China: 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 MoreUganda: Parliament passes Income Tax (Amendment) Act 2019
On 30 June 2019, Ugandan Parliament has passed Income Tax Amendment Act 2019. The act contains a number of measures including definition of beneficial owner to reduce the threshold required for exemption; to provide for withholding tax by a seller
See MoreTanzania: Government publishes Finance Act, 2019
The Tanzanian Government has published the Finance Act, 2019 in the Official Gazette on 30 June 2019 and it became effective from 1 July 2019. On 13 June 2019, Philip Mpango, the Finance Minister, presented the Budget for financial year (FY)
See MoreSouth Korea: MOEF proposes tax revision bill for 2019
On 25 July 2019, South Korea’s Ministry of Economy and Finance (MOEF) has issued an overview of the proposed 2019 Tax Revision Bill to raise tax credit rate for corporate facility investments, R&D. The bill mainly focuses on boosting the
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 MoreBrazil publishes new tax incentive regulation for oil and gas sector
On 17 June 2019, the Minister of Mines and Energy signed Regulation No 252, which regulates the process of setting priority projects in the oil, gas and biofuel sectors for issuing incentive debentures. The regulation will help unlock investment in
See MoreIndia presents Finance Bill for 2019/20
On 5 July 2019, the Finance Minister presented the Finance Bill of the newly formed government for financial year (FY) 2019-20. The bill proposed changes to the tax laws starting 1 April 2019. The proposed key amendments includes: The rate of
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 MoreCanada: Federal budget 2019 bill enacted
On 21 June 2019, Canada’s corporate income tax measures as included in three federal bills are deemed to be substantially enacted. The summary corporate tax measures are following: Increasing 15% tax credit for mineral
See MoreSouth Africa: Tax benefits for investors through Section 12J VCC regime
In 2009 Government implemented a tax incentive for investors in privately owned entrepreneurial businesses in South Africa to assist small and medium sized enterprises (SMEs) with access to equity finance. Individuals, companies and trusts (any SA
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 MoreArgentina enacts law on knowledge-based economy
Argentina has published Law 27,506 in the official gazette enacting Decree No. 408/2019 , establishing promotional regime on tax benefits for the Knowledge Economy. The purpose of the law is to the promote of the country’s knowledge-based and
See MoreTanzania: Finance Minister presents Budget for FY 2019/2020
On 13 June 2019, Philip Mpango, the Finance Minister of Tanzania, presented the Budget for financial year (FY) 2019/2020 to the National Assembly. The finance minister said that total domestic revenue including Local Government Authorities (LGAs)
See MoreUganda: MoF presents 2019/20 Budget
On 13 June 2019, Matia Kasaija, the Uganda's Ministry of Finance (MoF) presented the Budget for 2019/20 to the Parliament of the Republic of Uganda. On that day, Income Tax (Amendment) Act, 2019 was also enacted which was presented in the
See MoreHungary plans to take several tax measures for maintaining economic growth
On 31 May 2019, the Ministry of Finance announced the Government-approved Action Plan for the Protection of the Economy. To help small businesses, the small business tax rate (KIVA) will be reduced from 13% to 12% from 1 January 2020. The tax cut
See More