India: CBDT releases new Income tax return Forms for the Assessment Year 2019-20
On 1 April 2019, the Central Board of Direct Taxes (CBDT) has issued a Notification No.32/2019 to notify the new Income Tax Return (ITR) Forms for Assessment Year 2019-20. The new forms -Sahaj (ITR1) , Form ITR-2, Form ITR-3, Form Sugam -ITR-4,
See MorePhilippines: BIR issues green jobs tax incentive regulations
On 12 April 2019, the Philippines Bureau of Internal Revenue (BIR) has issued revenue regulations (RR) No. 5-2019, which implements the tax incentives provisions of RA No. 10771 (Philippine Green Jobs Act of 2016). The regulation explains
See MoreMexico: Tax Administration Service publishes Q&As with respect to transfer pricing comparability adjustments
On 29 March 2019, the Mexican Tax Administration Service published, on its website, frequently asked questions (Q&As) regarding transfer prices with respect to comparability adjustments. However, 15 January 2019 in Mexico City Government
See MoreTaiwan publishes a notice upon income tax filing return for 2019
On 29 March 2019, the National Taxation Bureau of the Southern Area (NTBSA) of Taiwan published a notice upon important information about the new profit-seeking enterprise income tax reform when filing in 2019. According to the newly amended
See MoreGermany suggest new tax incentive for research and development
On 17 April 2019, the Ministry of Finance published a bill with a new tax incentive for research and development. Accordingly, all companies, regardless of their size, are entitled to the incentive of a maximum of € 500,000 per company and year
See MoreEcuador: SRI issues circular regarding income tax law
On 9 April 2019, Ecuador’s Internal Revenue Service (SRI) issued Circular No. NAC-DGECCGC19-00000003. The circular makes a reminder about the application of the legal regulations in force for the determination of income tax for the fiscal year
See MoreDominican Republic presents fiscal transparency bill to House of Representatives
On 19 March 2019, Dominican Republic’s Committee of Public Finance proposed a bill on fiscal transparency in the House of Representatives. The main purpose of this bill is to public disclosure of high quality fiscal data & information
See MoreAustria: Government approves the first part of the digital tax package
On 4 April 2019, Austrian Finance Minister and State Secretary are sending the first part of their digital tax package for assessment. The package provides for the introduction of a 5% digital tax on large digital corporations, a liability clause
See MoreVietnam Proposes to reduce corporate income tax rates for SMEs
On 26 March 2019, Vietnam's Ministry of Finance has released a consultation on a draft resolution for the introduction of reduced corporate tax rates for small- and medium-sized enterprises (SMEs). The draft proposed following reduced rates: 15%
See MoreNamibia: Finance Minister proposes Budget for 2019/20
On 27 March 2018, the Finance Minister of Namibia presented the budget for 2019 to the parliament. The following tax proposals will be finalized in this budget for 2019: Phasing out the current tax incentive for manufacturers and exporters
See MoreKazakhstan: MoF modifies to the corporate income tax returns for 2018
Recently, the Ministry of Finance (MoF) of the Republic of Kazakhstan has modified the corporation income tax return for 2018 after the new tax Code was passed. The main changes include the following: Income: Taxable income of a taxpayer
See MoreIndonesia: MoF issues restrictions on new foreign tax credit rules
The Minister of Finance (MoF) of Indonesia published a regulation No. 192/PMK.03/2018 regarding the implementation of tax credits on overseas income. PMK-192 is more comprehensive than the previous regulation regarding foreign tax credits (FTC).
See MoreZambia: Tax Appeals Tribunals decision on arm’s length arrangements between related parties
Recently, the Tax Appeals Tribunal (TAT) issued a decision for the Zambia Revenue Authority (“ZRA”) in the case of: Nestlé Zambia Trading Limited v. Zambia Revenue Authority TAT 03, regarding transfer prices used with respect to its
See MoreNicaragua publishes tax law for 2019
On 28 February 2019, Nicaragua issued tax amend law No.987 in the Official Gazette including notices of the amendment of applicable withholding tax rates. Major changes are summarized in below: Establishing the changes in the alternative
See MoreGermany updates Guidance on CbC reporting requirements
The German Ministry of Finance issued an updated version of the Application Decree on the General Tax Code on 5 April 2019. The updated version provides for guidance on the application of section 138a of the General Tax Code (GTC) by the tax
See MoreIndia: CBDT publishes new deadline for CbC Report Local Filing for U.S. MNEs
On 8 April 2019, the Central Board of Direct Taxes(CBDT) has issued Circular 7/2019 regarding the constituent entities of U.S. MNEs are required to submit Country-by-Country (CbC) reports in India by 30 April 2019. The circular notes that
See MoreWorld Tax Brief: April 2019
Greece Main corporate tax rates: On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046/2019 and E.2047/2019) for reducing corporate tax rates and dividend tax rates. Accordingly the standard corporate tax rate in
See MorePeru: SUNAT simplifies the scope of the CFC rules
On 19 March 2019, the Peru tax authority (SUNAT) issued a guidance (No. 011-2019-SUNAT/7T0000) regarding the determination of expenses and loss offsetting under the controlled foreign company (CFC) rules. The guidance clarified that:
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