Australia: Federal Budget 2019-20
On 2 April 2019, the Australian Government announced its 2019-20 Budget. The Government is lowering taxes for working Australians and backing small and medium‑size business, while ensuring all taxpayers, including big business and multinationals,
See MoreThailand repeals tax incentives under ROH, IHQ and ITC regime
On 26 March 2019, the Thai Cabinet approved three Royal Decrees cancelling all tax incentives provided under the Regional operating headquarters (2010) regime (ROH), International headquarters regime (including Treasury Centres) (IHQ),
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 MoreChina approves new foreign investment law
On 15 March 2019, the National People’s Congress of China has approved the Foreign Investment Law. According to the Foreign Investment Law Chinese subsidiaries of foreign parents will be treated in the same manner as Chinese-owned
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 MoreArgentina publishes tax incentive scheme for local production of certain capital goods
27 March 2019 On 15 March 2019, Argentina published Decree 196/2019 in the official gazette amending Decree No. 379 which was issued in 2001. The decree amends and extends one year (from January 1 to December 31, 2019) tax incentives for the
See MoreCanada: Federal budget 2019
On 19 March 2019, Finance Minister Bill Morneau tabled in the House of Commons the Liberal Government’s Budget 2019. This budget focuses on continued economic growth, job creation, support for first-time home buyers, investments in cleaning up
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 MoreChina: New rules and requirements for tax compliance
Recently promulgated Chinese tax regulations include following changes affecting corporate income tax: Increase to the unit value of fixed assets eligible for the “one-off deduction method” to RMB 5 million;Increase to the deduction limit
See MoreIreland updates R&D tax credit
On 6 March 2019, Irish Revenue releasedTax and Duty Manual Part 29-02-03, which includes the Research and Development Tax Credit guidelines. Sections 766, 766A and 766B of the Taxes Consolidation Act (TCA) 1997 (the Act) and the Taxes
See MoreTaiwan: NTBND Publishes a clarification on carry forward of losses for exemption from investment income
On 4 March 2019, the National Tax Bureau of the Northern District (NTBND) of the Ministry of Finance of Taiwan issued a clarification on carry-forward of losses for exemption from investment income. Under the clarification following changes
See MoreIreland: Tax relief for new start-up companies
On 1 March 2019, Irish Revenue released Tax and Duty Manual Part 15-03-03 that has been updated to reflect the amendment made in Finance Act 2018 which extended the relief for start-up companies under section 486C of the Taxes
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 MoreSlovak Republic: New proposal to revise R&D tax regime
On 21 February 2019, the government of Slovak Republic proposed to amend the research and development (R&D) tax regime. The proposed amendment would increase the allowable deduction with qualifying R&D expenditures. According to proposal,
See MoreSouth Africa introduces Budget 2019 in parliament
On 20 February 2019, Tito Mboweni (South Africa’s Minister of Finance) presented the Budget 2019 in the parliament. The budget proposal would not increase taxes in any category but proposed to increase tax collection by not adjusting for inflation
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
See MoreSerbia: Parliament adopts the law on amendments to the corporate income tax law
On 7 December 2018, the parliament of Serbia adopted the Law on Amendments to the Corporate Income Tax Law (the Law) which was published in the Official Gazette of RS number 95/2018 dated 8 December 2018. The Law came into force on 9 December
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