Greece: Draft bill on electronic payments has been submitted
A draft bill regarding electronic payments has been presented to the parliament on 12th December 2016. The term "electronic payments" states to payments via debit, credit or prepaid cards but also to other means of payment, e.g. digital wallets. All
See MoreTaiwan: Proposes revisions to the VAT
Ministry of Finance proposed revisions to the value added tax (VAT) provisions and to make foreign e-commerce enterprises outside Taiwan but selling e-commerce services to individuals in Taiwan subject to VAT on 9 December 2016. If the procedures
See MoreBrazil: Amendments to tax on services
The Senate approved changes to Complementary Law 116/2003 major tax on services on 14 December 2016. The modifications need to be ratifies by the President. The key changes are given below: The tax rate is increased from 0% to 2%; new services (e.g.
See MoreBulgaria: Amendments to Excise Duties and Tax Warehouses Act gazetted
The amendments to the Excise Duties and Tax Warehouses Act (EDTWA) have been gazetted on 6th December 2016. An overview of the amendments is given below: Administrative simplifications of various procedures Starting from 1st January 2017, a
See MorePoland: Parliament approves bill to simplified flat tax
The parliament approved a draft law which intends at facilitating for business in Poland on 16 December 2016. Along with other things, the law launches changes on the flat rate tax on specified income derived by individuals in so far that it raises
See MoreDTA between Venezuela and Saudi Arabia entered into force
An Income Tax Treaty (2015) between Saudi Arabia and Venezuela has been entered into force on 1st December 2016 for the purpose of avoiding double taxation. It generally applies from 1st January 2017. It had been ratified by the National Assembly of
See MoreJersey: Country-by-country reporting announced
The Taxation Regulation 2016 of Jersey regarding Country-by-country reporting has been made on 14th December 2016 and the regulations will entry into force on 21st December 2016. It covers a country-by-country (CbC) reporting obligation for
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreChina: New accounting treatments related to VAT
On 3 December 2016, the Ministry of Finance of China issued accounting rules on value added tax (VAT). The Rules address the different aspects of recording VAT in accounting records and aligning accounting rules with VAT regulations in the aftermath
See MorePortugal-Parliament approved Budget for 2017
The parliament of Portugal approved the Budget for 2017 on 29 November 2016. The approved Budget introduces a new sugar tax on soft drinks. If certain conditions are satisfied then countries that are not blacklisted will be able to have a more
See MoreUS: IRS released tax prepare guidelines for the upcoming tax filing season
The internal revenue service has released a guideline on 14 December 2016 to help taxpayers prepare for the upcoming tax filing season. As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should
See MoreUS: IRS announced tax filing season for 2017
The Internal Revenue Service has announced that tax season will open on Monday, January 23, 2017. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS
See MoreSouth Africa-United Arab Emirates tax treaty entered into force
The Income Tax Treaty between South Africa and United Arab Emirates entered into force on 23 November 2016. The treaty generally applies from 1 January
See MoreFinland: Tax authority published the social security contribution rates for 2017
The Finnish tax authority published, on 14 December 2016, the applicable rates of social security contributions payable by employees and employers for 2017. For employees: A health insurance contribution consisting of two components; a health
See MoreColombia: DIAN rules to keep accounting records
According to ruling 31252 of 2016, the tax authority of Colombia (DIAN) pronounced on the obligation for taxpayers to keep accounting records. Commerce Code article 19 provides that individuals and companies considered to be merchants are obliged to
See MoreIreland: CbC reporting notification deadline
On 1 January 2016, Ireland’s new Country-by-Country (CbC) reporting requirements took effect. The Irish CbC requirements require certain Irish parented groups, and in specific instances, domestic subsidiaries of foreign parented groups, to report
See MoreCyprus: Tax department implemented electronic submission of VAT returns process
The Cyprus Tax Department has announced that it has completed implementation of the electronic registration system in the online TAXISnet service for electronic submission of VAT returns and the VIES summary table. Taxpayers are recommended to use
See MoreCyprus: Tax department issued a circular on provisional tax payment
The tax department of Cyprus has recently issued a circular on provisional tax payment. The department clarified that companies and self-employed individuals whose income is not subject to tax withholding by the employer are required to pay the
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