Government of Iraq issued 2018 Federal Budget
The Iraqi Parliament passed its 2018 Budget Act (the Budget) on 3 March 2018. The Budget includes several measures to support economic growth and fiscal stability as Iraq recovers after the 2017 military defeat of the Islamic State of Iraq and Syria
See MoreArgentina: CbC notification deadline extends for fiscal years ending
A Resolution entitled “General Resolution 4218 of 23 March 2018” was published in the Official Gazette. This gives an extension of the established term for the Country-by-Country (CbC) information system and also the due date to submit the
See MorePortugal: Extended the import VAT reverse charge relief to all goods from 1 March 2018
Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. The system was introduced for a restricted list of goods, including cereals, wools and olive oil. It enables approved companies to postpone the cash payment
See MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreIncreased VAT Rate in South Africa from 1 April 2018
Beginning on 1st April 2018, the value added tax (VAT) rate is scheduled to increase to 15% from previous 14%. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply
See MorePoland extends the deadline for Transfer Pricing documentation
The Ministry of Finance (MoF) released the Regulation of the Minister of Finance of 14 March 2018 regarding the extension of the deadline for taxpayers to comply with certain transfer pricing documentation obligations on 15th March 2018 in the
See MoreBrazil changes R&D tax incentives
Brazil released the National Congress Act No. 8 of 14 March 2018 in the Official Journal. The Act extends by 60 Days of Provisional Measure No. 810 of 8 December 2017. This act changes the tax incentive for IT companies investing in research and
See MoreOECD: Further guidance on attribution of profits to permanent establishments
On 22 March 2018 the OECD issued a report entitled “Additional Guidance on the Attribution of Profits to Permanent Establishments, BEPS Action 7”. This latest guidance follows the issue of a discussion draft on 22 June 2017 containing guidance
See MoreBritish Colombia Budget Bill 2-2018 receives Royal Assent
The third reading of Budget Measure Implementation Act, 2018 or Bill 2-2018 for British Colombia (B.C.) was passed on March 14, 2018 in the Craig James, Clerk of the House and received Royal Assent on March 15, 2018. This Bill doesn’t contain any
See MoreOECD announces date of entry into force of multilateral instrument
On 22 March 2018 the OECD announced that the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting is to enter into force on 1 July 2018. The Convention allows the signatories to quickly and
See MoreAgreement to Create the African Continental Free Trade Area
On 21 March 2018 leaders of 44 African countries signed an agreement to create the African Continental Free Trade Area (AfCFTA). The agreement if implemented would remove barriers to trade, such as tariffs and import quotas, allowing the free flow
See MoreEU: Proposals on taxation of digital activities
On 21 March 2018 the European Commission proposed rules on taxation of digital business activities in the EU. These tax measures propose to adapt the tax laws for the digital economy. The tax rules for digital businesses including social media
See MoreUK: Consultation discusses the use of cash in tax evasion and financial crime
On 13 March 2018 the government issued a call for evidence entitled “Cash and digital payments in the new economy”. HMRC notes that the use of cash can present problems with tax compliance because people dealing in cash may have problems
See MoreUK: Use of taxation or other charges to reduce plastic waste
The UK has set a goal to eradicate all avoidable plastic waste by 2042 and is examining how economic incentives can be used to encourage sustainable behaviour. A number of measures have already been taken to reduce waste such as the Landfill Tax;
See MoreUK: update on corporate taxation and the digital economy
In March 2018 the UK has issued an updated position paper on corporate taxation and the digital economy, following an earlier consultation on the issue. The UK government considers that the engagement and participation of users is important for
See MoreNetherlands-Malawi: Dutch Lower House of Parliament approves tax treaty
The Dutch lower house of parliament approved the pending income tax treaty with Malawi on 15th March 2018, signed on 19th April 2015. The treaty enters into force on the last day of the month following the month in which the ratification instruments
See MoreUK: Chancellor delivers 2018 Spring Statement
The Chancellor delivered the Spring Statement on 13 March 2018. As the main budget announcements have now been moved to autumn, the spring statement gave a summary of the economic position and indicated areas on which the government is consulting
See MoreOECD: Interim report on tax challenges of the digital economy
The interim report on tax challenges of the digital economy was published on 16 March 2018. The 2015 report on action 1 of the action plan on base erosion and profit shifting (BEPS) on tax challenges of the digital economy outlined the ways in
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