China: Clarifications on enterprise income tax published by SAT
On 9 December 2016, the State Administration of Taxation (SAT) issued an announcement clarifying two issues concerning enterprise income tax. The announcement applies to 2016 and subsequent years. The clarification contains payment of accident
See MoreGreece: Amendments to Income Tax Code, VAT Code and tonnage taxation
Three amendments to the law that amends the Income Tax Code, VAT Code and tonnage tax regime have been submitted to the parliament on 19th December 2016. The amendments are given below: The first installment of the tonnage tax and the Marine
See MoreKorea-Tax Bills for 2017 passed by the National Assembly
The Korean National Assembly passed the Tax Bills for 2017 on 2 December 2016 which was announced by the Ministry of Strategy and Finance (MOSF) on 28 July of 2016. According to the adopted Bill the amount of loss carried forward that a foreign
See MoreGermany: Approves the bill on amendments to change-in-ownership rules
The Federal Council permitted the bill on amendments to the change-in-ownership rules on 16 December 2016. The bill will enter into force after its publication in the Official Gazette. According to the section 8c of the Corporate Income Tax Act and
See MoreLatvia: Tax provisions in Budget 2017
The Latvian lawmakers passed Latvia’s 2017 budget on 24 November 2016. The main measures concerning corporate taxation are summarized below. At present, losses incurred in taxable periods from 2008 on wards may be carried forward indefinitely.
See MoreRussia: Submits a bill related to tax deductible R&D expenses
The government on 23 November 2016 submitted a bill to the lower house of the parliament on amending the list of deductible costs relating to research and development (R&D) for corporate income tax purposes. The main requirements are discussed
See MoreArgentina: Amendments and clarification in tax amnesty regime
A Decree 1,206/2016 was published in the Official Gazette of 30th November 2016 and effective from 1st December 2016. This decree amends and clarifies certain aspects of the tax amnesty regime implemented by Decree 895/2016. The main requirements
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 MoreMexico: Publishes tax reform package for 2017
Mexico’s Government on 30 November 2016 Publishes the Decree containing the tax reform package for 2017 in the Official Gazette. The reform will be effective as of 1 January 2017. The main amendments to the income tax law are summarised
See MoreColombia: Tax reform bill 2016
The comprehensive tax reform bill 2016 recently submitted by the government of Colombia to the Congress with the following corporate income tax issues: Rates: The bill proposes to unify the income tax and the Fairness Tax into a single income tax
See MoreRussia: Adopts changes to the Tax Code
The State Duma adopted in the first hearing draft Law No. 11078-7 (the Law) on 2 November 2016, regarding changes to the Tax Code and other legislative provisions. The main provisions of the Law are summarised below: Carry-forward of losses: The
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreHong Kong: The Inland Revenue Department clarifies the guidance on corporate treasury centre rules
The Inland Revenue Department issued the Departmental Interpretation and Practice Notes No. 52 (“Taxation of Corporate Treasury Activity”) which sets out the Department’s interpretation and practice in relation to the relevant provisions in
See MoreUruguay-Tax measures of the Accountability Bill
The chamber of Deputies of Uruguay received for discussion the Accountability Bill on 20 June 2016. The Bill was issued by the Executive Branch. The Bill consists of several tax measures. The corporate income tax measures included in the Bill are as
See MoreGreece: Clarification on carry-forward of losses released
On the basis of article 27 of the Income Tax Code (ITC), the Public Revenue Authority has released a Circular entitled ‘POL 1088’ on 24th June 2016 for providing clarifications on the carry-forward of losses provision. In accordance with article
See MoreColombia published inflation component and presumptive interest rates
According to Decree 536 of 2016, published on along with applicable as of 5 April 2016, sets out the inflation component rates concerning to financial income exempt from income tax and financial expenses that are non-deductible, and the presumptive
See MoreUK: Amendment to provisions for farmers’ averaging of profits
A policy paper released by the UK government on 9 December confirms that legislation is to be included in the Finance Bill 2016 to amend the provisions on farmers’ averaging of profits. The new provisions will allow an individual engaging in a
See MoreKorea: Tax reform bill of 2016 enacted
The National Assembly of Korea passed the Tax Reform Bill of 2016 on 2 December 2015. The bill was enacted on 15 December 2015 and certain Enforcement Decrees are expected to be approved by the Government in the near future. According to the
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