Ghana: Amendments to the VAT Act
The Commissioner-General of the Ghana Revenue Authority (GRA) on 24 April 2017 published a notice on the Value Added Tax (Amendment) Act, 2017 (Act 948), informing taxpayers that the following changes have been made in relation to Value Added Tax
See MoreKazakhstan, Ireland sign the DTA
On 26th of April 2017, the Double Taxation Agreement (DTA) between Ireland and Kazakhstan was signed by the Governments of Kazakhstan and Ireland for the avoidance of double taxation and prevention of tax evasion concerning income taxes. From the
See MoreThailand- new tax on e-commerce to be introduced in April 2017
The Revenue Department of Thailand is planning to enforce a new law to tax cross-border e-commerce transactions by April 2017. Currently, a foreign operator which carries on e-commerce business but does not enter Thailand or does not have any
See MoreCzech Republic, Ghana sign DTA
On 11th of April 2017, the Double Taxation Agreement (DTA) between Czech Republic and Ghana was signed in Accra. From the Ghana side, the document was signed by Finance Minister, Ken Ofori Atta and from the Czech side by the Czech Ambassador to
See MoreBulgaria, Pakistan sign avoidance of Double Taxation Agreement
On 26th of April 2017, Pakistan and Bulgaria signed an Agreement on Avoidance of Double Taxation (DTA) and prevention of fiscal evasion with regard to taxes on Income after the conclusion of second round of negotiations in Islamabad. It will also
See MoreIceland presents fiscal plan for 2018 to 2020
The Minister of Finance and Economic Affairs announced fiscal plan for 2018 to 2020 to reduce the standard VAT rate from 24% to 22.5%. This plan will be effective from 1st
See MoreCosta Rica: Tax Authority issues transfer pricing guidelines
Costa Rican tax authority on 21 April 2017, issued Resolution DGT-R-16-2017 in relation to transfer pricing documentation guidelines. The Resolution establishes requirement of taxpayers having transactions with related parties to retain supporting
See MoreUS: Trump planning dramatic cut to corporate tax rate
President Trump is planning to cut the corporate tax rate to 15 percent even though that means a loss of revenue. Trump told his staff during a meeting in the Oval Office that he wants a massive tax cut for the American public. The 15 percent rate
See MoreUK: Major tax changes coming into effect in April 2017
Millions of businesses across the UK will benefit from new tax measures coming into effect in April 2017, including a £9 billion cut in business rates, a further reduction in corporation tax to 19% and a continued fuel duty freeze. “We’re
See MoreIndia: Government increases SIPP scheme for three years
The Indian government has extended the Start-Ups Intellectual Property Protection (SIPP) scheme for three years till March 2020, to support potential entrepreneurs protect their patents, trademark and designs. The Department of Industrial Policy
See MoreUK: Tax-Free Childcare launches
From 21 April 2017, working parents in UK can start applying for 2 new childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. Hence working parents of children,
See MoreBrazil releases withholding tax guidance on the importation of services
On 22 March 2017, the Brazilian Federal Revenue Service (RFB) released guidance in SC (Solução de Consulta) no. 153/2017 of 2 March 2017 regarding taxes on the importation of services. It primarily applies to the importation of services and the
See MoreTurkey: Law No. 6824 introduces income tax and VAT relief
On 8th March 2017 Law No. 6824 on the restructuring of certain public claims and the amendment of certain laws and cabinet regulations was published in the official gazette. The Law changes both the Income Tax and VAT Laws, introducing a new income
See MoreLatvia: Government sign a Protocol to amend the double tax agreement
The government signed a Protocol amending the Agreement for the Avoidance of Double Taxation with Singapore on 20 April 2017. The signing took place in Washington D.C. between Senior Minister of State for Finance and Law, Ms Indranee Rajah, and
See MoreUS: Government confirms duty-free access for some goods from Nepal
The US government has confirmed that 66 Nepali goods now eligible for duty-free entry into United Nations through Trade Preferences Act (TPA). The confirmation was made during the third joint council meeting of the Trade and Investment Framework
See MoreIndia: Prime Minister suggests January-December fiscal year
On 23 April 2017, at the Niti Aayog’s governing council meeting, Prime Minister proposed changing to a January-December fiscal year, saying it would to help prepare budgets once agricultural income is determined. Most countries follow the January
See MoreCzech Republic: MoF issues a paper on anti-tax avoidance rules
The Finance Ministry published on its website a discussion paper regarding the implementation of EU Anti-Tax Avoidance Directive on 12th of July 2016. The directive mainly states new rules for interest deduction restrictions and similar expenses
See MoreNegotiations to update DTA between Japan and Spain
Japan’s Ministry of Finance announced on 24 April 2017, that the governments of Japan and Spain will begin negotiations to amend their existing tax treaty (1974) for the Avoidance of Double Taxation with respect to Taxes on Income. The first
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