Austria: MoF proposes draft legislation regarding tax reform for 2019-2020
On 8 May 2019, the Austrian Ministry of Finance published a draft bill regarding tax reform for 2019-2020. The main measures of the draft bill are following: -A reduction in the corporate tax rate from 25% to 23% in 2022 and to 21% in
See MoreTaiwan issues a notice on businesses optimized tax regulations
On 15 May 2019, The National Taxation Bureau of the Northern Area (NTBNA) of Taiwan published a notice upon businesses of optimized tax regulations in order to simplify the tax system and comply with international trends (the Income Tax Act was
See MorePortugal legislates the EU ATAD into domestic law
On 3 May 2019, Portugal published Law n. 32/2019 in the Official Journal which introduced amendments to the Portuguese Tax Law in line with the European Union (EU) Anti-Tax Avoidance Directive (ATAD) provisions. The law amends the following
See MoreColombia: DIAN simplifies the scope of new thin capitalization rule
On 5 April 2019, the tax Authority (DIAN) of Colombia published an opinion No. 8159, concerning the scope of the thin capitalization rule, ratification with the Financing Law (Law 1943 of 2018). Accordingly, as from taxable year 2019, the thin
See MoreWorld Tax Brief: May 2019
MexicoIncentives-Industry/manufacturing: On 29 April 2019, the Mexican Tax Administration has published the Miscellaneous Tax Code of 2019. Accordingly, the regulations grants special tax incentive decree for interest on corporate debt
See MoreKenya: KRA releases a notification on taxation of e-commerce
On 3 May 2019, the Kenya Revenue Authority (KRA) published a public notification on the taxation of e-commerce regarding some taxpayers carry on online business and they do not file returns or pay taxes on the transactions. The tax authority
See MoreMexico publishes Annexes to Miscellaneous Tax Resolution 2019
On 29 April 2019, Annexes of the Miscellaneous Tax Resolution for fiscal year 2019 (Resolución Miscelánea Fiscal para 2019, RMF 2019) were published in the Official Gazette published. The location of the administrative units of the Tax
See MorePeru: SUNAT issues a rule on Interest paid on loans from related parties
On 23 April 2019, the Tax Administration (SUNAT) of Peru issued Administrative rule 033-2019-SUNAT/7T0000 regarding the application of the Peruvian thin capitalization rules which specify a restriction of the deduction of interest on loans where a
See MoreIndonesia: MOF publishes regulations on permanent establishment’s rules
On 1 April 2019, the Minister of Finance (MoF) of Indonesia Published Regulation No. 35 / PMK.03 / 2019, on what constitutes a permanent establishment (PE).The main measures contain that are: According to the Regulation (PMK-35), the following
See MoreIndia: CBDT invites public comments on proposal to amend rules for profit attribution to PE
On 18 April 2019, the Central Board of Direct Taxes (CBDT) released the Committee’s report on profit attribution to a permanent establishment (PE) in India for public consultation, specifically requesting for comments on the conclusions and
See MoreTaiwan: Cabinet passes a draft bill on encouraging repatriation of offshore funds
On 11 April 2019, the Cabinet of Taiwan approved a draft bill regarding the repatriation, use and taxation of offshore installations. The bill now goes to the legislature for review and debate. The draft bill clarifies that repatriated assets
See MoreUkraine: SFS clarifies controlled transactions between a non-resident and its PE in Ukraine
On 19 April 2019, the State Fiscal Service (SFS) of Ukraine published a guidance letter 1723/6/99-99-15-02-02-15/IPK on the treatment of transactions between a non-resident and its permanent establishment (PE) in Ukraine as controlled for transfer
See MoreRussia enacts law regarding taxation of capital gains
Recently, the Russian government has enacted the Federal Law No. 63-FZ of 15 April 15 "On Amendments to the Second Part of the Tax Code of the Russian Federation and Article 9 of the Federal Law". The law slightly changes Article 217 of the Tax
See MorePuerto Rico publishes Circular regarding new quarterly tax return for withholding Payments for services provided
On 4 April 2019, the Puerto Rican Department of Treasury issued a Circular Letter No. 19-10 regarding new quarterly tax return for withholding Payments for services provided, using a new quarterly return form(Form 480.6 SP-1). The
See MoreColombia publishes a decree on deadline of tax filing returns and tax payment for 2019
On 8 April 2019, Colombia issued Decree 608 of 2019 in the Official Gazette that provides rules on the filing of returns for the net worth tax between 26 September 2019 and 9 October 2019, depending on the last digit of the Tax Identification
See MoreMexico: Tax Administration issues new incentive for interest on corporate debt bonds
On 29 April 2019, the Mexican Tax Administration (SAT) in its Official Gazette published the Miscellaneous Tax Code (MTR) of 2019. Accordingly, the regulations grants special tax incentive decree for interest on corporate debt bonds. The
See MoreGreece revises the law on setting up branches with new incentives
On 1 April 2019, the Greek Parliament passed a new bill (Law 4605/2019 ) which includes amendments to Law 89/1967 on the establishment of branches in Greece by foreign companies, including in relation to allowed business activities and incentives
See MoreIndia issues Notification on CbC exchange agreement with the U.S.
On 25 April 2019, India published Notification No. 37/2019 from the Department of Revenue in an extraordinary version of the Official Gazette. India and USA have signed a Bilateral Competent Authority Agreement and Inter – Governmental Agreement
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