Luxembourg-Tunisia amending protocol to treaty entered into force
The amending protocol to treaty between Luxembourg and Tunisia entered into force on 30 November 2016. The treaty was signed on 5 September 2014 to the Luxembourg - Tunisia income and capital tax treaty (1996) . The protocol generally applies from
See MoreLuxembourg: Parliament adopts Budget 2017
The Luxembourg parliament adopted the 2017 Budget bill no.7050 on 22 December 2016. The draft budget was presented to the parliament on 12 October
See MoreLuxembourg: Parliament adopts 2017 tax reform
The Luxembourg Parliament adopted the 2017 tax reform (parliamentary document n°7020) on 14 December 2016 which introduces new tax measures affecting both individual and corporate taxpayers. The publication of the law is expected to be made in the
See MoreThe 9th Round of China-GCC FTA Negotiation Concluded
On December 19 to 21, the 9th Round of China-GCC Free Trade Agreement (FTA) negotiation was held in Riyadh, Saudi Arabia. Wang Shouwen, Vice Chinese Minister of Commerce and Al-Bazai, General Coordinator for GCC FTA Negotiations and the Vice
See MoreHong Kong: IRD released country-by-country reporting
The Inland Revenue Department on 22 December 2016 published on its website an announcement on country-by-country (CbC) reporting. The CbC report requires aggregate tax jurisdiction-wide information relating to the global allocation of the income,
See MoreLatvia: VAT on Budget 2017
The Latvian 2017 budget has introduced a range of changes to the VAT, which take effect from the 1st of January 2017. Refunds claim concerning over-payment in the monthly basis reduced from EUR 11, 328.97 to EUR 5, 000. The option for bi-annual
See MoreDenmark: CJEU decision regarding exemption for interest income
The Court of Justice of the European Union (CJEU) on 21 December 2016, published a judgment in the case of:Masco Denmark and Damixa about the Danish corporate tax rules that provide an exemption from tax for interest income on loans provided by a
See MoreSingapore- Voluntary filing of CbC Reports for Singaporean tax resident MNE groups for fiscal year 2016
The Inland Revenue Authority of Singapore (IRAS) announced on 19 December 2016 that the voluntary filings for Singaporean multinational enterprise groups for financial year 2016 will be allowed and this follows the e-tax guide of the
See MoreBelgian circular on individual taxation
The Belgian tax administration published a Circular on the taxation of non-resident individual taxpayers on 9 December 2016. A division is made between 3 groups of non-resident individuals that contains (a) non-residents obtaining 75% of their
See MoreMalta, Vietnam income tax treaty enters into force
On 25 November 2016, the income tax treaty between Malta and Vietnam was entered into force. This treaty will apply from 1 January
See MoreIndia: decided to reduce the existing deemed profit rate
The Central Board of Direct Taxes announced 19 December 2016, stating that in order incentivize small traders/businesses to proactively accept payments by digital means, it has been decided to reduce the existing rate of deemed profit of 8% under
See MoreIndia: Court’s decision on Computing section 10A deduction and intra-group services
Recently, In the case of Yokogawa India Ltd, The Supreme Court of India decided that the deduction under section 10A of the Income-tax Act, 1961, is to be determined at the point when computing the gross total income of the eligible undertaking and
See MoreChina: Adjustments to tariff items
On 19 December 2016, the Customs Tariff Commission of the State Council issued the adjustments to the tariffs in 2017. The new plan comes into force on 1 January 2017. According to the plan, the number of items to be taxed in 2017 will reach 8,547.
See MoreUkraine: High court decided to zero VAT rate for goods which are lower than market level
Recently Ukraine Higher Administrative Court decided to zero VAT rate if prices of goods are lower than market level. According to decision, goods exported from Ukraine at prices below the market level should be subject to zero rate VAT pursuant to
See MoreSpain-Estonia MFN clauses under DTA activated
The Spanish Ministry of Finance and Public Administration published a letter on 14 June 2016 addressed to the Estonian Minister of Finance. The letter activates the most-favoured-nation (MFN) clauses included in the Estonia - Spain Income and
See MoreSpain: Tax authority announced model country-by-country reporting form
Recently the Spanish tax authorities published a communication announcing the submission of a model country-by-country (CbC) reporting form (231). The form has not yet been approved. Under the Spanish corporate income tax regulations any entity or
See MoreSweden: Legislated Budget for 2017
The Government has been enacted the Budget Bill for 2017 on 16 December 2016. The budget will apply from 1 January
See MoreSpain: IMF urge to fiscal reform
The International Monetary Fund (IMF) published the Staff Concluding Statement of the 2016 Article IV mission on 13 December 2016. The statement includes a series of recommendations in order to improve the Spanish economy; it includes labour,
See More