Ghana: Finance Minister presents mid-year budget for 2019
On 29 July 2019, the Finance Minister of Ghana presented the 2019 mid-year budget statement to the parliament. The budget proposed the following measures: Increasing in Communication Service Tax from 6% to 9%;The cancellation of the Luxury
See MoreChina: introduces incentives for tourism industry
On 3 August 2019, China's Ministry of Finance and State Taxation Administration have jointly published Notice No. 63 of 2 August 2019 providing incentives to boost up tourism industry in the Guangdong Hengqin New Area. The primary incentive for
See MoreIndonesia publishes a regulation with tax incentives for investments in certain sectors
On 26 June 2019, the Indonesian government issued a Government Regulation (PP) No. 45 of 2019, which amended Regulation No. 94 of 2010 (GR-94) on the calculation of taxable income and the repayment of income taxes in the current year to stimulate
See MoreOman introduces tax incentives for tourism investments
Recently, Oman has introduced a tax incentive for every new investor looking to build a tourism project in Musandam. According to the new regulation, investors are exempted from customs duties for building materials, tools and equipment
See MoreIndonesia: MOF proposes draft amendments to the SEZ scheme and tax cuts
The Indonesian Ministry of Finance (MoF) published two announcements on June 17 and 20 June 2019. The ministry is reviewing draft amendments to the Special Economic Zones (SEZ) regime and tax cuts for specific sectors. SEZ regime: Under this
See MoreUruguay: New incentive for software development
Uruguay has published Decree No 96/2019 of 22 April 2019 amending exemption incentive for software development with effect from 1 January 2018 to comply with BEPS Action 5. The decree applies retroactively from 1 January 2018. The Decree
See MoreSlovak Republic approves a draft law to update income tax act
On 29 May 2019, the Slovak government approved a draft Law to update the Income Tax Act. The draft law proposes the implementation of Directive 2017/952 amending Directive 2016/1164 as regards hybrid mismatches with other countries. It also
See MoreKenya: Finance Minister proposes Budget for the Financial Year 2019/20
On 13 June 2019, the Finance Minister, Henry Rotich of Kenya presented the budget for 2019/20 to the parliament. The budget includes the following tax related measures: Capital Gains Tax is proposed to be increased from 5% to 12.5%. There is
See MoreMexico: Tax Administration issues new incentive for interest on corporate debt bonds
On 29 April 2019, the Mexican Tax Administration (SAT) in its Official Gazette published the Miscellaneous Tax Code (MTR) of 2019. Accordingly, the regulations grants special tax incentive decree for interest on corporate debt bonds. The
See MoreGreece revises the law on setting up branches with new incentives
On 1 April 2019, the Greek Parliament passed a new bill (Law 4605/2019 ) which includes amendments to Law 89/1967 on the establishment of branches in Greece by foreign companies, including in relation to allowed business activities and incentives
See MoreGermany suggest new tax incentive for research and development
On 17 April 2019, the Ministry of Finance published a bill with a new tax incentive for research and development. Accordingly, all companies, regardless of their size, are entitled to the incentive of a maximum of € 500,000 per company and year
See MoreChina: Tax incentives for investment in CDRs
On 12 April 2019, China's Ministry of Finance announced the launch of a pilot program to support innovative-driven strategy, which includes incentives for investments in Chinese Depository Receipts (CDRs) issued by innovative Chinese enterprises.
See MoreIndonesia: MoF amends the rules for corporate tax holiday
The Minister of Finance (MoF) of Indonesia published a revised tax holiday policy through Regulation No.150/PMK.010/2018 (PMK-150). PMK-150 rules that are nurturing investment in Indonesia, the new regulation reduces the minimum investment
See MoreSri Lanka proposes Budget for 2019
On 5 March 2019 Sri Lanka’s Government proposed its National Budget 2019 to the Parliament. The Budget includes following tax measures: -Income tax exemption for interest income accrued to a resident on sovereign bonds in foreign currency, as
See MorePakistan approves the Finance Supplementary (Second Amendment) Bill, 2019
On 6 March 2019, the National Assembly has approved the Finance Supplementary (Second Amendment) Bill, 2019 aimed at amending tax laws. The major changes introduced to income tax laws are as follow: -For nonbanking sectors, the super tax is
See MoreHong Kong: Financial Secretary presents 2019/2020 Budget
On 27 February 2019, the Financial Secretary has presented the 2019-20 budget to the Legislative Council. The Budget measures includes the following: -Reducing profits tax by 75% for 2018/19, subject to a ceiling of HKD20,000, effectively giving
See MoreSingapore presents Budget for 2019
On 18 February 2019, the Finance Minister of Singapore delivered the Budget for 2019. The main tax-related measures are summarized below: To maintain support to companies in their automation, productivity and scale-up efforts, the 100%
See MorePortugal legislates the Budget Law for 2019
On December 31, 2018, Portugal published 2019 budget law (No.71/2018) in the official gazette and generally applies as from 1 January 2019. The budget law includes changes to income tax law and other taxes. The budget law include the following
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