Portugal legislates the Budget Law for 2019
On December 31, 2018, Portugal published 2019 budget law (No.71/2018) in the official gazette and generally applies as from 1 January 2019. The budget law includes changes to income tax law and other taxes. The budget law include the following
See MoreWorld Tax Brief: February 2019
Colombia Main corporate tax rate: On 28 December 2018, Colombia enacted the Tax reform bill for 2019. The Tax Reform reduces the corporate income tax (CIT) rate from 33% in 2018 to 32% for 2020, 31% for 2021 and 30% for 2022 and onwards. The 4%
See MoreItaly: Tax authority releases new corporate tax return forms
On 30 January 2019, Italy’s tax authority issued protocols (No.23599/2019 and No. 23568/2019) approving the new electronic corporate income tax return form and regional tax on productive activities return form to be used for tax year 2018. Forms
See MoreBulgaria: NRA publishes corporate income tax return form for 2018 with barcode
On 4 February 2019, the National Revenue Agency (NRA) published the annual tax return under Art. 92 of the CITA for 2018 with BARCODE on the website of NRA. Detailed instructions for downloading, completing and submitting the statement are added to
See MoreKazakhstan introduces new corporate tax return form
On 1 January 2019, the Ministry of Finance issued Order No. 1095 and the Order introduces amendments to the corporate income tax on extra profits return (form 150.00). The updated form is used for the preparing of tax returns for the reporting year
See MoreRussia: Finance Ministry publishes Guidance on MAP
On 30 January 2019, the Russian Ministry of Finance published on its official website a guidelines on the mutual agreement procedure (MAP) provided for in double taxation agreements. The guideline contains recommendations for the initiation and
See MoreAngola introduces amnesty measures with foreign technical and management services contracts
On 28 December 2018, Angola published Law no. 18/19 with the General State Budget for 2019. The main procedures are summarized as follows: The Special Contribution on technical support and management service contracts were maintained in 2019. The
See MoreIndia: Finance Minister presents Budget for 2019-20
On 1 February 2019, Finance minister Piyush Goyal presented the much awaited Union Budget in Lok Sabha. Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States. Some of the main measures
See MoreArgentina releases decree regarding tax reform measures for corporations
On 27 December 2018, Argentina published a Regulatory Decree 1170/2018 in the Official Journal, which entered into force on 28 December 2018. The decree prescribes policy changes to Law 27,430 of 2017, which introduced tax reform measures for 2018.
See MoreDenmark: Supreme Court rules against Ministry of Taxation in landmark Transfer Pricing case
On 31 January 2019, Denmark's Supreme Court issued its decision on a transfer pricing case regarding Microsoft Denmark ApS (Microsoft Denmark) which is a Danish subsidiary of the United States (US) software company Microsoft Corporation. In its
See MoreFrance: Parliament legislates the Finance Act for 2019
The French Finance Act passed its constitutional review for 2019 on 28 December 2018. This follows the approval of the law by Parliament on 20 December 2018. The main measures of the law are summarized as follows: Corporate Income tax rate:
See MoreChile: IRS clarifies Taxation of Dividends and Interest
Recently, the Internal Revenue Service (IRS) issued two separate Rulings 59 and 2546 to clarify the taxation of dividends and interest by resident and nonresident taxpayer. The two rulings separately discussed in below: Taxation of dividends Ruling
See MoreQatar legislates new Income Tax Law
On 17 January 2019, Qatar's new Income Tax Law (Law 24 of 2018) was published in the Official Gazette and replaced the previous Law 21 of 2009, and is effective from 13 December 2018. The main features of the new law are summarized in below: The
See MorePakistan: Finance Supplementary (Second Amendment) Bill submits in Parliament
On 23 January 2019, Pakistan’s draft Finance Supplementary (Second Amendment) Bill, 2019 was submitted to the National Assembly. The finance minister clarified that, "This is not a budget, this is a corrective package aimed at addressing various
See MorePeru publishes Resolution on filing Tax Return for 2018
The Peru tax authority (SUNAT) has issued Resolution No. 015-2019/SUNAT, concerning the filing of both individual and corporate tax returns for the 2018 tax year, including the filing deadlines. The deadlines are set from 25 March to 5 April 2019,
See MoreTurkey legislates Omnibus Law including corporate tax measures
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures: As from 18 January 2019, existing rules on reduced rates for investment
See MorePortugal modifies the corporate tax return Form-22
On 14 January 2019, the Secretary of State for Fiscal Affairs of Portugal has approves the amendments to the Model 22 periodic income statement, its annexes and instructions for
See MorePuerto Rico enacts the tax reform law
On 10 December 2018, Puerto Rico enacted Bill No. 1544 as Law No. 257 of 10 December 2018. The law includes numerous amendments to the Puerto Rico Internal Revenue Code of 2011 (PR Code). The changes are to generally apply for periods beginning
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