OECD: Report on small businesses in Canada
On 29 July 2017 the OECD published a report entitled SME and Entrepreneurship Policy in Canada. The report looks at entrepreneurship activity, business structures, federal programmes, productivity and innovation among small and medium enterprises
See MoreRussia: Proposes a tax incentive for business investments
The Russian government on 19 April 2017, proposed a tax incentive for business investments. Under the proposal, the corporate tax rate would reduce from 20% to 5%. The aim of the incentive is to promote the innovation and modernization of domestic
See MoreUK: HMRC updates CIRD manual
HMRC’s Corporate Intangibles and Research and Development manual has been updated to reflect a temporary extension to the available period in which to amend a claim to research and expenditure (R&D) tax relief. The extension applies only to
See MoreCanada: New tax proposal increases uncertainty for SMEs
A new federal tax proposal was announced on 18th of July 2017 by the Finance Minister and it could have a chance of uncertain consequences for small businesses and enterprises (SMEs). The Canadian Federation of Independent Business (CFIB) has
See MoreHong Kong: Government plans to introduce tax relief for small and medium enterprises
Following a question regarding two tax measures proposed by Chief Executive in her election manifesto, the Secretary for Financial Services and the Treasury has replied on focusing tax relief for small and medium enterprises. In the 2017-18 Budget,
See MoreItaly: Tax ruling on withholding tax exemption for foreign investments in real estate
The Tax Authority of Italy (Agenzia delle Entrate) has issued a tax ruling -Risoluzione n. 78/2017- on 27 June 2017. The ruling is related to certain foreign investment funds which wish to benefit from an exemption from withholding tax. The tax
See MoreKorea: Recent developments on corporate taxation
With the aim of encouraging the development of new growth-engine industries, reinforcing employment-friendly tax schemes, and facilitating corporate restructuring, a few amendments that affect foreign investment or foreign invested companies have
See MoreVietnam: National Assembly passes the new technology transfer law
The National Assembly of Vietnam on 19 June 2017 approved the Law on Technology Transfer No. 07/2017 / QH14 ("LTT 2017"). The new law (LTT 2017) comes into force on 1 July 2018 and replaces the Law on Technology Transfer No. 80/2006 / QH11 of 29
See MoreFrance: Planning to remove CICE Tax Credit
With the aim of creating a more business friendly environment, the French Government is planning to remove the competitiveness and employment (CICE) tax credit and reduce social security contributions. As an approach on this, the CICE tax credit
See MoreDenmark introduces tax incentives for hydrocarbon activities
The Danish government on 26 June 2017, published a draft bill regarding tax incentives for the Danish hydrocarbon activities. The draft bill is subject to a public hearing (consultation) until 14 August 2017. As a result, Danish hydrocarbon
See MoreHong Kong: Bill on tax exemption to open-ended fund companies gazetted
On 23 June 2017 the Hong Kong SAR Government published in the Gazette the Inland Revenue (Amendment) (No. 4) Bill 2017 to implement the 2017-18 Budget initiative of extending profits tax exemption to privately offered open-ended fund companies
See MoreVietnam: National Assembly passes law on supporting SMEs
On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include
See MoreTanzania: 2017 Budget effective from July 1, 2017
The Minister for Finance and Planning (MoFP) on 8 June 2017, issued to the National Assembly the estimates of government revenue and expenditure for 2017. The government plans to organise and spend TZS 31,712.0 billion in the 2017/18 budget. The
See MoreSingapore: financial sector incentive (FSI) revised
The Monetary Authority of Singapore revised the financial sector incentive (FSI) schemes for improving the financial intermediation and to increase the capabilities of financial services and banking activities in Singapore. Within the framework of
See MoreMauritius: Budget for 2017-2018
On 8 June 2017, the Prime Minister and Minister of Finance and Economic Development delivered the Budget speech for 2017-18 to the parliament with little change to economic policy. Key points of the budget are summarised below: Reduced corporate tax
See MoreChina announces tax and VAT incentives
The government of China has announced a range of tax incentives including certain reduced rates to boost the Chinese economy. The tax incentive measures include a reduced taxable income threshold for eligible small enterprises to pay corporate
See MoreChina announces tax incentives to boost up tech SMEs
On 3 May 2017, China announced measures to encourage research and development (R&D) by tech firms through favorable tax terms. Small and medium sized-enterprises (SME) in the technological sector can deduct an additional 75% of the R&D costs
See MoreSwitzerland: Steering committee adopts revised corporate tax reform proposal
The steering committee incorporate of federal and cantonal representatives has adopted recommendations on a balanced corporate tax reform proposal III (TP17) on 1st June 2017 for the attention of the Swiss Federal Council. The new proposals come
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