ITR Search | International Tax Review

VAT implementation challenges in the GCC

Gulf Cooperation Council (GCC) oil export revenues are expected to be nearly $275 billion lower in 2015 than in 2014 and with low oil prices set to stay, countries in the region are undertaking fiscal adjustments. Mark Lindley, director of tax at the Qatar Financial Centre, explores the challenges.

December 15 2015

Spain: Spain opens door to impose penalties on contrived acts or transactions

Abelardo Delgado The General Taxation Law (LGT), Law 58/2003 of December 17 2003, has been partially amended by Law 34/2015 of September 21 2015.

December 15 2015

Australia: Tax reform topics continue to dominate political scene in Australia

Chris Neil The debate regarding tax reform continues to dominate politics in Australia, with a number of alternative reforms being canvassed.

December 15 2015

Chile: Chilean IRS’s Anti-avoidance Bureau and the Administrative Consultation Procedure

Sandra Benedetto Jonatan Israel The entry into force of the Chilean general anti-avoidance rules (GAAR) envisaged by Law No 20.780 effective as of September 30 2015, has made the Chilean Internal Revenue Service (IRS) take specific actions regarding the organisation of its personnel, to address the challenges set forth by the Chilean GAAR regarding tax assessment.

December 15 2015

Cyprus: Post-sanctions Iran: Exploring the Iranian market via Cyprus

Mohamed Ezz Christiana Nicolaou Iran holds a unique position in the Middle East. The country has an abundance of natural resources, a densely inhabited territory and shows a degree of openness to technological advancement, international developments and progress.

December 15 2015

Germany: Exemption to Germany’s change-in-ownership rules expanded

Alexander Linn Thorsten Braun The German tax reform 2015, published in the federal gazette on November 5 2015, includes a new exemption from the strict change-in-ownership rules that result in the forfeiture of tax loss carryforwards.

December 15 2015

Indonesia: Indonesia issues a draft Bill for national tax amnesty; plans to cut taxes

Freddy Karyadi Chaterine Tanuwijaya Indonesia is set to shore up national coffers by providing a tax amnesty, while headline income tax rates will also be slashed.

December 15 2015

Brazil: Update on the obligation to disclose certain transactions in Brazil

Julio Oliveira Ruben Gottberg On November 17 2015, the Brazilian Congress approved the project for conversion into law of the Provisional Measure 685/2015 (PM 685/2015), without the articles intended to impose an obligation to disclose tax planning transactions.

December 15 2015

FYR Macedonia: Treaty analysis: FYR Macedonia ratifies double taxation agreement with Vietnam

Elena Kostovska On April 14 2015, the FYR Macedonian parliament ratified the tax treaty signed with Vietnam on October 15 2014. The ratification law was published in the Official Gazette No. 63 of April 20 2015.

December 15 2015

Ireland: Ireland confirms AT1 instruments treated as debt

Turlough Galvin Kevin Smith Ireland's Finance Bill 2015 (the Bill) was published on October 22 2015 and it contains new (previously unannounced) provisions on the Irish tax treatment of Additional Tier 1 (AT1) instruments. The Bill confirms that AT1 instruments qualifying as such under the Capital Requirements Regulations will be regarded as debt instruments.

December 15 2015

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