Brazil: Mixed commission approves Provisional Measure 836/2018
The mixed commission of the Senate and Chamber of Deputies approved the conversion into law of Provisional Measure 836/2018 on 14 August 2018, which will effects from 1st September 2018. The measure still needs to be approved by the plenary of both
See MoreVenezuela grants income tax exemption for hydrocarbon production activities
Venezuela has published Decree No. 3.569 of 1 August 2018 on August 2, 2018 in the Official Gazette. This Decree, removed income tax liability and give an exemption from the territorial and extraterritorial income obtained by Petróleos de Venezuela
See MoreCroatia: Parliament publishes incentive regime for R&D projects
The Parliament has published the Law on State Aid for Research and Development Projects on July 18, 2018. This Act provides for the implementation of state aid measures for R&D projects. This Law was entered into force on the eighth day after
See MoreItaly publishes guidance on clarifying application of R&D tax credit
The Italian tax authority during 2018 issued guidance to clarify application of the existing tax rule of Research and Development (R&D) tax credit for eligible Italian companies and Italian permanent establishments of foreign companies investing
See MoreUruguay: Directorate General of Taxation amends R&D tax incentive regime
Recently, the Directorate General of Taxation has published Law No. 19.637 with numerous tax amendments. The major change incorporated in the area of incentive regime that provides an exemption for income derived from Research & Development
See MoreBrazil clarifies CFC rule regarding exemption for oil and natural gas industry
Private Ruling 4,020/2018 concerning the exemption under CFC rules for profits acquire by the oil and gas industry was published in the Official Gazette on 19th June 2018. The Decision clarifies that the tax exemption of the profits realized is
See MoreItaly : Law Decree entered into force following its publication
Italy Published Law Decree No. 87 of 12 July 2018 was entered into force following its publication in Official Gazette No. 161 of 13 July 2018. Details of the tax measures are summarized below: Regarding Incentives: Under article 7 of the Law
See MoreHungary presents new tax package for 2019
The government of Hungary presented a new tax package on 19 June 2018 for corporate and business tax. The changes of taxes are as follows: The deduction allowance for investment in start-ups will be capped at HUF 20 million; A deduction for
See MoreBrazil: Government sanctioned guidance regarding new tax incentives for automotive sector
On 5th July 2018 government sanctioned guidance (Provisional Measure 843/18 (PM 843)) that initiates a new tax incentive program for the automotive sector. According to the program the following main tax incentives for a five-year period, which may
See MoreDanish Government adopts Law on R&D deductions
On 9 June 2018 Denmark adopted Law on R&D Deductions in the Official Gazette. Law No. 722 of 8 June 2018 provides for an increase in the allowed deduction for R&D from the prior 100% to: 101.5% for the 2018 and 2019 tax years; 103% for
See MoreHong Kong: Legislative Council passes the Inland Revenue (Amendment) Bill 2018
On 16 May 2018, the Legislative Council passed the Inland Revenue (Amendment) Bill 2018 providing special tax measures including a one-off 75% reduction in salaries tax, tax under personal assessment, and profits tax for the 2017/18 tax year,
See MoreSingapore changes to tax reliefs for firms in pioneer industries
On 5 May 2018, Singapore has published the Economic Expansion Incentives (Amendment) Act 2018 and the related Commencement Notification and Regulations in the Official Gazette. The Act and Regulations provide for the exclusion of income from
See MoreMexico: Government declares new decrees regarding Special Economic Zones
Mexico has declared two new decrees that providing for the initiation of two new special economic zones (SEZ) in States of Campeche and Tabasco, in the official Gazette. They are designed for where they are most needed, and to boost productive
See MoreLuxembourg: Parliament adopts the new IP regime
On 17 April 2018, the Bill on a new IP regime adopted was by the parliament. This will enter into force with retroactive effect as from 1 January 2018. The IP regime introduces a new article 50 ter into the Income Tax Law (ITL) that provides for an
See MoreNew Zealand: Government releases R&D tax incentive discussion document
Government has announced its intention to introduce a research and development tax incentive in April 2019 to help more businesses undertake a greater amount of R&D on 19th April 2018. The Ministry of Business, Innovation and Employment, Inland
See MoreHong Kong: IRD publishes a bill on increasing tax deduction for R & D activities
On 20 April 2018, IRD gazetted the Inland Revenue (Amendment) (No. 3) Bill 2018 to provide for enhanced tax deduction for expenditure incurred by enterprises on qualifying research and development (R&D) activities, in order to encourage more
See MoreChina announces incentives for integrated circuit production companies
China's Ministry of Finance and Ministry of Industry and Information Technology have issued a notice introducing new tax incentives for qualified integrated circuit (IC) production enterprises. For new IC production enterprises or projects
See MoreTurkey: Law 7103 publishes with various tax measures
The new legislative package, or Law No. 7103 has been published on March 27, 2018 in the official gazette, which provides for several investment incentives in support of employment, research & development as well as manufacturing. It was
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