Romania: Ordinance amending the Tax Code published
In the Official Gazette no. 885 of 10 November 2017, Emergency Ordinance no. 79 concerning the modification and completion of Law no. 227/2015 regarding the Tax Code has been published by the Romanian Government. According to the new rule a taxpayer
See MoreThailand: OECD concludes Thai incentives as harmful tax practices
The Thai government upon joining the base erosion and profit shifting (BEPS) inclusive framework, agreed to implement certain minimum standards under Action 5 (harmful tax practices). Part of the minimum standard under Action 5 relates preferential
See MoreThailand: Decree on corporate tax reduction options for SMEs released
On 31 October 2017, Royal Decree (No 647) was published allowing small and medium-sized enterprises (SMEs) to claim a double (200%) corporate tax deduction allowance for expenditure paid out for purchasing or hiring computer software programs
See MoreMalaysia: Prime Minister announces the Budget for 2018
On October 27, 2017, Malaysian Prime Minister Najib Razak presented the budget for 2018, outlining government plans to combat rising costs and limit the country's fiscal deficit. Some of the key fiscal tax measures are summarized as follows: Tax
See MoreBrazil: Government changes tax rules on the oil and gas tax industry
Brazil has published the National Congress Act 53 of 10th October 2017 in the Official Gazette for extending the Provisional Measure (PM) 795/2017 of 18th August 2017. Provisional Measure (PM) 795/2017 provided for the tax treatment of oil
See MoreBelgium: Corporate tax reform
On 27 October 2017, according to a press release, on the proposal of the Minister of Finance, the government approved the corporate tax reform. The corporate tax reform process would take place in two phases, 2018 and 2020. Under the tax reform,
See MoreItaly: Cabinet approves 2018 budget bill
The Council of Ministers of Italy approved the draft Budget Law for 2018 on 16 October 2017. The main tax measures according to the approved Budget law are as follows: -incentives specifically on the temporary accelerated depreciation regime, the
See MoreNetherlands: The new Dutch Government publishes Policy Paper
The new Dutch government published its Policy Paper on 10th October 2017. The paper highlights the policy of the new Dutch government for the next four years. The new four-party coalition government was formed after extensive negotiations after the
See MorePortugal: Budget for 2018 presented to the Parliament
The Portuguese Budget Bill for 2018 was presented to the Parliament on 13 October 2017. The most important features of the Budget Bill are as follows: -Gains derived from the transfer of shares or rights of non-Portuguese entities, with more than
See MoreCanada: Government intends to reduce small business tax rate
The Government is working to build a fairer and more efficient tax system that benefits all Canadians. As one of its first actions, the Government raised taxes on the wealthiest one per cent in order to cut taxes for the middle class. The Government
See MoreEcuador: New tax measures for 2018
On 11 October 2017, according to a press release, Ecuadorian President Lenin Moreno proposed some economic measures with tax reform plan. Key issues of this proposal are following: corporate tax rate will increase to 25% from 22%, advance
See MoreChina: New CIT rate for TASCs
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. To make China more appealing to foreign talent, the government will put in place a work permit system for
See MoreAustralia announces R&D activities registration deadline
The deadline for registration of research and development (R&D) activities are 31 October 2017 and companies that commence R&D activities need to consider the following in preparing for R&D registration like documentation, payments to
See MoreLuxembourg: Minister of Finance presents the budget law for 2018 to Parliament
On 11 October 2017, Finance Minister presented the draft 2018 Budget Law to the Luxembourg Parliament. The proposed bill on the budget provides for only a few changes for legal entities. On the proposal of the budget, starting January 1, 2018, the
See MoreNigeria: New application guidelines issues on pioneer status tax incentive
The Nigeria Investment Promotion Commission (NIPC) issued pioneer status incentive application guidelines (NIPC Application Guidelines) for potential investors in the country. This application guidelines effects from August 1, 2017. It gives
See MoreKazakhstan: New Tax Code submits to Parliament
The First Vice-Minister of National Economy, Ruslan Dalenov, submitted the draft of the new tax code to the finance and budget committee of the lower house of the Kazakh parliament (the Mazhilis) on September 21, 2017 for consideration. It was
See MoreUS: IRS issues guidance for tax credit for expanding research activities
The Internal Revenue Service has issued guidance to Large Business & International (LB&I) Division examiners regarding the examination of the credit for increasing research activities under IRC Section 41 (“Research Credit”) claimed by
See MoreSlovak Republic: Proposed provisions for patent box regime, exit tax, CFC rules
The Government announced several changes in the corporate taxation area on June 20, 2017, including the introduction of a new patent box regime in line with the modified nexus approach developed as part of BEPS Action 5. The government also proposes
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