The 83rd Annual American Petroleum Institute Federal Tax Forum was held in Houston on 24-25 April. Congratulations to Stephen Comstock, API’s Director of Tax and Accounting Policy, his staff, and the entire organization on this terrific accomplishment. Continue reading “ITIC Participates at 83rd API Federal Tax Forum”
The mood at last weekend’s IMF and World Bank Spring Meetings was the most optimistic since the global financial crisis of 2008-2009, as evidenced by the communiqué issued by the IMF’s Governing Board: “The global economic recovery is gaining momentum, commodity prices have firmed up, and deflation risks are receding.” Nevertheless, there are concerns that political and policy uncertainties (often citing the U.S. and EU) pose risks to improving growth. Concerns were also expressed by government officials, IMF senior representatives and civil society groups about “those who have been left behind” and have not benefited from global economic integration and technological progress.
The slump in oil prices in the last few years has increased the pressure on the Gulf Cooperation Council (GCC) states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) to seek more sustainable government revenues through taxation. Corporate income tax is currently the only direct tax imposed within the GCC, and even then Bahrain and the UAE only impose the tax on narrow sectors of the economy. Continue reading “Impending VAT in the GCC: Much Still to be Clarified”
After 11 long years, the journey to introduce a Goods and Services Tax (GST) in India is now nearly complete. The Dual GST Model will see the Central Government, 31 State Governments and 5 Union Territories levy and collect GST concurrently on a common tax base. The final hurdle was passed on 29 March when the lower house of the Union Parliament, Lok Sabha, approved the follow-up implementation related to the CGST Act, UTGST Act and IGST Act. Additionally, the act relating to compensation by the Centre to the States for possible revenue loss due to GST has also been passed. Continue reading “GST – Long-Awaited Step in India’s Economic Reforms”
The OECD Task Force on Countering Illicit Trade held its fifth meeting on 28-29 March in Paris, with over 80 attendees ranging from Customs and/or Revenue Authorities of OECD Member States, NGOs, academics, and private-sector firms (such as Apple and DHL). A broad range of national government agencies and international organizations – Ministries of Finance and Justice, Her Majesty’s Revenue and Customs, U.S. Department of Homeland Security, Europol, World Customs Organization, and EU Intellectual Property Office – were represented at the meeting. Continue reading “OECD Task Force on Countering Illicit Trade Meets in Paris”
ITIC’s Oil and Gas Taxation and Regulatory Dialogue recently submitted comments on The Platform for Collaboration on Tax’s “Discussion Draft: A Toolkit for Addressing Difficulties in Accessing Comparables Data for Transfer Pricing Analysis.” The toolkit “is designed to assist developing countries in navigating an important area of international tax policy: transfer pricing [… and] specifically addresses the ways developing countries can overcome a lack of data on “comparables,” or the market prices for goods and services transferred between members of multinational corporations.”
In a recent article for the Intra-European Organisation of Tax Administrations (IOTA), Azeri Minister of Taxes Fazil Mammadov analyzed the new challenges faced by Azerbaijan’s Tax Service due to sluggish global growth and its negative impact on resource economies. He depicted Azerbaijan’s response in terms of developing a sustainable national economy.
Source: 2017 Index of Economic Freedom, Interactive Heat Map (The Heritage Foundation)
On 15 February, the Heritage Foundation published its annual report entitled, 2017 Index of Economic Freedom, comparing the performance of 186 economies. One key factor influencing the conclusions and rankings is the Tax Burden parameter of the Government Size performance measurement criterion. Continue reading “2017 Index of Economic Freedom”
Investors are showing a renewed interest in the post-Karimov reform agenda in Uzbekistan, the guidelines for which have been detailed by President Mirziyoyev in several recent decrees and the implementing instructions of 14 February 2017. His decree of 7 February “on the Action Strategy for the Further Development of the Republic of Uzbekistan 2017-2021” and the related documents may be accessed here. Continue reading “Uzbekistan Reform Agenda”
ITIC President Daniel Witt discusses economic reform in Kazakhstan with Khabar TV.
More information is available on http://24.kz/ru/news/poslanie/item/163971-prodolzhaet-idti-vpered