Germany: 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 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 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 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 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
See MoreGermany: Draft guidance amending corporate tax loss limitation rules
Germany has issued draft guidance to replace prior advice on the corporate tax loss limitation rules. The current guidance was issued in 2008 and although there have not been any changes to the basic provisions in this area the new guidance aims to
See MoreLithuania : Loss carry forward limitations, extended incentives and reduced VAT rates
Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate income tax purposes, is limited. In calculating their corporate income tax for 2014 and subsequent tax periods,
See MoreAustria:Corporate tax guidelines limit interest deductions
The Austrian Ministry of Finance published revised corporate income tax guidelines in March 2013, to tightening the rules with respect to interest deductions in connection with “debt push-down models” and concerning tax loss carry forwards
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