Every week, KPMG member firms around the world publish updates on developments in their country. In Weekly Tax Matters we’ll highlight a selection that may be of interest to our readers. The complete collection of TaxNewsFlash can be found here.
Canada –Draft legislation has been released that would provide relief for trusts and estates affected by the ‘graduated rate estate’ rules.
India - A new initiative, ‘Startup India’, has been launched with the goal of
nurturing innovation and start-ups.
Oman – The ninth five-year budget plan and 2016 Budget have been released.
China – The Hainan tax bureau has issued guidance on the income tax treatment of shares and options granted to employees of unlisted companies, the first such guidance since previous guidance became invalid in 2011.
Thailand - A new program that allows companies to approach the customs authorities and voluntarily disclose any import duty that was paid incorrectly in the past has been launched.
EU - The EC has issued releases requiring the Netherlands, France and Belgium align their taxation of seaports with State aid rules.
Ireland – KPMG in Ireland have prepared a report on the new ‘Knowledge development box’, and opportunities that may be available for Irish and overseas firms.
Poland - Draft guidelines have been published on the structure and format of electronic tax records and accounting documents that constitute the ‘standard’ tax audit file.