Turkey: General Communiqué No. 11 on CIT Law gazetted
General Communiqué No. 11 regarding the Corporate Income Tax Law (Law No. 5520) was gazetted on 31st December 2016 and amends General Communiqué No. 1. The measure entered into force on the day of its publication. The Communiqué gives
See MoreArgentina: Special tax regime for small entrepreneurs
Law 27,346 published in the Official Gazette of 31st December 2016 amends the special tax regime for small entrepreneurs and professionals. The special regime is open to individuals, work cooperatives and de facto companies along with up to three
See MoreGreece: Incentives for business re-organization under Income Tax Code
The Public Revenue Authority has published a Circular 1198/2016 on 23rd December 2016 to provide explanations on the tax treatment of business re-organizations under the Income Tax Code (ITC). According to article 61 of Law 4438/2016, no tax, stamp
See MoreIndia: decided to reduce the existing deemed profit rate
The Central Board of Direct Taxes announced 19 December 2016, stating that in order incentivize small traders/businesses to proactively accept payments by digital means, it has been decided to reduce the existing rate of deemed profit of 8% under
See MoreNigeria: Budget 2017 has been presented to the parliament
The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals: reviving the export expansion grant scheme due to the tax credit’s provision
See MoreKazakhstan: Law introducing tax amendments signed by president
The President of Kazakhstan has signed a Law entitled “Law No. 26-VI” on 30th November 2016 that introduces changes to the tax legislation. The Economic Ministry declared that the Senate had adopted a draft law (in
See MoreGreece: Draft law on company establishment under electronic one-stop-shop procedure adopted
The draft law regarding the establishment of a company on the basis of the electronic one-stop-shop procedure was adopted by the parliament on 29th November 2016. It was submitted to the parliament on 25th November 2016 for
See MoreGreece: Draft law on establishment of company under electronic one-stop shop procedure
The draft law regarding the company establishment under the electronic one-stop shop process was submitted to the parliament on 25th November 2016. The draft law covers the following things: The company establishment via an electronic one-stop
See MoreHungary-New bill amending Corporate Income Tax Law passed by the Parliament
The Hungarian parliament passed a bill modifying the Corporate Income Tax Law on 23 November 2016. According to the law the early stage business will be defined as start-up company if the company has been registered as an early-stage business in
See MoreGreece: Draft Bill to amend Income Tax Code submitted to parliament
The amendments of the draft law implementing Directive 2014/17/EU on credit agreements for consumers regarding residential immovable property and amending Directives 2008/48/EC has been submitted to the parliament on 23rd November 2016. The
See MoreKazakhstan: Draft law introducing tax amendments adopted
The Ministry of Economy has announced on 17th November 2016 that the Senate had adopted a draft law (draft Law No. 26-VI; in Russian) introducing changes to the tax legislation. This draft law is sent to the President for signing and contains the
See MoreNigeria: Companies Income Tax Act (Amendment) Bill 2015 was passed in Senate
The amended Companies Income Tax Act bill 2015 has been passed the second reading in the Senate on 16th November 2016. The Bill proposes to deliver the following extra tax incentives to companies: Companies those are engaged in the mining of
See MoreSlovenia: Publishes new R&D tax incentives guidance
The Financial Administration recently published guidance on the application of research and development (R&D) tax incentives. The guidance specifies the following: In order to qualify for the R&D tax incentives, the activity must meet
See MorePoland: Publishes amended bill on CIT exemption for investment funds
The first reading of the draft Bill on the amendment of the Corporate Income Tax Act, which was submitted to the Parliament on 31 October 2016, took place in the Parliament on 4 November 2016. According to the bill, withdrew the full exemption
See MorePortugal-Published revaluation incentive for tangible fixed assets and investment properties
The Portuguese Tax Authorities published in the Official Gazette Decree-Law nr. 66/2016 on 3 November 2016. The Decree establishes a voluntary regime for revaluating tangible fixed assets and investment properties, with the purpose of encouraging
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreRomania: Ministry of Finance published a proposal for tax incentives and administrative simplification measures
Romanian Finance Ministry recently published a press release regarding proposals for tax incentives and administrative simplification measures for both individuals and companies. The following matters are included in the proposals; Encourage
See MoreBelgium offers incentives for start-ups
In April 2015, the government of Belgium disclosed a tax shelter plan for the digital economy. If certain conditions are met, this plan provides that investments in new shares of start-ups will be eligible for a tax relief of 30% (SMEs) or 45%
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