Pakistan Corporate income tax rate: Pakistan’s Federal Board of Revenue (FBR) on 26 May 2017, submitted the budget for 2017/2018 to Parliament. With the policy of reducing corporation tax rates, the rate has been reduced further from 31% to 30% for the Tax Year 2018.
Incentives: In order to promote innovation and entrepreneurship in Information Technology the concept of start–up has been introduced with the new budget. A start-up has been defined as a business set-up by an individual, AOP or a company having turnover up to Rs.100 Million, registered and certified by the Pakistan Software Export Board (PSEB) as an information technology entity engaged in offering technology-driven products or services to any sector of the economy.
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Bangladesh Corporate income tax rate: On 29 June 2017, the Parliament of Bangladesh adopted the budget for 2017. The budget has reduced the corporate tax on garments to 12 percent from 20 percent. The income tax for green garments factories was set at 10 per cent and that of the other garments factories at 12 per cent.
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China Corporate income tax: China recently introduced a range of tax reduction measures to facilitate the development of the Chinese economy. Accordingly, From 1 January 2017 to 31 December 2019, eligible small enterprises whose taxable income falls under RMB500,000, may pay Corporate Income Tax (CIT) on 50% of their whole income at a rate of 20% (i.e., effective rate is 10%).
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Incentives: From 1 January 2017 to 31 December 2019, research and development costs for science and technology-related small and medium-sized enterprises will increase. In addition, a 70% tax deduction is introduced for venture capital companies to invest in non-listed small and medium-sized and new technology companies through investments.
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Tanzania Corporate income tax rate: The Minister of Finance on 8 June 2017, presented the budget for 2017/18 to the National Assembly. The budget has proposed to reduce Corporate Income Tax from 30% to 10% for the first five years from the commencement of operations, for new assemblers of vehicles, tractors and fishing boats.
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Sweden Corporate income tax rate: The Swedish Government on 20 June 2017 issued a statement proposing important changes in the area of corporate taxation. According to the announcement, the corporate income tax rate for legal entities would be reduced from 22% to 20%.
Tax Losses: The law also proposed that there will be a temporary restriction during two (EBIT-rule) or three years (EBITDA-rule) in respect of the utilisation of tax losses carry forward. Only 50% of the taxable profit will be possible to set off against losses. Any unused losses may be carried forward indefinitely.
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Greece Corporate income tax rate: According to Law 4472/2017 published in the Official Gazette on 19th May 2017, the corporate income tax rate will be reduced from 29% to 26% from 1 January 2019. However, the corporate rate for credit institutions will remain twenty-nine percent (29%) rate.
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Hungary Corporate income tax rate: The Hungarian government approved the Budget Bill for 2017/18 and the Budget targets a GDP growth of 4.3 percent, with 4.1 percent projected for 2017. Accordingly, the tax rate will be cut down by one percentage point to 13 percent for small business, as per the approved Budget Bill.
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Switzerland  Dividends: The Federal Steering Committee has submitted recommendations on a balanced corporate tax reform proposal 2017 for the attention of the Federal Council. One of the most significant components of the proposed package is the change in the partial taxation of dividends from qualified participations.
Incentives: The Steering Committee also proposes the introduction of a mandatory Patent Box that is fully compliant with the modified nexus approach of the OECD. The patent box will only be available at the cantonal level and the maximum tax relief for income related to the patent box will be 90%.
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India Liability to Tax: The Ministry of Finance on 15 June 2017 published a draft for the transfer of transitional provisions for foreign companies in the first year of the acquisition on the basis of their place of effective management. The notification has clarified that the tax on foreign companies qualified as a resident company on the basis of their proper management (POEM) is the same as for any foreign company and is imposed at a rate of 40%.
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Brazil Tax Payment procedures: On 31st May 2017 the Federal Government published Provisional Measure No. 783, which established the Special Tax Regularisation Program (PERT). Under the program’s rules, taxpayers may settle debts with the Federal Revenue Service and the Attorney-General of the National Treasury, due by April 30, 2017.
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Guatemala  Sanctions for non-compliance: Public Finance Ministry of Guatemala published Governmental Agreement No. 82-2017 on 4 May 2017, which terminated tax fines, penalties and surcharges for three months starting from 20 May 2017.
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Vietnam Incentives for SME: The National Assembly on 12 June, approved the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation’s economic growth model. Under the new law, SMEs include micro-enterprises and small- and medium-sized enterprises whose average number of employees with social insurance is less than 200 in the year. The law will take effect on January 1, 2018.
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Ireland Computation of taxable income: The Irish Revenue on 12 June 2017, published updates to the Tax and Duty Manual Part 08-02-01 dealing with charges on income for Corporation Tax purposes. The principal updates are in relation to interest as a charge on income under section 247 Taxes Consolidation Act 1997. In particular, the revised manual contains information on the anti-avoidance provisions that apply in respect of section 247 and related exclusions.
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Reduced rates: On 12 June 2017, Irish Revenue published Tax and Duty Manual Part 02-02-03a that deals with the tax treatment of certain foreign dividends paid out of trading profits, which in accordance with section 21B Taxes Consolidation Act 1997, may be chargeable to corporation tax at the standard rate of 12.5% rather that at 25%.
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Singapore Incentives: The Monetary Authority of Singapore revised the financial sector incentive (FSI) schemes for improving the financial intermediation and to increase the capabilities of financial services and banking activities in Singapore. Within the framework of the latest revisions, the FSI systems are streamlined in order to eliminate currency, counterparty and investment instrument restrictions. The concession tax rate for certain FSI system holders (standard level) will also increase from 12% to 13.5%. The amendments apply to new and extended prices, which were approved on or after 1 June 2017.
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Australia Capital Gains Tax: The Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent on 22 June 2017. This Act changes the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments regime to: increase the withholding rate from 10 per cent to 12.5 per cent; and reduce the withholding threshold from $2 million to $750 000. For transactions entered into on 1 July 2017, the threshold and rate as stated in this Act will apply.
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Nigeria Late payments of tax due: The Federal Government announced on 22 May 2017 that it would apply an additional 5% charge from 1 July 2017 to companies that do not meet their tax obligations if they are involved in measures to sanction taxpayers and to voluntarily comply with them of the tax obligations.
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Taiwan CFC rule: The Finance Minister has issued a draft amendment to CFC rules on 6th June 2017, to explain the proposed controlled foreign company (CFC) regulations, issued on 9 November 2016. Under the amended rule, a Taiwanese company will be obliged to incorporate its proportionate share of the income of the CFC in its taxable income if the company and its related parties directly or indirectly hold more than 50% of the shares of a company in a small tax jurisdiction or control the operations of the CFC.
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Uganda Interest on late payment: The 2017 budget introduced a capping interest on late payment. Outline of interest capping so as not to exceed the aggregate of the principal and penal tax including waiver of any such outstanding interest due and payable as at 30th June 2017.
Sanctions for non-compliance: The 2017 budget also Introduced penalty of UGX 50M and 20M for failure to provide information in respect of transfer pricing (TP) within 30 days after request Interest on late payment of tax:  Introduction of interest capping so as not to exceed the aggregate of the principal and penal tax including waiver of any such outstanding interest due and payable as at 30th June 2017.
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Colombia CFC rule: The government of Colombia published Decree 939 of 2017 that removed previous errors from Law 1819 of 2016. In accordance with Law 1819, there are multiple provisions that were guided by the OECD’s base erosion and profit shifting (BEPS) project’s recommendations. Regarding the controlled foreign company (CFC) rules, the standards of OECD try to address base erosion when there are overseas companies controlled by resident shareholders in Colombia or there are companies that are located in low tax jurisdictions.
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Canada Tax Compliance: The Canada Revenue Agency (CRA) has proposed new guidelines to restrict the use of a voluntary disclosures program. As a result of these proposed changes, large Canadian companies would no longer be allowed to qualify for the program with respect to income tax matters although some relief appears to remain for indirect (GST/HST) matters.
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France Withholding taxes due: The newly elected Prime Minister of France delayed the implementation of withholding tax further by one year, which means this will now enter into force on 1 January 2019.
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US Interest due: The Internal Revenue Service on 9 June 2017 announced that interest rates for tax underpayments and overpayments will remain the same for the calendar quarter beginning July 1, 2017.
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Namibia Incentives: On 8 March 2017, the Minister of Finance presented the annual budget for 2017-18. The Minister confirmed the tax incentive program announced in January 2017, which will continue until 31 July 2017. The program is available to all taxpayers, including companies, close businesses, companies who have outstanding debts on any of the above tax accounts. As a result, all tax liabilities and 20% interest on these debts must be settled before the application for the program can be submitted. Payments must be made in a specific bank account. Once the principal amount and the 20% interest are paid, the full penalty and 80% of the interest on the debts will be written off on application to Inland Revenue.
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