Jersey: Inviting comments for proposed new tax penalties

March 31, 2017

A public consultation has been announced on 27th March 2017 by the Treasury and Resources department to request comments on proposed new tax penalties. The Taxes Office is asking for public views on proposed new financial penalties. This would be

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Poland: Important tax changes for 2017

March 31, 2017

A number of major tax changes have been introduced as of 1 January 2017. The changes are given below: Personal income tax: Personal income tax has a major change on the tax-free amount that is based on the tax base. In accordance with the new

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Ukraine: State Fiscal Service clarifies contribution of fixed assets to share capital

March 31, 2017

Contribution of fixed assets to the share capital of an Ukrainian company is treated as a controlled transaction for transfer pricing purposes. On 9 March 2017, the State Fiscal Service (SFS) clarified this through issuing Guidance Letter No.

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Bulgaria: Proposed bill about CbC reporting requirements published

March 31, 2017

The Finance Ministry has published a revised draft bill on 21st March 2017 that amends the Tax and Social Security Procedure Code (TSSPC) with regard to the new country-by-country (CbC) reporting requirements. It is proposed that the amendments will

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Netherlands releases explanation on dividend withholding tax exemption for exempt companies

March 31, 2017

The Dutch Tax and Customs Administration has issued an explanation on 30 March 2017 regarding dividend withholding tax exemption for exempt companies. According to the explanation domestic and foreign entities which are exempt from corporate income

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India: Introduces new simplified ITR form for assessment Year 2017-18

March 31, 2017

The government on 31 March 2017 announced that the new Income Tax Return form for Assessment Year 2017-18, has been simplified for filing returns. It will come into effect from 1 April 2017. The new ITR form will have need of the fewer number of

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Dealmaking in Central & Eastern European Real Estate

March 30, 2017

  Investing, Developing, and Leasing in Central & Eastern Europe A two-hour webinar, May 9, 2017, from 11am -1pm NYC time Sponsored by  Emerging and Frontier Markets Association ​This webinar will not only cover investing in

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Vietnam: Updates corporate tax incentives schemes

March 30, 2017

Recently, Vietnam’s tax authorities updates and published following guidance in the “official letters” regarding the corporate tax incentives schemes: -No CIT incentive tax rate applicable for investment projects located in industrial

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Pakistan: FBR publishes the guideline on withholding taxes

March 30, 2017

Recently, the Federal Board of Revenue (FBR) has published the guideline on withholding taxes updated up to 22 March 2017. The guideline covers all requirements for both final and non-final withholding taxes under the territory of Pakistani tax

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Belgium, Moldova amending protocol to DTA signs

March 30, 2017

On 30 March 2017, Belgium and Moldova signed an amending protocol to Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, in Brussels. Once in force, the 2008

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UK drops Double Taxation Treaties (Developing Countries) Bill 2016-17

March 30, 2017

On 24 March 2017, the second reading debate for the Double Taxation Treaties (Developing Countries) Bill 2016-17 was expected to resume. However, the order was not moved so the bill has effectively been dropped by its sponsoring MP and will not

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Andorra, Italy EOI Agreement enters into force

March 30, 2017

On 27 March 2017, the Exchange of Information (EOI) Agreement between Andorra and Italy was entered into force. The agreement generally applies from 27 March 2017 for criminal tax issues and from 1 January 2018 for all other tax

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Andorra, Portugal DTA enters into force

March 30, 2017

On 23 April 2017, the Double Taxation Agreement (DTA) between Andorra and Portugal will enter into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty generally applies from 1

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Oman introduces special tax regime for small businesses

March 29, 2017

Royal Decree 9 of 26 February 2017 launched a number of key changes to the Income Tax Law issued by way of Royal Decree 28 of 2009, including a special regime for small businesses. The small business will be subject to income tax at a rate of 3%. A

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Japan approves the tax reform plan for 2017

March 29, 2017

The Government of Japan passed the 2017 tax reform key proposals on 27 March 2017. According to the bill, the following changes are taking place: Tax treatment of board remuneration and old-age provision; Time of the deduction of costs for

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Colombia pronounces on CREE tax and CREE surcharge

March 29, 2017

On 16 March 2017, the Colombian National Tax Authority (DIAN) published a Ruling 5797-2017 stating on the validity of the fairness tax (CREE) and the CREE surcharge. In accordance with this ruling, under Law 1819 of 2016 (the tax reform), as from 1

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India: Higher tax rate not applied when tax is withheld under tax treaty

March 29, 2017

The Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of:  Uniphos Environtronic (P.) Ltd. v. DCIT 79, held that where the tax has been deducted on the basis of the beneficial provisions of the tax treaties, the provisions of

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Russia: Publishes electronic filing requirements for VAT returns

March 29, 2017

The Federal Tax Service issued decisions regarding E- filing requirements for VAT returns on 16 March 2017. According to the Federal Tax Service, Under the article 88(3) of the Tax Code, from now taxpayers are legally required to file VAT returns

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