EU: Proposed Directive on Global Minimum Tax
On 22 December 2021 the European Commission proposed a Directive to ensure that large multinational groups are subject to a global minimum effective tax rate. The proposal follows the terms of the international agreement on Pillar 2 of the OECD
See MoreEU: Commission Letter Comments on Common Corporate Tax
On 3 August 2021 a letter addressed to the European Parliament on behalf of the European Commission confirmed that the single corporate tax system for the EU, to be known as Business in Europe: Framework for Income Taxation (BEFIT), would take into
See MoreZambia publishes Budget for 2019
On 1 January 2019, The Zambian government published budget for 2019 to the National Assembly. Key modifications of tax rules are summarized as follows: Limit the deductibility of interest on debts owed by a taxpayer to 30 % of the
See MoreRussia: Parliament proposes to reduce the corporate property tax rate
On 6 March 2019, a draft bill was presented to the State Duma (Lower House of Parliament) proposing to lower the maximum amount of the property tax rate to be taxed at the cadastral value. According to the bill, the corporation tax rate for real
See MoreUK: Statistics on uptake of patent box relief
On 14 September 2017 the UK government published statistics in relation to the patent box legislation introduced from 1 April 2013. These statistics can be used by the government to assess the benefit to the economy from uptake of the tax relief,
See MoreUK: Main 2017 tax changes affecting corporation tax
The budget insert for the CT600 company tax return, initially issued in March 2017, has been updated to include further information on changes affecting the return. The changes cover announcements made in the 2016 Autumn Statement and measures in
See MoreUK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreIMF report looks at US economic prospects and tax reform
On 26 July 2017 the IMF issued a staff report following the conclusion of consultations with the US under Article IV of the IMF’s articles of agreement. The report suggests that in the medium term reforms should include a more efficient tax
See MoreOECD: Revenue Statistics in Asian Countries
On 20 July 2017 the OECD published the latest edition of its publication Revenue Statistics in Asian Countries. This covers trends of revenue statistics in Indonesia, Japan, Kazakhstan, Korea (Rep), Malaysia, Philippines and Singapore between 1990
See MoreMauritius: Budget for 2017-2018
On 8 June 2017, the Prime Minister and Minister of Finance and Economic Development delivered the Budget speech for 2017-18 to the parliament with little change to economic policy. Key points of the budget are summarised below: Reduced corporate tax
See MoreSweden: No new bank tax before 2018
The government announced on 24 February 2017 its decision to withdraw plans to introduce a special tax on banks and other financial institutions. The bank tax was originally intended to eliminate the tax advantage the banking sector receives due to
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 MoreUK: New tax measures announced in autumn statement
The autumn statement delivered by the Chancellor on 23 November 2016 provided for new tax measures, many of which will be included in the Finance Bill 2017. The measures include the following: Restriction on tax deduction for interest The UK has
See MoreVietnam: Publishes a guidance on corporate income tax, VAT and customs
Vietnam’s tax authorities on 25 October 2016 circulated certain corporate income tax; value added tax (VAT), labour compliance, and customs duty matters. Corporate income tax -An official letter provides the conditions and supporting document to
See MoreUK: First year allowance for low emission cars extended for three years
The UK government has announced its intention to introduce legislation as part of the Finance Bill 2017 to extend the period of application of the First Year Allowance (FYA) for companies purchasing low emission cars. The 100% FYA was originally
See MoreUK: Extension of interim securitization regime
Securitization companies are used by some businesses to raise funds by issuing debt to the market and holding assets as security. The transactions depend on the quality of the debt issued and this in turn depends on the rating given by the credit
See MorePoland: Parliament adopts budget Law for 2017
The Council of Ministers presented to the parliament a draft Budget Law for 2017 on 30 September 2016. All along with the introduction of tax changes, different numbers of factors that have into force on budget revenues are envisaged. Corporate
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
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