Poland: Parliament approves new R&D tax incentives
The parliament accepted a bill proposed by the former president amending the Corporate Income Tax Law to establish new research and development (R&D) tax incentives and promote modern technologies, on 25 September 2015. According to the bill,
See MoreBrazil: Government declares new tax measures
Brazil’s Executive branch has proposed different tax measures that would decrease the expected 30 billion Reais (R$) deficit for 2016 to avoid a budget deficit. Tax incentives Under the proposal, tax incentive for export companies will reduce
See MoreChina: Tax incentives for small and low-profit enterprises
On August 19, State Council of China decided to improve the tax breaks available for small and low-profit enterprises. Small and low-profit enterprises can pay their income taxes at the rate of 20% with following conditions: any industrial
See MoreThailand-Tax incentive for the expenditures of research and development (R&D) of technology and innovation
The cabinet of Thailand has passed a tax incentive for the expenditures occurred in the R&D sector of technology and innovation. The tax incentive has become effective as from 1 January 2015 to 31 December 2019. Accordingly a tax deduction of up
See MorePeru: New law on tax incentives for medium-sized, small and micro enterprises
In Peru, Law 30327 providing tax incentives for medium-sized, small and micro enterprises was published in the Official Gazette on 21 May 2015. According to the new law medium-sized, small and micro enterprises are now subject to tax under the
See MoreSpain: Government approves special tax regime for the Canary Islands
The Spanish Government has approved the agreement with the European Union (EU) Commission for the new Spanish special tax regime for the Canary Islands (Zona Especial Canaria, or ZEC ), which entered into force on January 1, 2015. The regime is
See MoreUK: Budget Announcements for 2015/16
The UK budget announcements were delivered on 18 March 2015. The detail of the announcements is as follows: Business tax measures As already announced the UK corporation tax rate is 20% from 1 April 2015. The budget announcements include the
See MoreThailand: IMF reports on preliminary findings
The IMF has completed a mission to Thailand from 15 to 29 January 2015 to hold discussions in connection with the Article IV Consultation. The IMF is expecting Thailand to continue a gradual economic recovery in 2015 and growth is estimated at 3.5%.
See MoreLatvia: Budget committee approves 9% Microenterprise tax rate
The Parliament Budget and Finance (Taxation) Committee approved in principle a draft bill which sets the micro-enterprise tax rate at 9% in the first three years since the company's registration. As reported, in 2015, the tax rate for
See MoreVietnam – Publishes Guidance on Corporate Income Tax Incentives
Vietnam publishes guidance on corporate income tax incentives for enterprises that rearrange or with respect to incentives granted on a “location basis.” Under December 2014 guidance, if an enterprise is currently enjoying the benefits of a
See MoreItaly: approves fiscal budget for 2015
Italy has approved 2015 fiscal budget with deficit. The budget bill was passed by both houses of parliament when the Chamber of Deputies approved the budget on December 22. Budget implication on Tax & VAT: The Budget includes a cut in the
See MoreCanada: Small business income tax rate decreases
The New Brunswick has introduced Legislation (Bill 2) that would cut the small business income tax rate from 4.5% to 4% as of 1st January 2015. Bill 2 has taken first reading on 4th December
See MoreChina: Announces accelerated depreciation method for deferring corporate income taxes
The accelerated depreciation methods will be allowed in China to promote technology innovation and economic development. The Executive Meeting of the State Council of China announced on 24 September 2014 that the R&D made on or after 1 January
See MoreSouth Africa: SARS Issues Tax Incentive Guide On UDZ
The South African Revenue Service (SARS) has published a tax guide regarding Urban Development Zone (UDZ) tax incentive. In 2003, the UDZ incentive was announced in the form of an accelerated depreciation allowance under the income tax code to
See MoreTurkey: Amendment in investment incentives regime
A decree entitled “Decree 2014/6588” has published on August 6, 2014 in the Official Gazette which amends Decree 2012/3305 on the investment incentives regime. Decree 2014/6588 entered into force on its publication date. The major requirements
See MoreQatar: An unique incentive have been introduced by the QFC
An unique and innovative incentive have been introduced by the Qatar Financial Centre (QFC) Authority as amendments to the Tax Regulations and Tax Rules regarding using new areas of tax relief and tax losses, mostly providing an advantage for Qatar
See MoreVietnam: Issues new Circular on Corporate Income Tax
The Ministry of Finance published Circular No. 78/2014/T-BTC (Circular No. 78) on 18 June 2014, which provides additional execution guidance in respect of Decree No. 218/2013/ND-CP (Decree No. 218) which was issued on 26 December 2013. Decree 218,
See MoreKazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
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