Bolivia: Proposal to increase income tax for financial sector
The Finance Minister has announced a proposal on 7 February 2017 for rising income tax in the financial sector by 3% (from 22% to 25%). The proposal had been submitted to the
See MoreNetherlands: Updated decree publishes on implication of participation exemption
Decree No. BLKB2016/803M dated 20 January 2017 has been published in Official Gazette No. 5003 on 23 February 2017 regarding implication of the exemption from the participation. The Decree updated and replaced the Decree No. DGB2010/2154M of 12 July
See MoreQatar: Draft law on selective tax on goods approved
The Finance Ministry has prepared the draft law in accordance with the GCC unified agreement for selective tax, and the GCC Supreme Council decision recently issued in the 37th session held in the Kingdom of Bahrain. The decision specifies the
See MoreUAE: Planning to introduce VAT by 2018
During the World Government Summit Ministry of Finance officials from the United Arab Emirates (UAE) announced they are to implement VAT by 1st January 2018. Also, the Finance Undersecretary has reiterated the Gulf Cooperation Council (GCC) Member
See MoreDTA between Macedonia (FYR) and UAE enters into force
The Income Tax Treaty of 2015 between Macedonia (FYR) and United Arab Emirates entered into force on 8th February 2017. The treaty will be applicable from 1st January
See MoreFrance: Amending Finance Act for 2016 adopted
The Amending Finance Law for 2016 was published in the Official Journal of 30 December 2016 after going through a ruling of the Constitutional Court on the compatibility of the provisions of the law. The Court ruled that the provisions allowing the
See MoreKazakhstan, Slovenia DTA enter into force
A Double Tax Agreement of 2016 between Kazakhstan and Slovenia has entered into force on 30th of December 2016. It has been applicable from 1st of January
See MoreBolivia: Amendments in customs duties
Supreme Decree 3069 was published in the Official Gazette on 1 February 2017. The Decree changes the customs duties charged on imports of electronic equipment, image and sound recording, centrifugal dryers, vacuum cleaners, monitors and projectors,
See MoreChile: Tax Administration replies first query regarding GAAR
The Tax Administration has released Administrative Jurisprudence No. 261/2017 on 3rd February 2017 on its website. This addresses for the first time a query regarding the application or non-application of the general anti-avoidance rule (GAAR)
See MoreBrazil: MOF issues new threshold for automatic appeals
The Ministry of Finance (MOF) released a regulation 63/2017 (Portaria 63/2017) in the official journal on 10 February 2017. This has increased the threshold of BRL 2.5 million (previously, BRL 1 million) for automatic complaints (recurso de ofÃcio)
See MoreTIEA between Chile and Uruguay enters into force
The Exchange of Information Agreement of 2014 between Chile and Uruguay entered into force on 4th August 2016 regarding tax matters and generally applies from 4 August 2016. The announcement of the entry into force of the agreement was published in
See MoreGreece: Deadline for TP file submission for two investment projects extends
A press release has been published by the Finance Ministry on 16th February 2017. It states that the deadline for the transfer pricing (TP) file submission concerning the investment projects General Entrepreneurship (Γενική
See MorePuerto Rico clarifies withholding tax on payments for services rendered
The Department of Treasury issued Bulletin 17-02 on 3 February 2017 regarding payments received for services. These payments for services are subject to the withholding of sales and use tax at a rate of 7%. The provisions are effective immediately
See MoreSwitzerland: Tax Administration announces safe harbor inter-company interest rates for 2017
The Swiss Federal Tax Administration (SFTA) published safe harbor interest rates on intra-group loans in Swiss Franc as well as in foreign currencies. On 13 February 2017, SFTA released a circular in relation to safe haven interest rates. According
See MoreSaudi Arabia-Intergovernmental agreement to implement FATCA approved
The cabinet of Saudi Arabia officially approved the Intergovernmental Agreement (IGA) between Saudi Arabia (KSA) and the United States (US) on 6 February 2017. The agreement would improve international tax compliance and implement the Foreign
See MoreIsrael: Tax incentives on capital investment in hi-tech industry introduced
An amendment to the Law for the Encouragement of Capital Investments has been published by Israel on 29th December 2016, which was part of the changes made in the framework of the 2017-2018 Law on Economic Arrangements. Corporate income tax (CIT)
See MoreTurkey: Possibility of R&D and designing expenses deduction boosted
The regulation regarding the implementation and control of R&D and designing support was published in the Official Gazette on 14th February 2017, which amends the previous regulation. The Regulation boosts the opportunity of expenses incurred by
See MoreGreece: Online application for filing tonnage tax returns of category A vessels issued
The Public Revenue Authority has published a press release regarding new online application for filing tonnage tax returns of category A vessels on 14th February 2017. The Director of the Public Revenue Authority is projected to issue a decision
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