IMF 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 MoreSaudi Arabia: Shura Council approves VAT Law
Saudi Arabia’s Shura Council has approved the proposed VAT Law on 13 July 2017. The approval follows the launch of a public consultation for the draft law in June by Saudi Arabia’s General Authority for Zakat & Tax (GAZT). The text passed by
See MoreRomania: Planning progressive Income Tax
The Government of Romania is planning to replace the flat tax on corporate income with a tax on turnover and this could be effective as early as 2018. The company revenues in Romania are currently taxed at a rate of 16%, but this could be replaced
See MoreIndia: Government removes additional excise duty on tobacco, cigarettes under GST
After the GST implementation in India, the finance ministry has removed an additional excise duty on tobacco, pan masala and cigarettes with effect from 1 July 2017. The revenue department also withdraws the central excise notification dated
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 MoreIndia: CBDT notifies rule for secondary adjustments in transfer pricing
The CBDT has notified a new "Income Tax Rule 10CB" which stipulates a deadline for the reimbursement of excess money (90 days) and the applicable interest rate (separate interest rates for transactions in INR / foreign currency) taken into account
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 MoreUAE: Excise tax to be implemented by the end of 2017
The Finance Ministry of the United Arab Emirates (UAE) on 10th of May 2017 arranged a briefing session in respect of the new Excise Tax Law. Implementation of the UAE Excise Tax Law follows the Gulf Cooperation Council (GCC) Ministers of Finance
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 MoreBangladesh: Budget 2017-18
On 1 June 2017, the Finance Minister Mr. Abul Maal Abdul Muhith presented the annual national budget of an outlay of TK 4 trillion for the fiscal year 2017-18. In the proposed budget, the finance minister has targeted a GDP growth rate of 7.4 per
See MoreSaudi Arabia: Penalties announced for non-compliance with the VAT Law
The new VAT law will be implemented in Saudi Arabia by 1 January 2018. In the meantime, the General Authority of Zakat and Tax (GAZT) taking necessary sessions to build up awareness among business groups. During this awareness sessions, the GAZT
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 MoreAustralia: Federal Budget 2017-18
On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the
See MoreRussia: Value added tax increased to 22% from January 2019
The Russian government has confirmed that it intends to increase VAT from 18% to 22% on 1 January 2019. The rise will help to fund a reduction in the employee's tax rate to 22% from
See MoreSaudi Arabia: Public consultation issued on VAT Law
The Kingdom of Saudi Arabia has published the GCC VAT framework agreement in the Official Gazette on 21 April 2017. The General Authority of Zakat and Tax (GAZT) has issued public consolation inviting comments on the published VAT law by using an
See MoreSaudi Arabia: GCC VAT Framework Agreement published in the Official Gazette
The Gulf Cooperation Council (GCC) Value Added Tax (VAT) Framework Agreement for the Arab States has been published by the Kingdom of Saudi Arabia in the Official Gazette – UM AL QURA by way of Circular Number 4667 dated 21 April 2017. The
See MoreGhana: Amendments to the VAT Act
The Commissioner-General of the Ghana Revenue Authority (GRA) on 24 April 2017 published a notice on the Value Added Tax (Amendment) Act, 2017 (Act 948), informing taxpayers that the following changes have been made in relation to Value Added Tax
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