UK: Autumn Budget Announcements 2017
The UK’s autumn budget measures were announced on 22 November 2017. Important measures affecting business are as follows: R & D Tax Relief The Research & Development Expenditure Credit (RDEC) rate available to companies claiming under
See MoreGreece: List of preferential tax regimes jurisdictions releases for 2016 and 2017
A Circular No. 1173 of 10 November 2017 was published, which lists the jurisdictions considered to have the current situation of preferential tax for the tax years 2016 and 2017. This list covers the participation exemption, expenses deduction
See MoreMexico releases online platform for Transfer Pricing Informative Returns
On 1 November 2017, the Mexican Tax Administration (SAT) released the online platform and digital formats for the new informative statements for taxpayers required to submit the new Transfer Pricing Informative Returns under Article 76-A of the
See MoreIrish Revenue reschedules CbC reporting deadline
On 24 November 2017, the Irish Revenue published an eBrief No. 107/17 update stating that “Due to the late availability of the Country-by-Country (CbC) Reporting filing facility, it will remain open for, and accept, CbC Reports for fiscal years
See MoreUS: Senate finance committee proposes to tax cut for US beverage industry
The Senate Finance Committee included provisions to reduce the tax burden on US brewers and distilleries for two years, and to allow wine producers a permanent tax cut. The proposal lowers the tax on beer to $ 16 a barrel on the first six million
See MoreDouble tax treaty between Hong Kong and Pakistan enters in to force
On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Pakistan was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 17 February 2017 with providing the
See MoreDouble tax treaty between Hong Kong and Latvia enters in to force
On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Latvia was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 13 April 2016. The treaty provides for reduced
See MorePoland: MoF publishes a statement regarding exemption for dividends
The Polish Ministry of Finance (the MoF) released a statement that identified cases of abuse of tax exemption for dividends by making their payments using intermediaries on 3rd November 2017. As of 1 January 2016, the Polish dividend withholding tax
See MorePoland publishes corporate income tax reform bill for 2018
On 27 November 2017, the Budget Bill for 2018 was approved by the parliament. The bill particularly amending the Polish Corporate Tax Act which published in the Official Journal. According to the bill the changes will enter into force on 1st
See MoreChile: Government sets anti-dumping duties on Chinese steel grinding rods
The Chilean government has imposed final anti-dumping duties on imports of steel grinding rods from China under the country’s anti-distortions
See MoreUAE: Prime Minister signs VAT Executive Regulation
The Finance Ministry, announced on November 27, 2017, that Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, signed the Executive Regulation regarding the Federal Decree-Law No. (8) of 2017 on
See MoreNorway publishes updated guidelines on CbC reporting
The Tax and Customs Administration issued updated guidelines for the submission of the country-by-country reporting form RF-1352 (CbC) on 17th November 2017. According to the guidelines, CbC reports must be submitted by 31st December
See MoreAustralia releases draft legislation to address hybrid mismatch
24 November 2017, Australia’s Treasurer released exposure draft legislation to address hybrid mismatch arrangements reaffirms the Turnbull Government’s continued focus on strengthening the integrity of Australia’s tax system, and stamping out
See MoreEcuador: President signs decree for reduction of advance tax payment
On 20 November 2017, Mr. Lenín Moreno, the President of Ecuador signed Executive Decree No. 210, regarding decrease of income tax advance payments corresponding to the tax year 2017. The Decree provides a 100% reduction for individuals and
See MoreUK: New guidance on amending corporate income tax returns
HMRC have published a new guidance on amending certain corporate income tax return for accounting periods ending between 8 March and 16 November 2017 that were filed before 16 November 2017. This means some Company Tax Returns that included
See MoreUK: New Guidance of installment payments for corporate tax
HMRC has published a policy paper on the new corporation tax installment payment requirements for very large companies for accounting periods that begin on or after 1 April 2019, that is companies with taxable profits of more than £20 million, will
See MorePakistan: FBR publishes rules for documentation and CbC reporting requirements
On 16 November 2017, the Federal Board of Revenue (FBR) in Pakistan has published SRO 1191(1)/2017, which includes chapter VIA to the Income Tax Rules of 2002. The new Chapter (VIA) identifies the reporting entities, clarifies the reporting
See MoreAzerbaijan: New customs duties declare for import of wheat, rice and corn
The Cabinet of Ministers approved the “Commodity Nomenclature of Foreign Economic Activity, Rates of Import and Export Customs Duties”. According to that the customs duties for import of wheat, rice and corn will be changed from January 1,
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