Saudi 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
See MoreGhana: Filing of VAT & CST returns for April 2017
The Ghana Revenue Authority with a press release reminds all VAT registered persons that vat and Communication service tax returns (CST) for April 2017 should be submitted on the VAT and CST returns forms not later than 31 May 2017 (latest
See MoreIndia: President signs four GST Bills into law
President Pranab Mukherjee on 13 April 2017 signed four enabling Bills related to the goods and services tax (GST) into law, taking the country a step closer to its biggest indirect tax reform. The President has given his assent to the Central GST
See MoreRussia: Publishes electronic filing requirements for VAT returns
The Federal Tax Service issued decisions regarding E- filing requirements for VAT returns on 16 March 2017. According to the Federal Tax Service, Under the article 88(3) of the Tax Code, from now taxpayers are legally required to file VAT returns
See MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreDominican Republic: Notice on deduction of transfer tax on industrialized goods and services
The Directorate General of the Internal Revenue issued a notice on 17 February 2017 explaining that qualifying companies can deduct the 9% withholding tax on the transfer of industrialized products and services from their gross tax payable for the
See MoreSaudi 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 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 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 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 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 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 MoreSweden: Presents Budget for 2017
The Budget for 2017 was presented to the parliament on 20 September 2016. The Budget, measures will apply from 1 January 2017. The following measures relate to corporate tax: -The deductibility of representation expenses (relating to lunch, dinner,
See MoreBangladesh: Finance Minister Confirms New VAT Regime from July 1
Bangladesh intends to proceed with introducing a uniform 15% rate of value-added tax (VAT) from July 1. The change is to be stimulated together with the implementation of Bangladesh's new value-added tax law, drawn up in 2012. Speaking at a recent
See MoreIMF report comments on economic position of the United Arab Emirates
On 9 May 2016 the IMF issued a report following the conclusion of discussions with the United Arab Emirates (UAE) under Article IV of the IMF’s articles of agreement. The IMF comments that the UAE is in a good position to face the oil price shock
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
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