Thailand- Royal Decree on deduction for depreciable assets
The government of Thailand approved the amendment of Royal Decree No. 604 on 24 January 2017, which was gazetted on 21 April 2016. The amendment permits a 50% additional corporate tax deduction on the expenditure acquired on additions, alterations,
See MoreAzerbaijan -New customs duty on export of copper products
In Azerbaijan, the Decree No. 2 of Cabinet of Ministers of 10 January 2017 was published in the Official Gazette (Khalgh Ghezety ) No. 28392(7) on 12 January 2017. According to the Decree, there will be new customs duty rates on the export of
See MoreGreece: Road tax clarifications issued
The Public Revenue Authority has been released a Circular 1014/2017 on 26th January 2017 regarding road tax. It states that road tax administrative acts are not challenged via the administrative appeal procedure, but through an appeal to the
See MoreCyprus: Tax department issues guidance relating to exchange of information with Austria
Recently the Cyprus tax department issued a guidance which is related to the exchange of information with Austria under Directive 2014/107/EU on mandatory automatic exchange of information along with Common Reporting Standard (“CRS”) based
See MoreCyprus: Parliament approves a bill for the payment of overdue taxes by monthly instalments
The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments
See MoreUK, Hong Kong TIEA enters into force
On 31 December 2016, the Tax Information Exchange Agreement (TIEA) between Hong Kong and the United Kingdom was entered into force and that was signed on 19 October 2016. This Agreement provides for the effective exchange of information regarding
See MorePhilippines presents revised tax reform package
The Chairman of the House Committee has proposed revised tax reform package on 17 January 2017. This tax reform package was submitted to Parliament on 29 September 2016. According to the revised tax reform package individual income tax exemption
See MoreMauritius: Introduced Alternative Dispute Resolution mechanism
The Minister of Finance and Economic Development of Mauritius in his 2016-2017 Budget Speech, announced the establishment of an Alternative Tax Dispute Resolution (ATDR) mechanism to expedite cases where the amount of tax payable under dispute
See MoreTaiwan revised the tax collection law
Taiwan is scheduling to modify its tax collection law to accommodate the exchange of tax information with other countries or jurisdictions (i.e. United States and China (People's Rep.). Accordance with a spokesman of the Ministry of Finance (MoF), a
See MoreSwitzerland clarifies procedure for recovery of interest paid
The Federal Finance Department has explained the refund procedure regarding the recovery of interest paid for late reporting of intra-group dividend distributions on 1 February 2017. The explanation results from revisions of the procedure for
See MoreProtocol to treaty between India and Austria signed
India and Austria signed a Protocol amending the existing Convention between the two countries for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income on 6 February 2017 in New Delhi. The Protocol was
See MoreIreland: Updates for Implementing EU and OECD Exchange of Information Requirements
On 2 February 2017, Revenue published eBrief 12/17, which explains the updates introduced in the tax and duty manual regarding exchange of information requirements in respect of tax rulings. The key updates are following: Section 1 of the tax and
See MoreBelgium ratifies Social Security Agreement with Turkey
On 23 December 2016, Belgium ratified the Social Security Agreement with Turkey, as published in the Belgian Official Gazette of 2 February 2017. Once in force and effective, the new agreement will replace the existing agreement of
See MoreIndia: Proposes amendments to the transfer pricing regulations
Indian Finance Minister published India’s 2017-18 budget on 1 February 2017. Along with other measures, the budget has proposed following important amendments to the provisions of transfer pricing (TP) regulations of India: –A major proposal in
See MoreMozambique: Parliament approves new VAT Code
Some modifications have been occurred to the Value Added Tax (VAT) Code by using Law No. 13/2016 and those changes are approved by the Parliament of Mozambique. These changes are applied to facilitate implementation of net VAT system. The new system
See MoreSingapore, UK TIEA enters into force
On 31 January 2017, the Tax Information Exchange Agreement (TIEA) between Singapore and United Kingdom was entered into force. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities
See MoreCanada: Carbon levy has been implemented in Alberta
The Alberta has executed the Climate Leadership Act along with associated regulations that forces to pay a carbon levy on fuels consumed in Alberta. It is part of Alberta’s broader climate change initiatives intended to reduce greenhouse gas
See MoreEl Salvador: Publishes late payment interest rates
Recently, the Government of El Salvador gazetted the late payment interest rates for 2017 tax year. The applicable rates are: 6.37% - applies for late payments of taxes from 1 February to 31 July 2017; and 10.37% if the late payments are
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