South Africa introduces Budget 2019 in parliament
On 20 February 2019, Tito Mboweni (South Africa’s Minister of Finance) presented the Budget 2019 in the parliament. The budget proposal would not increase taxes in any category but proposed to increase tax collection by not adjusting for inflation
See MorePortugal legislates the Budget Law for 2019
On December 31, 2018, Portugal published 2019 budget law (No.71/2018) in the official gazette and generally applies as from 1 January 2019. The budget law includes changes to income tax law and other taxes. The budget law include the following
See MoreEuropean Commission to launch proceedings against UK over VAT treatment of commodity traders
It is reported that the European Commission is planning to take a case to the European Court of Justice (ECJ) in relation to the value added tax (VAT) treatment of commodity traders in the UK. The European Commission argues that although the UK may
See MoreEU: Report by European Commission on investor residence schemes
On 23 January 2019 the European Commission issued a report on citizenship by investment and citizenship by residence schemes operated by a number of EU Member States. The report looks at current practices and identifies some of the risks from such
See MoreEuropean Commission opens in-depth investigation into Netherlands tax rulings
On 10 January 2019 the European Commission announced that it has opened an in-depth investigation into tax rulings granted by the Netherlands to companies in the Nike group. The rulings may have given the companies an unfair competitive advantage
See MoreUK: Online VAT pilot for Making Tax Digital
On 16 October HMRC announced that it has begun a new pilot scheme in connection with the Making Tax Digital (MTD) programme. The online value added tax (VAT) pilot will include around half a million businesses in the UK. This follows the first
See MoreIreland announces Budget for 2019
On 9 October 2018, the Budget for 2019 was presented to Parliament by the Minister of Finance. The summary of 2019 Budget measures are following: Corporate Tax Film Relief The scheme provides relief in the form of a corporation tax credit related to
See MoreGhana changes several Tax Acts
On 1 August 2018, The Parliament of Ghana published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment)
See MoreTanzania: Finance Minister presented 2018-19 Budget
Tanzania: Finance Minister presented 2018-19 Budget 19 June 2018 The Minister of Finance and Planning, Hon. Dr. Philip I. Mpango, presented the 2018/19 Budget on June 14, 2018 to the national assembly. Some key points of the budget are given
See MoreCanada: Federal budget bill C-74 receives first reading
The Canadian federal government released first reading of Budget Implement Act (Bill C-74) on March 27, 2018. This bill includes measures from the 2018 federal budget and other measures including income tax amendments, such as, small business tax
See MoreSaudi Arabia: Circular regarding VAT treatment of contracts signed with government bodies
The Ministry of Finance in Saudi Arabia issued a circular on 22 March 2018 clarifying the treatment of VAT on contracts concluded between VAT registered suppliers and government bodies before, on, or after 1 January 2018. The circular emphasizes
See MoreGovernment of Iraq issued 2018 Federal Budget
The Iraqi Parliament passed its 2018 Budget Act (the Budget) on 3 March 2018. The Budget includes several measures to support economic growth and fiscal stability as Iraq recovers after the 2017 military defeat of the Islamic State of Iraq and Syria
See MoreBelgium: Constitutional Court announces the fairness tax unconstitutional
On 1 March 2018, The Constitutional Court of Belgium announced the fairness tax unconstitutional, thus nullifying it (judgment n° 24/2018). According to the Court’s ruling, however, the fairness tax is maintained until financial year 2017 (tax
See MoreCanada: CRA tightens its GST/HST Voluntary Disclosure Program
The Government is committed to cracking down on tax evasion and aggressive tax avoidance to ensure a system that is responsive and fair for all Canadians. A revised Voluntary Disclosures Program (VDP) came into effect form March 1, 2018, to narrow
See MoreSingapore: The excise duties imposed on all tobacco products increased by 10%
On 19 February 2018, the Budget for 2018 was presented to Parliament by the Finance Minister. The Finance Minister, Heng Swee Keat, earlier the same day during the nation’s annual Budget speech announced that the Government will impose a 10%
See MoreItaly: Real-time e-invoices
Mandatory real-time electronic sales invoice reporting has been introduced by the Italian Revenue Agency. The process will be effective from 1 January 2019. The Italian Revenue Agency named it Sistema di Interscambio (SDI) and according to them all
See MoreSouth Africa: Finance Minister presents the Budget for 2018
On 21 February 2018, South Africa’s Minister of Finance, Malusi Gigaba, delivered the Budget for the year of 2018. The budget includes the following tax proposals: VAT rate to increase from 14% to 15%. This change is effective from 1 April
See MoreCanada: Finance Minister presents the Federal Budget 2018
The Finance Minister, Bill Morneau, presented a federal budget, on February 27, 2018, that plans a clear course for the Liberals to the 2019 election, an aspirational road map designed to ensure that no woman, scientist or national wildlife area
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