Sweden: Government proposes amendments to the taxation of real estate
The Swedish government has Proposes some tax changes on 30 March 2017, regarding taxation of real estate. The proposal will now be referred to stakeholders for consultation before a final version is handed to Parliament for voting. The new rules are
See MoreGhana: Government passes Value Added Tax (Amendment) Bill
On 31 March 2017, the Parliament adopted the VAT (Amendment), 2017, which requires all taxable retailers and wholesalers to charge VAT at a flat rate of 3% on the value of supplies. The rate would be calculated on the value of the taxable supply
See MorePakistan: Publishes guidelines for facilitating foreign investors
On 1 April 2017, Pakistan Government has issued guidelines to the administrative heads of divisions, attached departments and autonomous bodies to facilitate domestic and foreign investment and the setting up of and running businesses in
See MoreIndia: Launches E-filing facility for select Income Tax Returns
The Income Tax department On 1 April 2017, launched the e-filing facility for select Income Tax Returns (ITRs) for the assessment year 2017-18. The two ITRs that are now available for filing on the e-portal of the government. The forms are the ITR-1
See MoreIndia: Proposed new income tax slab for 2017-18
On 31 March 2017, Finance minister proposed to reduce the tax rate for individuals in the lowest income tax slab to 5% instead of 10% (Rs 2.5 lakh to Rs 5 lakh). The existing rebate under Section 87A as currently given to people with income up to Rs
See MoreIndia: Introduces new simplified ITR form for assessment Year 2017-18
The government on 31 March 2017 announced that the new Income Tax Return form for Assessment Year 2017-18, has been simplified for filing returns. It will come into effect from 1 April 2017. The new ITR form will have need of the fewer number of
See MoreVietnam: Updates corporate tax incentives schemes
Recently, Vietnam’s tax authorities updates and published following guidance in the “official letters” regarding the corporate tax incentives schemes: -No CIT incentive tax rate applicable for investment projects located in industrial
See MorePakistan: FBR publishes the guideline on withholding taxes
Recently, the Federal Board of Revenue (FBR) has published the guideline on withholding taxes updated up to 22 March 2017. The guideline covers all requirements for both final and non-final withholding taxes under the territory of Pakistani tax
See MoreJapan approves the tax reform plan for 2017
The Government of Japan passed the 2017 tax reform key proposals on 27 March 2017. According to the bill, the following changes are taking place: Tax treatment of board remuneration and old-age provision; Time of the deduction of costs for
See MoreIndia: Higher tax rate not applied when tax is withheld under tax treaty
The Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: Uniphos Environtronic (P.) Ltd. v. DCIT 79, held that where the tax has been deducted on the basis of the beneficial provisions of the tax treaties, the provisions of
See MoreRussia: Publishes electronic filing requirements for VAT returns
The Federal Tax Service issued decisions regarding E- filing requirements for VAT returns on 16 March 2017. According to the Federal Tax Service, Under the article 88(3) of the Tax Code, from now taxpayers are legally required to file VAT returns
See MoreRussia: Announces the timeline for implementation of IFRS
The Ministry of Finance has announced the timeline for the implementation of the International Financial Reporting Standards (IFRS) documentation on 16 March 2017. Presently, the process of adoption and entry into force of the documents is under
See MoreGhana: Gazetted four tax amendment acts
The government published the gazette notification on 15 March 2017 regarding the following various tax amendment Acts: (i)Income Tax (Amendment) Bill 2017: modified the Income Tax Act 2015 by exempting gains realised on the sale of the securities of
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MorePakistan: FBR issues rules for common reporting standard
The Federal Board of Revenue issued SRO 166(I)/2017 on 15 March 2017, amending the Income Tax Rules 2002 by inserting Rules 78A to 78J to implement the Common Reporting Standard for financial institutions for the automatic exchange of information
See MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreIndia: Payments to Belgian entities not taxable as fees for technical services
Recently, the Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: ITO v. Cadila Health Care Ltd 78, decided that the payments made to Belgian entities are not taxable as “Fees for Technical Services (FTS)” in view of Most
See MoreDTA between Pakistan and Switzerland signed
The Pakistan and Switzerland signed an Income Tax Treaty for the avoidance of double taxation and the prevention of fiscal evasion in Islamabad on 21 March 2017. Once in force and effective, the new treaty will replace the Pakistan - Switzerland
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