Australia: Eligibility for the lower company tax rate
On 18 September 2017, the Australian Government released draft tax legislation for consultation to clarify that passive investment companies cannot access the lower company tax rate for small businesses. The Minister for Revenue and Financial
See MoreUK: Statistics on uptake of patent box relief
On 14 September 2017 the UK government published statistics in relation to the patent box legislation introduced from 1 April 2013. These statistics can be used by the government to assess the benefit to the economy from uptake of the tax relief,
See MoreMalaysia: Tax exemption for capital expenditure on manufacturing automation
On 30 August 2017, Malaysia published the Income Tax (Exemption) (No.8) Order 2017 in the Official Gazette. The order introduced a tax exemption on qualifying capital expenditure in relation to automation equipment used directly in a qualifying
See MoreVietnam: Finance Ministry proposes new tax plans
On 8 August 2017, the Ministry of Finance of Vietnam has announced the proposal to launch the tax reform program through two drafts on amending and supplementing the Laws on Corporate Income Tax, Personal Income Tax, Special Sales Tax, VAT and
See MoreSwitzerland: Federal Council initiates consultation on tax proposal 17
The Federal Council initiated the consultation on tax proposal 17 (TP17) on 6th September 2017. The proposal will make a significant contribution to having an appealing location and thus to added value, jobs and tax receipts. The reform will
See MoreMexico announces incentives for special economic zones
On 10 February 2017, the Ministry of Finance announced the creation of special economic zones (ZEEs). Legal entities and individuals with entrepreneurial activities in a ZEE would enjoy an income tax exemption during a 10-year period and a 50%
See MoreVietnam: Ministry of Finance proposes to cut taxes for small and medium-sized firms
Recently, the Ministry of Finance (MoF) has proposed a number of changes to the country's tax regime, including a reduced corporate income tax rate. Small and medium-sized firms currently pay 20% in corporate income tax. If the proposal is approved,
See MoreHong Kong plans to set tax incentives in innovation and technology sector
The Hong Kong government is planning to set a new tax incentive to boost the innovation and technology sector. The incentive was announced by Hong Kong Chief Executive Carrie Lam in her October Policy Address. The detailed plan is yet to be
See MoreWTO and ICC: Participation by small business in international trade
An initiative launched by the World Trade Organization (WTO) and the International Chamber of Commerce (ICC) encourages companies and private sector organizations to suggest innovative ideas to promote cross-border trade by micro, small and medium
See MoreKenya approves Finance Act 2017
The Finance Act 2017, has been gazetted on 23rd June 2017. The Finance Act seeks to amend the law relating to various taxes and duties. Corporate tax related reforms: New motor vehicle assemblers in Kenya will now enjoy a decreased corporate
See MoreBrazil: Provisional Measure publishes in the official gazette regarding revised CFC rules
On 18th August 2017, Brazil published Provisional Measure No. 795 ("MP No. 795/2017") in the official gazette 2017 regarding revised CFC rules for Brazilian organization. Provisional Measure No. 795/2017 which provides for changes in the tax
See MoreSlovak Republic: Government approves a draft Law on R&D tax credit
The government passed a series of laws from the Ministry of Finance on August 16, 2017. Most of them related to tax issues. The Ministry of Finance announced that the government has approved draft legislation that would introduce measures
See MoreBelgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreKorea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreChina plans to boost up foreign investment
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. On 28 July 2017, the decision was made at a State Council executive meeting presided over by Premier Li
See MoreNigeria: Government clarifies 27 new industries and products to enjoy tax holiday under pioneer status
The Federal Government gave clarifications on August 9, 2017 regarding businesses that would qualify to enjoy pioneer status under the extra 27 new industries and products for inclusion in the list of “pioneer industries” and “pioneer
See MoreArgentina: Decree No. 593/2017 on incentives published in Official Gazette
Decree No. 593/2017 regarding capital goods was published on July 28, 2017 in the Official Gazette. The Decree is effective from July 1, 2017. This decree modifies incentives under some articles of both Decree No. 379/2001 and Decree No. 594/2004.
See MoreUruguay: Executive Power formally proposes accountability bill 2016
The Executive Power of Uruguay submitted to Congress for consideration the 2016 Accountability Bill on 20 June 2017. The Bill includes provisions on Internet services and the software industry. The bill would also modify the Free Zones (FZ) law. If
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