Russia: Government approves signing of MLI to implement tax treaty related BEPS measures
The Russian government on 20 May 2017, approved the signing of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and profit
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 MoreIsrael: Status updates of automatic exchange of country-by-country (CbC) reports
The Israel Tax Authority declared the signing of a multilateral agreement for the automatic exchange of country-by-country (CbC) reports and of common reporting standard (CRS) information. The Director of tax authority signed the Multilateral
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 MoreIndia: Cabinet approves signing of MLI to implement tax treaty related BEPS measures
The Union cabinet on 17 May 2017, approved the signing by India of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and profit
See MoreBulgaria: Government approves signing of MLI to implement tax treaty related BEPS measures
The Government on 17 May 2017, approved the signing by Bulgaria of the Multilateral Instrument (MLI) to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle base erosion and
See MoreCzech Republic: Government approves signing of MLI to implement tax treaty related BEPS measures
The Czech Government recently approved the signing of the Multilateral Convention to implement into bilateral tax treaties the tax treaty-related measures arising from the OECD / G20 BEPS Project to tackle Base Erosion and Profit Shifting (BEPS). A
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 MoreIsrael: BEPS updates
The Ministry of Finance on 1st of May 2017, signed tax regulations for implementing the OECD’s nexus approach. This approach is mainly a BEPS requirement in case of intellectual property (IP) preferential tax regimes. The proposed regulations are
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 MoreGermany: Draft amendments to transfer pricing documentation ordinance
The Ministry of Finance on 23 February 2017 published draft amendments to the transfer pricing documentation ordinance. These show the changes introduced by the bill on the implementation of amendments to the EU Mutual Assistance Directive and other
See MoreOECD: Inclusive framework issues further guidance on CbC reporting
On 6 April 2017 the Inclusive Framework on BEPS released additional guidance on the implementation of country by country (CbC) reporting under BEPS Action 13. The guidance clarifies some issues surrounding the information to be included in the CbC
See MoreIndia: Proposed new income tax slab for 2017-18
On 31 March 2017, Finance minister proposed to reduce the tax rate for individuals in the lowest income tax slab to 5% instead of 10% (Rs 2.5 lakh to Rs 5 lakh). The existing rebate under Section 87A as currently given to people with income up to Rs
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