ITIC Tax Consultations in Kazakhstan
During the week of 9 April, Mr. Victor Thuronyi, a highly regarded international tax expert and former Senior Counsel in the IMF’s Legal Department, led an ITIC mission to Kazakhstan to meet with a broad range of government officials and evaluate current tax legislation as well as tax reform proposals in Kazakhstan.
During his week in Astana, Mr. Thuronyi held consultations with senior government officials including: Ruslan Dalenov, Deputy Minister of National Economy; Azamat Amrin, Head of the Tax and Customs Policy Dept., Ministry of National Economy; Kanat Bayadilov, Deputy Minister of Finance; Argyn Kipchakov, Deputy Chairman of the State Revenue Committee, Ministry of Finance; Kairat Kazhamzharov, Prosecutor General; and members of the Finance and Budget Committee in the Kazakhstan Parliament.
Mr. Thuronyi also gained important insights and feedback through his discussions with the National Chamber of Entrepreneurs “Atameken” and in meetings with representatives of Kazakhstan’s business community.
Following his visit, Mr. Thuronyi will prepare a detailed report on his analysis, proposals and suggestions for future tax reforms in Kazakhstan.
IMF Releases Analytical Chapter on Digital Government
Yesterday, the International Monetary Fund (IMF) released the analytical chapter of the April 2018 issue of the IMF Fiscal Monitor on Digital Government. This chapter focuses on "how digitalization can change the way governments design and implement current policies, including by improving tax policy and administration, increasing spending efficiency and enhancing fiscal management." [Full Chapter]
OECD Releases 14 Transfer Pricing Country Profiles
Earlier this week, the Organisation for Economic Co-operation and Development (OECD) released new transfer pricing country profiles for Australia, People's Republic of China, Estonia, France, Georgia, Hungary, India, Israel, Liechtenstein, Norway, Poland, Portugal, Sweden, and Uruguay.
These updated country profiles focus on "domestic legislation regarding key transfer pricing principles, including the arm's length principle, transfer pricing methods, comparability analysis, intangible property, intra-group services, cost contribution agreements, transfer pricing documentation, administrative approaches to avoiding and resolving disputes, safe harbours, and other implementation measures." [More Information]
WCO Holds Workshop on Digital Customs and E-Commerce
With support from the Zimbabwe Revenue Authority and China Customs Cooperation Fund, the World Customs Organization (WCO) held a regional workshop on Digital Customs and E-Commerce for East and Southern Africa in Harare, Zimbabwe, at the end of March. The workshop gathered Customs officers, African Union representatives and private-sector participants from 13 countries in the region to discuss the importance of Customs administrations adopting information and communication technologies (ICT) and E-Commerce solutions. [Continue reading]
New Corporate Tax Reform Bill Proposed in The Philippines
At the end of March, The Philippines House of Representatives presented a corporate tax reform bill that "seeks to reduce the Philippines corporate income tax rate while modernizing investment tax incentives and removing excessive tax exemptions and privileges." [More Information]
IMF Releases Working Paper on "Tax Incentives in Cambodia"
Last month, the International Monetary Fund (IMF) released Working Paper No. 18/71: Tax Incentives in Cambodia. [Full Paper]
Abstract: "Cambodia, like its regional peers, offers a number of tax incentives to investors. This paper reviews these incentives to assess their costs and benefits, including their likely effectiveness in attracting capital and in supporting the diversification strategy. It finds that an important incentive, the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting from tax and may not be very effective. Moreover, other features of the tax system, such as the high withholding rate on dividends, imply relatively high effective tax rates for foreign investors. The paper discusses potential reforms that weigh revenue and other costs of tax incentives against the need for a competitive tax system, including a shift from tax holidays toward investment allowances."