OECD: Report on branch mismatch rules
On 28 July 2017 the OECD’s Committee on Fiscal Affairs (CFA) issued a document entitled Neutralising the Effects of Branch Mismatch Arrangements, Action 2. This document was issued as part of the implementation of the action plan on base erosion
See MoreCanada: New tax proposal increases uncertainty for SMEs
A new federal tax proposal was announced on 18th of July 2017 by the Finance Minister and it could have a chance of uncertain consequences for small businesses and enterprises (SMEs). The Canadian Federation of Independent Business (CFIB) has
See MoreUK: Impact of video games tax relief
Research has been conducted on behalf of HMRC to look at the impact of video games tax relief (VGTR) on the production of culturally British and European video games. The survey was conducted by holding qualitative in-depth interviews with 51 video
See MoreWTO: Measures to facilitate cross-border trade for MSMEs
On 29 June 2017 the WTO’s Director General spoke during an informal dialogue on Micro, Small and Medium Enterprises (MSMEs). These entities face greater barriers to cross-border trading and WTO members have put forward some ideas to deal with the
See MoreVietnam: National Assembly passes law on supporting SMEs
On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include
See MoreMozambique provides a draft law that revises the tax rules for oil and mining operations
The Council of Ministers in Mozambique, on 30th of May 2017, approved the proposed changes to the special tax regimes applicable to Petroleum and Mining Operations. The following step is for the draft bill to be sent to Parliament for approval and
See MoreItaly: Decree issued on urgent measures on tax matters
The Council of Ministers of Italy enacted a Law Decree No.50 with an effort to meet the European Union (EU) demands of extra budget deficit cuts. The Decree was published in the Official Gazette on 24 April 2017 and provides urgent measures on tax
See MoreVietnam: VECITA requests procedure to review goods on e-commerce websites and applications
The Vietnam E-Commerce and Information Technology Agency ("VECITA") published a notice on 20 April 2017 on its web page aiming to promote the authentication of information on counterfeit, prohibited or restricted infringing goods on e-commerce
See MoreNigeria: Electronic tax clearance certificate expected to be introduced soon
The Federal Inland Revenue Service (FIRS) declares it will soon announce electronic Tax Clearance Certificate (TCC) system to assist reduce fraudulent certificates. The implementation of the e-TCC verification system had reached an advanced stage,
See MoreUK: New type of limited partnership
On 6 April 2017, new legislation came into force that introduces a new type of limited partnership. The Order introduces private fund limited partnerships (PFLPs) and amends the 1907 Act, which applies to PFLPs and partners in PFLPs. New and
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 MoreCanada: The province budget 2017 for Quebec delivered
The Finance Minister and the Economy of Quebec presented the province budget 2017 on 28th March 2017. It provides for no changes in income taxes, taxes or rates. The main tax amendments contained in the budget include the tax burden reduction in
See MoreCanada: The Federal Budget 2017 announced
The Canadian government presented the 2017 federal budget on 22nd March 2017 in Ottawa. The main highlighting points of this budget are given below: The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years
See MoreBelgium: innovation income deduction bill gazetted
On 20 February 2017, the bill on a new innovation income deduction replacing the abolished patent income deduction was gazetted and the Belgian parliament adopted it on 2 February 2017. The new innovation income deduction applies retroactively from
See MoreJapan: Tax treatment of income from U.S. limited partnerships is treated as fiscally transparent entity
On 9 February 2017, Japan’s National Tax Agency (NTA) released a report on its website confirming that a US limited partnership (US LP) is treated as fiscally transparent for Japanese tax purposes when applying the US-Japan Income Tax Treaty. The
See MoreIsrael: Tax incentives on capital investment in hi-tech industry introduced
An amendment to the Law for the Encouragement of Capital Investments has been published by Israel on 29th December 2016, which was part of the changes made in the framework of the 2017-2018 Law on Economic Arrangements. Corporate income tax (CIT)
See MoreBelgium: Parliament adopts draft bill on innovation income deduction
On 2 February 2017, the Belgian parliament adopted the new innovation income deduction, which will replace the abolished patent income deduction. The new innovation income deduction applies retroactively from 1 July 2016. Furthermore, on 2 December
See MoreIndia: Approves amendment in modified special incentive package Scheme
On 18 January 2017, the Indian Union Cabinet has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of ‘Net Zero imports’
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