Jamaica:TAJ reminds of income tax returns deadline
Tax Administration Jamaica (TAJ) is reminding taxpayers to need to file their income tax returns for the year of assessment 2016 by 15 March 2017, and are to make declarations of estimated tax for the year of assessment 2017 also by 15 March
See MorePakistan: FBR publishes proposed criteria for listed companies to take advantage of reduced rate
The Federal Board of Revenue (FBR) on 27 December 2016, published proposed criteria for listed Shari'ah-compliant companies to be eligible for a reduction of 2% of the income tax rate. These criteria provided in sub-clause (a) of clause (18B) of the
See MoreIndia: Protocol to the treaty with Kazakhstan
India and Kazakhstan signed an amending protocol to the India – Kazakhstan Income and Capital Tax Treaty (1996), in New Delhi on 6 January 2017. The treaty provides for the avoidance of double taxation and the prevention of fiscal evasion with
See MorePakistan: FBR Publishes Audit policy 2016
The new Audit Policy 2016, approved by the Federal Board of Revenue (FBR) on 3 January 2017 for selection of taxpayers for audit, would also include those cases in the parametric selection process which were earlier selected for audit last year.
See MoreAustria: Publishes Tax Amendment Act in the Official Gazette
Austria published The Tax Amendment Act in the Official Gazette on 30 December 2016. The most important changes of the Act, which was adopted by the lower house on 15 December 2016 and the upper house on 21 December 2016, are summarized
See MoreIndia: Service charge on restaurant bill not mandatory
The Department of Consumer Affairs on 2 January 2017 said that service charges on a restaurant bill in addition to taxes are optional and the consumer has the discretion to pay a service charge or not. Customers dissatisfied with service at any
See MoreWorld Tax Brief: December 2016
Bulgaria E-filing: The amendments to the Corporate Income Tax Act have been published in the State Gazette on 6th December 2016. Accordingly, a compulsory obligation for electronic filing of corporate income tax returns is announced and the new
See MoreDenmark: Budget for 2017 legislated
The Budget Bill for 2017 was enacted on 15 December 2016 and the proposed changes regarding corporate taxation are summarized below: The following measures relate to corporate tax: i) An allowance for corporate equity (ACE) will be introduced from
See MorePakistan: Income tax proposals invited for Budget 2017/18
The Federal Board of Revenue (FBR) on 27 December 2016 issued income tax proposals for Budget 2017/18 and invited the general public and all stakeholders, including the Chambers of Commerce and Industry, Bodies of Trade and Industry, Provincial
See MoreDenmark: CJEU decision regarding exemption for interest income
The Court of Justice of the European Union (CJEU) on 21 December 2016, published a judgment in the case of:Masco Denmark and Damixa about the Danish corporate tax rules that provide an exemption from tax for interest income on loans provided by a
See MoreIndia: decided to reduce the existing deemed profit rate
The Central Board of Direct Taxes announced 19 December 2016, stating that in order incentivize small traders/businesses to proactively accept payments by digital means, it has been decided to reduce the existing rate of deemed profit of 8% under
See MoreIndia: Court’s decision on Computing section 10A deduction and intra-group services
Recently, In the case of Yokogawa India Ltd, The Supreme Court of India decided that the deduction under section 10A of the Income-tax Act, 1961, is to be determined at the point when computing the gross total income of the eligible undertaking and
See MoreSweden: Legislated Budget for 2017
The Government has been enacted the Budget Bill for 2017 on 16 December 2016. The budget will apply from 1 January
See MoreDTA between Austria and Iceland approved
The Austrian National Council approved the Austria - Iceland Income and Capital Tax Treaty (2016) on 15 December 2016 for the avoidance of double taxation. The treaty generally follows the OECD Model. According to the new treaty the maximum rates of
See MoreAustria: Publishes standardized transfer pricing documentation
The regulation on the implementation of standardised transfer pricing documentation was gazetted on 21 December 2016. The documentation requirements are in accordance with the recommendations of the Final Report on Action 13 of the OECD BEPS
See MorePakistan: KTBA Requests the date extension for return filing up to December 31
Karachi Tax Bar Association (KTBA) on 19 December 2016 request Finance Minister Senator to extend the last date for filing income tax return for the tax year 2016 up to December 31 because the online return filing portal of FBR was crashed on the
See MoreProtocol to a treaty between India and Tajikistan signed
India and Tajikistan signed an amending protocol to the India - Tajikistan Income Tax Treaty (2008) on 17 December 2016, for an avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MoreGermany: Approves draft bill on combat of tax avoidance
The Federal Cabinet on 21 December 2016 approved the draft bill on the combat of tax
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