Colombia introduces new incentives for small enterprises
According to law 1819 of 2016, adopting the structural tax reform bill introduces amendments to the corporate income tax incentives applicable to small enterprises benefiting from Law 1429 of 2010, as follows: Years of incorporation Current
See MoreCanada: New Brunswick Budget 2017 presented
The New Brunswick Province Budget 2017 was delivered on 7th February 2017 by the Finance Minister. The budget decreases the small business income tax rate from 3.5% to 3% that will be effective from 1st April
See MoreItaly: Detail corporate tax measures mentioned in Budget Law for 2017
The Italian Budget Law for 2017 entered into force on 1 January 2017. From 2017 financial year, the Italian corporate income tax ("CIT") standard rate is reduced from 27.5% to 24 %. However, Banks, parent companies of banking groups, individual
See MoreCyprus: Tax incentives for investors in small and medium sized innovative enterprises
The Cyprus parliament has recently approved an amendment law in relation to the tax relief for investors in qualifying small and medium-sized innovative enterprises which is entered into force on 1 January 2017. According to approved law which adds
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 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 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 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 MoreUK: Consultation on tax simplification for unincorporated businesses
On 15 August 2016 HMRC published a consultation document on simplifying tax for unincorporated business. The UK government announced at Budget 2016 that it would be looking at simplifying tax rules for businesses, with a focus on the self employed
See MoreArgentina-Published tax incentives for micro, small and medium-sized enterprises
In Argentina, Law 27,264 establishing a special tax regime for micro, small and medium-sized enterprises (the Law) was published in the Official Gazette on 1 August 2016 and the Law has been in force since 10 August 2016. According to the Law 27,264
See MoreColombia: DIAN rules on non-application of tax benefits for small business
According to a recently published ruling, the National Tax Authority of Colombia pronounced on the non-application of tax benefits provided by Law 1429 of 2010 to small enterprises, as follows: Decree 545 of 2011 regulates Law 1429 of 2010,
See MoreCanada: First reading of federal budget bill 2016 received
Federal budget bill 2016, Bill C-15, has received first reading on 20th April 2016 that contains some of the proposals announced by the 2016 federal budget. It also includes several measures, such as changes affecting the inter-corporate dividend
See MoreKazakhstan: MoJ approves plans to consolidate tax code and customs code
The Ministry of Justice has approved plans on 5th April 2016 that are aimed at consolidating the Tax Code and the Customs Code into one single code. Note that, Kazakhstan became a member of the WTO on 30 November 2015. These plans will be effective
See MorePoland: Proposes amendments for corporate and personal income tax law
Minister of Finance presented the proposal of amendments to laws on income taxes for both corporate and personal on 25 February 2016. According to the amendments the exemption from withholding tax on interest, royalties and fees for intangible
See MoreTurkey: Annual weighted average interest rate for cash capital increase deduction announced
The Revenue Administration has released corporate tax Circular No. 40 on 7th April 2016 regarding the capital increase deduction that specifies that the annual weighted average interest rate is 14.6% for the year 2015. Note that, 50% of the interest
See MoreCanada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
See MorePoland publishes new R&D tax incentives
The Council of Ministers published a bill introducing amendments to the Corporate Income Tax Law regarding tax incentives for the development of research and development (R&D) activities on 7 March 2016. The bill foresees the following
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