Japan: Tax treatment of income from U.S. limited partnerships is treated as fiscally transparent entity
On 9 February 2017, Japan’s National Tax Agency (NTA) released a report on its website confirming that a US limited partnership (US LP) is treated as fiscally transparent for Japanese tax purposes when applying the US-Japan Income Tax Treaty. The
See MoreTurkey: Possibility of R&D and designing expenses deduction boosted
The regulation regarding the implementation and control of R&D and designing support was published in the Official Gazette on 14th February 2017, which amends the previous regulation. The Regulation boosts the opportunity of expenses incurred by
See MoreColombia: Taxpayers can adjust the value of their fixed assets to 7.08%
On 30 December 2016, the Colombian National Tax Authority (DIAN) published a Decree 2202 of 2016 that regulates articles 70 and 73 of the Tax Code (TC) related to fixed asset value adjustments and the determination of taxable income or capital gains
See MoreBotswana: Tax proposals in 2017-2018 Budget
The Minister of Finance and Economic Development presented the Budget for 2017-18 to the National Assembly on 6 February 2017. To improve administration efficiency and optimise revenue collection, the income tax act and the value added tax act will
See MoreThailand- Royal Decree on deduction for depreciable assets
The government of Thailand approved the amendment of Royal Decree No. 604 on 24 January 2017, which was gazetted on 21 April 2016. The amendment permits a 50% additional corporate tax deduction on the expenditure acquired on additions, alterations,
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
See MoreColombia: Tax reform summary 2016
According to law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016. It introduces the following major changes to the corporate income tax regime: Income tax rates As from tax year 2019, a single income tax rate of
See MoreLuxembourg: Parliament adopts 2017 tax reform
The Luxembourg Parliament adopted the 2017 tax reform (parliamentary document n°7020) on 14 December 2016 which introduces new tax measures affecting both individual and corporate taxpayers. The publication of the law is expected to be made in the
See MoreIndia: Court’s decision on Computing section 10A deduction and intra-group services
Recently, In the case of Yokogawa India Ltd, The Supreme Court of India decided that the deduction under section 10A of the Income-tax Act, 1961, is to be determined at the point when computing the gross total income of the eligible undertaking and
See MoreKorea-Tax reform bill of 2017 enacted
Korea enacted the tax reform bill of 2017 on 20 December 2016 which was approved by the National Assembly on 2 December 2016. According to the Tax Reform of 2017 domestic merged brother-sister companies would be considered as tax free if and only
See MoreChina: 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
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