Vietnam: 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 MoreBulgaria: Transfer pricing regulations
Bulgaria fully follows and applies the OECD Transfer Pricing (TP) guidelines and has had robust TP rules for several years, but taxpayers must be concerned about the regulations. The TP rules were first announced in the Corporate Income Tax Act
See MoreCyprus: Cyprus signed on Multilateral Competent Authority Agreement
Cyprus signed the Multilateral Competent Authority Agreement (MCAA) (2016) on 1 November 2016, on the automatic exchange of Country-by-Country reports (CbC MCAA). The agreement is based on article 6 of the Convention on Mutual Administrative
See MoreZambia: Draft Budget for 2017
The Minister of Finance submitted the 2017 Draft Budget to the National Assembly on 11 November 2016. The proposed measures regarding to direct taxation as enclosed in the Budget are given below- Corporate taxation: The capital payment rate on
See MoreUkraine joins the inclusive framework on BEPS
The Inclusive Framework on BEPS welcomed Macau (China), Mauritius and Ukraine bringing to 90 the total number of countries and jurisdictions participating on an equal footing in the Project. Following the first meeting of the Inclusive Framework on
See MoreDenmark: Publishes main tax thresholds for 2010-2017
The Danish Ministry of Taxation published an overview of the tax thresholds applicable in the period from 2010-2017. The main amounts for 2017 are listed below: Corporate income tax: Amount (DKK) limit for the deduction of net financing
See MoreGreece: Final draft Budget 2017 submitted to parliament
The final draft budget for 2017 has been submitted to the parliament by the Deputy Finance Minister on 21st November 2016. It is available in Greek language. It is estimated to be passed on 10th December 2016. The proposal of draft Budget for 2017
See MoreWTO: Expanded Information Technology Agreement to be fully implemented soon
According to a report published on the World Trade Organization (WTO) website on 1 November 2016 the majority of the participants in the expanded Information Technology Agreement (ITA) have implemented their tariff commitments under the agreement
See MoreBulgaria: Tax bill submitted to parliament
The Council of Ministers has submitted a proposal on 17th October 2016 to the National Assembly to amend various tax acts. The amendments are about cash payment changes, excise duty changes, local tax changes and changes to the accountant act that
See MoreUK: First year allowance for low emission cars extended for three years
The UK government has announced its intention to introduce legislation as part of the Finance Bill 2017 to extend the period of application of the First Year Allowance (FYA) for companies purchasing low emission cars. The 100% FYA was originally
See MoreOECD releases schedule for peer reviews under BEPS Action 14
On 31 October 2016 the OECD made available the first schedule for peer reviews of countries under Action 14 of the action plan on base erosion and profit shifting (BEPS). Action 14 is concerned with ensuring that dispute resolution mechanisms for
See MoreOECD Issues BEPS Documents on Monitoring Mutual Agreement Procedures under Action 14
Action 14 of the OECD project on base erosion and profit shifting (BEPS) was concerned with making dispute resolution procedures more effective. The final report on Action 14 approved by G20 finance ministers in October 2015 outlined the minimum
See MoreUK: Extension of interim securitization regime
Securitization companies are used by some businesses to raise funds by issuing debt to the market and holding assets as security. The transactions depend on the quality of the debt issued and this in turn depends on the rating given by the credit
See MorePoland: Parliament adopts budget Law for 2017
The Council of Ministers presented to the parliament a draft Budget Law for 2017 on 30 September 2016. All along with the introduction of tax changes, different numbers of factors that have into force on budget revenues are envisaged. Corporate
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
See MoreGreece: Draft Budget 2017 has been submitted to parliament
The draft Budget for 2017 has been submitted to the parliament (Committee of Economic Affairs) on 3rd October 2016. Now, it is available on the official website of the Finance Ministry. The following main things are enclosed with the Budget:
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 MoreFrance: Announces draft Finance Bill for 2017
The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that
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