Slovak Republic: Government approves several tax amendments
The President has signed an amendment to Law No. 595/2003 Coll. on Income Tax on December 20, 2017. Some of the changes are given below: Related party transaction In accordance with the current amendment, the text of the related party definition
See MoreTanzania: 2017 Budget effective from July 1, 2017
The Minister for Finance and Planning (MoFP) on 8 June 2017, issued to the National Assembly the estimates of government revenue and expenditure for 2017. The government plans to organise and spend TZS 31,712.0 billion in the 2017/18 budget. The
See MoreNigeria: Senate passes petroleum industry governance bill
During Nigeria’s plenary session on 25th May 2017, the Senate passed the Petroleum Industry Governance Bill (PIGB). The PIGB is only a segment of the original Petroleum Industry Bill (PIB). The bill splits the Nigerian National Petroleum
See MoreHungary: Advertisement tax rate increased
The Hungarian Parliament has approved an increase in the advertisement tax rate from 5.3 percent to 7.5 percent while overcoming the European Commission's illegal state aid objections and still shielding smaller media companies from the
See MoreCanada: The Province Budget 2017-18 for Saskatchewan issued
The Minister of Finance has presented the province’s fiscal 2017–18 budget for Saskatchewan on 22nd March 2017. This budget meets the challenge the Government of Saskatchewan is facing by controlling and reducing spending, modernizing and
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MoreTurkey: Reduction in stamp duty, deed fees and RUSF rates
The Decree 2017/9973 was published in the official gazette on 15th March 2017 that reduces stamp duty, deed fees and Resource Utilization Support Fund (RUSF) rates on certain transactions. The Decree entered into force on the day of its publication.
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 MoreUK: Proposed tax on sugary drinks criticized by pressure group
As part of the budget proposals for 2016 the UK announced a proposal to impose a tax on sugary drinks with effect from April 2018. This would apply to soft drinks with sugar content above a certain level and would be imposed on the manufacturers of
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreTurkey: Notional interest deduction as incentive for capital
The Parliament has accepted a law 6639 entitled “notional interest deduction” on 7th April 2015. This new law gives a tax incentive for cash capital contribution increases, effects after 1st July 2015. Excluding those operating in the finance,
See MoreAzerbaijan: approves tax code amendments to introduce excise tax and to set new tax rates
The Parliament of Azerbaijan has approved amendments of tax code introducing excise tax on precious metals, and setting new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. As per legislation, excise on
See MoreMexico: Developments of non-oil tax revenue
The Secretariat of Finance and Public Credit (SHCP) recently released statistics about Mexico's non-oil tax revenues. According to the statistics non-oil tax revenue reached MXN1.65 trillion in the time period of January to November of 2014 from the
See MoreUK: Stamp Duty Reforms on Residential Property
UK has cut stamp duty for the majority of homebuyers to make it fairer. The new rules have started on 4 December 2014. This change applies to people those who are buying a home in the UK for over £125,000. Under the old rules, it would have been
See MoreDubai and China: first Chinese issuer to list a bond on an exchange in the Middle East
China has issued an RMB 1bn three-year bond on NASDAQ Dubai. The Agriculture Bank of China (ABC), China's third largest bank by assets, became the first Chinese issuer to list a bond on an exchange in the Middle East. The Emirate's stylish financial
See MoreEuropean Commission warns Romania on taxation of foreign companies
The European Commission has formally asked Romania to stop the discriminatory tax treatment of foreign legal entities. According to Romanian present tax law, resident legal companies can deduct business expenses related to generating interest
See MoreSwitzerland: Threatens to raise carbon tax
Switzerland’s carbon tax would jump up toCHF72 per ton from 2016, which is currently iCHF60 (USD67) per ton , if the power-related emissions of this year do not fall down to 76% of 1990 levels. If the emissions only fall to 78% of the baseline
See MoreUS: House Passes Permanent Ban On Internet Access Taxes
The House Tuesday passed a bill that would make permanent the ban on taxing Internet access. The U.S. House of Representatives has voted to this bill that Congress has temporarily extended three times over the past 16 years. The bill not only ban
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