Saudi Arabia: Adoption of GCC VAT framework announced
The Shura Council of Saudi Arabia announced the approval of the Gulf Cooperation Council (GCC) Value Added Tax (VAT) Framework Agreement on 30 January 2017. The regime is expected to be applicable from 1 January 2018 and as specified in the GCC
See MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
See MoreJapan: Published Frequently Asked Questions regarding transfer pricing documentation requirements
Japan’s National Tax Agency (NTA) has issued Frequently Asked Questions (FAQs) regarding transfer pricing (TP) documentation requirements in Japan. It addresses those questions that are likely to be of most interest to overseas headquartered
See MoreSweden: Government plans excise duty on certain electronic products
Recently, the Swedish Government proposed a new legislation regarding tax on chemicals in certain consumer products. Accordingly, the following procedures are proposed: (i) Products subject to excise duty are defined using the tariff classification
See MoreArgentina: Deadline of short-term abolition of excise tax on sparkling wines changed
The Executive Branch's Decree 19/2017 has been published in the official gazette on 5th January 2017. As provided by article 33 of Law 24,674, the short-term abolition of the excise tax on sparkling wines has been prolonged from 1st January 2017 to
See MoreArgentina: Validity period for 75% excise tax rate on cigarettes extended
According to Executive Branch's Decree 626/2016 and under article 15 of amended Law 24,674, the excise tax rate on cigarettes has been changed from 60% to 75%. Again, new Executive Branch's Decree 15/2017 regarding excise tax on cigarettes has been
See MoreAustria: Publishes Tax Amendment Act in the Official Gazette
Austria published The Tax Amendment Act in the Official Gazette on 30 December 2016. The most important changes of the Act, which was adopted by the lower house on 15 December 2016 and the upper house on 21 December 2016, are summarized
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 MoreSaudi Arabia-Cabinet approved tax measures under Fiscal Balance Program
The Saudi Cabinet approved on 22 December 2016 a 5-year financial sustainability plan called "Fiscal Balance Program" which is expecting to abolish the budget deficit by 2020. The objective of the program is to increase revenues from non-oil
See MoreIreland: State aid investigation of TP rulings
The final decision of European Commission (EC) was published this week on its state aid investigations into Transfer Pricing (TP) rulings granted by Ireland to a US multinational group. Although the decision was announced in August 2016, publication
See MoreAndorra deposits instrument of ratification for amending protocol to savings agreement with EU
On 20 December 2016, Andorra deposited its instrument of ratification for the amending protocol to the EU Savings Directive Agreement that was signed on 12 February 2016, concluding the legal requirements for its entry into force. The amending
See MoreBelgium: New changes in anti-hybrid and anti-abuse rule
According to official gazette published on 8 December 2016, in Belgium, legislation implementing changes to the “Parent-Subsidiary directive” and introducing a spread or installment payment regime relating to the exit tax liability. The law
See MoreGeorgia-Amendments to the Tax Code related to VAT rules
The government of Georgia submitted a draft law to the parliament on 5 December 2016 addressing certain amendments to the existing Tax Code. According to the proposed amendments, in case of an advance payment of VAT the taxable supply date will be
See MoreSerbia: Government planning to changes excise duties on tobacco and coffee
The Serbian government sent a proposal to amend the Excise Duties Law to the parliament on 13 December 2016. The proposal include a gradual increase in the minimum rates of excise duty on tobacco for the period 2017-2020, as prescribed by Council
See MoreTaiwan: Proposes revisions to the VAT
Ministry of Finance proposed revisions to the value added tax (VAT) provisions and to make foreign e-commerce enterprises outside Taiwan but selling e-commerce services to individuals in Taiwan subject to VAT on 9 December 2016. If the procedures
See MoreBulgaria: Amendments to Excise Duties and Tax Warehouses Act gazetted
The amendments to the Excise Duties and Tax Warehouses Act (EDTWA) have been gazetted on 6th December 2016. An overview of the amendments is given below: Administrative simplifications of various procedures Starting from 1st January 2017, a
See MoreGreece: Budget 2017 has been passed
The final draft Budget 2017 has been voted and passed on 10th December 2016 and it was submitted to the parliament on 21st November 2016. Note that, the draft Budget 2017 does not contain new tax
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 More