250, according to article 199(2) of Law 58/2003.
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Russia Tax-ability of dividend income: The Minister of Finance specified that in a case where the amount of distributed interim dividends is higher than the amount of the net profits of the company in the respective year, the difference should be treated as income of the company’s shareholders subject to corporate income tax at the rate of 20%.
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CFC Form: In accordance with the Russian Tax Code, companies deemed to be tax residents of Russia are required to notify a tax authority of controlled foreign companies (CFC) of which they are considered controlling persons. The first CFC notifications (Notification) must be submitted to a tax authority no later than 20 March 2017.A draft Order of the Federal Tax Service (FTS) approving the form and format for submission of a CFC notification and the procedure for completing and submitting it in electronic form (the Draft) has been published for public consultation.
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Luxembourg Main corporate tax: On 3rd June 2016, the Ministry of Finance published its Stability and Growth Program for 2016-2020 also the fiscal measures were proposed that is, reduction of the corporate income tax rate from 21% to 18%.
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Greece Dividend: The Public Revenue Authority has published Circular POL 1068 on 2nd June 2016, which clarifies that dividends distributed within the financial year 2016 will be subject to withholding tax at a rate of 10%. If a withholding tax of 15% has been imposed before the entering into force of Law 4389/2016, the difference of 5% is not due and, if paid, is returned as unduly paid tax. The provisions of Law 4389/2016 according to which the increased withholding tax rate of 15% and the taxation of dividend income earned will apply from 1 January 2017 and onwards.
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Pakistan Main corporate tax: The corporate tax rate will be reduced to 31% from tax year 2017.
Other incentives: In order to reduce unemployment and encourage new industry, the credit will be increased to 2% from 1% and the date for setting up an industrial undertaking extended to June 2019.
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Vietnam Penalty for tax fraud: The General Department of Taxation announced that, an increase in the maximum penalty that may be imposed for tax fraud and evasion to VND 50 million. It further announced an increase in the fines for lost or damaged tax invoices (unless damaged by natural disasters) to between VND 4 million and VND 8 million.
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Argentina Withholding tax: In Argentina, General Resolution 3884(AFIP) was published in the Official Gazette of 26 May 2016 and became in force from that date. The new Resolution amends General Resolution 830 (AFIP) which establishes a widespread system of withholding tax on domestic payments increasing the exempt amounts. The new amounts are applicable to payments made from 1 June 2016.
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Kenya Main corporate tax: The Finance Bill 2016 was presented to the National Assembly on 8 June 2016 and accordingly, the corporate tax rates for companies that construct at least 1000 residential units annually will be reduced from 30% to 20%.
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Hong Kong Interest on other income: According to the amendment ordinance, under specified conditions, the interest payable on money borrowed by a corporation carrying on an intra-group financing business in Hong Kong is deductible in determining profits liable for profits tax on or after 1 April 2016. In addition, the concessionary profits tax rate at 8.25% for qualifying corporate treasury centers applies to relevant profits accrued on or after 1 April 2016.
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Oman Main corporate tax rate: The State Council and the Shura Council on 26 May 2016 approved the increase of the corporate tax rate on liquefied natural gas (LNG) companies to 55%. The council also approved the increase of the corporate tax rate on petrochemical and mining companies to 35%. The standard tax rate applicable to all other entities is 12%.
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