Singapore: Competent authority agreement on automatic exchange of information agreement with Netherlands signed
The Singapore - Netherlands Competent Authority Agreement on Automatic Exchange of Information (2016) was signed on 24 November 2016. The agreement stipulates when and what information will be exchanged, according to the OECD Automatic Exchange of
See MoreUS: IRS published interest rates on tax overpayments and underpayments for first quarter 2017
The Inland Revenue Service released Revenue Ruling 2016-28 on 5 December 2016 with the announcement of the interest rates on tax overpayments (i.e. tax refunds) and tax underpayments (i.e. tax assessments and late tax payments) for the calendar
See MoreGuernsey: Tax authority updates the tax penalty statement for non-compliance
The tax authority of Guernsey had updated the Statement of Practice M46 on penalties imposed for non-submission of tax returns which was published on 8 December 2016. As per the statement, all taxpayers are required by law to submit income tax
See MoreHong Kong-Romania tax treaty entered into force
The Income Tax Treaty (2015) between Hong Kong and Romania has been entered into force on 21 November 2016. The agreement was signed in November 18, 2015. The agreement generally applies from 1 January
See MoreDTA between Australia and Germany entered into force
The Income Tax Treaty (2015) between Australia and Germany has been entered into force on 7 December 2016. The treaty generally applies in Germany from 1 January 2017 and in Australia from the following dates: For withholding tax on income that is
See MoreUK: New tax measures announced in autumn statement
The autumn statement delivered by the Chancellor on 23 November 2016 provided for new tax measures, many of which will be included in the Finance Bill 2017. The measures include the following: Restriction on tax deduction for interest The UK has
See MoreHungary-amendments to the Tax Law submitted to the parliament
The Tax amendments announced by the Minister of Economy of Hungary were submitted to the parliament on 5 December 2016. According to the proposed amendments the corporate income tax rate will be reduced as the current progressive rates of 10% and
See MoreDTA between Romania and UAE enters into force
The Income Tax Treaty (2015) between Romania and United Arab Emirates (UAE) will be entered into force on 11th December 2016 for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. From this date,
See MorePakistan: FBR issues rules for computation of capital gain tax
Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX). For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various
See MoreMexico: Miscellaneous tax resolution for 2017
The Tax Administration Service released the draft rules including in the Miscellaneous Tax Resolution for 2017 (RMF 2017) on its website on 8 December 2016. As per the published decree of 30 December 2015 the contractors and assigns defined under
See MoreCanada: CRA updates a publication about non-Resident tax withholding and remitting
The Canada Revenue Agency (CRA) has updated its publication, T4061 NR4 entitled ‘Non-Resident Tax Withholding, Remitting, and Reporting 2016’ on 6th December 2016. The new publication explains that residents of Estonia have been exempt from tax
See MoreBulgaria: Amendments to Personal Income Tax Act has been gazetted
The amendments to the Personal Income Tax Act has been published in the Official Gazette on 6th December 2016 and it will apply from 1st January
See MoreBulgaria: Amendments to VAT has been gazetted
The amendments to the Value Added Tax (VAT) Act has been published in the State Gazette on 6th December 2016. This amendments will be applicable from 1st January 2017. The most important amendments are summarized below: New rules for input VAT
See MoreBulgaria: Amendments to Corporate Income Tax Act has been published
The amendments to the Corporate Income Tax (CIT) Act has been published in the State Gazette on 6th December 2016. The parliament voted on the adoption of amendments to the corporate income tax reporting rules on 23rd November 2016. The most
See MoreMexico: Amendments to Hydrocarbons Revenue Law
The Decree amending the Hydrocarbons Revenue Law was released in the Official Gazette on 7 December 2016 and the amendments comprise with other changes, amendment to the adjustment mechanism and the method for calculating deductible costs and
See MoreAngola: National assembly approved the budget bill 2017
The National Assembly approved the Budget Bill 2017 on 17 November, 2016. Angola’s parliament is scheduled on 14 December for a final vote on the draft State Budget Law for 2017 and it will be effective as from 1 January
See MoreBulgaria: Amendments to Local Taxes and Duties Act gazetted
The amendments to the Local Taxes and Excise Duties Act have been gazetted on 6th December 2016 in the Official Gazette. The proposal of a tax bill has been submitted to the National Assembly on 17th October 2016 to amend various tax
See MoreVietnam: Publishes a guidance on corporate income tax, VAT and customs
Vietnam’s tax authorities on 25 October 2016 circulated certain corporate income tax; value added tax (VAT), labour compliance, and customs duty matters. Corporate income tax -An official letter provides the conditions and supporting document to
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