China declares tax incentive for small enterprises
State Administration of Taxation (SAT) of China has published Circular 77/2018 to extend the tax incentive for small and low-profit enterprises. The incentive provides for a 50% reduction in taxable income with a reduced tax rate of 20%. From
See MoreThailand publishes various tax incentives
Thailand issued a series of Royal Decrees on 13 May 2018, which provide for various tax incentives. One of the main incentives is under Royal Decree No. 658, which extends the five-year corporation tax (exemption) for start-ups in certain target
See MoreCanada: Budget Implementation Act, 2018, No. 1 receives Royal Assent
The Finance Minister, Bill Morneau, welcomed Royal Assent of the Budget Implementation Act, 2018, No. 1, which implements a number of important measures announced in Budget 2018. The Budget Implementation Act, 2018, No. 1 received Royal Assent on
See MoreLithuania: MoF proposes to amend the Corporate Income Tax Law
The Ministry of Finance has published a bill to ease the restrictions on the preferential corporate tax rate (5%) for SMEs. The bill, which was published in the Official Journal on 7 May 2018, and the adoption by Parliament, will enter into force on
See MoreAustralia: Federal Budget 2018
On 8 May 2018, the Commonwealth Treasurer, Mr. Scott Morrison, announced the Federal Budget 2018-19. Mr. Morrison said “in this year's Budget there are five things we must do to further strengthen our economy to guarantee the essentials
See MoreSweden: The Draft legislation regarding corporate tax changes submits to the parliament
On 3 May 2018, the draft law was submitted to the Swedish Parliament for the introduction of new tax rules for the corporate sector. The proposal comprises new rules on re interest deductions, financial leasing and a reduced corporate tax rate. The
See MoreChina introduces 7 tax cuts
On 25 April 2018, Chinese Ministry of Finance has declared 7 key measures to support SMEs and innovation. The measures include: Enterprises’ new purchase of R&D equipment worth less than RMB 5 million can be deducted for one time before
See MoreIndia: DIPP publishes notification on the procedure for startups to avail tax benefits
On 11 April 2018, the Department of Industrial Policy and Promotion (DIPP) has issued Notification to outline the procedure of application and criteria for a startup to be eligible to apply for tax relief. The Notification has come into effect from
See MoreHong Kong: IRD publishes a bill on increasing tax deduction for R & D activities
On 20 April 2018, IRD gazetted the Inland Revenue (Amendment) (No. 3) Bill 2018 to provide for enhanced tax deduction for expenditure incurred by enterprises on qualifying research and development (R&D) activities, in order to encourage more
See MoreIndia: President approves Finance Act 2018
On 29 March 2018, the Finance Bill 2018 received the approval of the president and now is enacted law, following some changes made by the lower house of parliament on 15 March 2018. This law would apply with effect from 1 April 2018. The main tax
See MoreCanada: Federal budget bill C-74 receives first reading
The Canadian federal government released first reading of Budget Implement Act (Bill C-74) on March 27, 2018. This bill includes measures from the 2018 federal budget and other measures including income tax amendments, such as, small business tax
See MoreJapan: Parliament legislates tax reform plan for 2018
On 28 March 2018, The Diet (Japan’s parliament), enacted the tax reform plan for 2018. The tax law enforcement orders, which are regulations provided by the Government to supplement tax law, were also published in the Official Gazette on 31 March
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreCanada: Finance Minister presents the Federal Budget 2018
The Finance Minister, Bill Morneau, presented a federal budget, on February 27, 2018, that plans a clear course for the Liberals to the 2019 election, an aspirational road map designed to ensure that no woman, scientist or national wildlife area
See MoreTaiwan approves the third income tax optimization plan for 2018
Taiwan's legislative Yuan approved the third income tax optimization plan regarding changes for both corporate and individual taxpayers on 18 January 2018. Corporate taxation: The corporate tax rate is raised from 17% to 20% in 2018; Where a
See MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See MoreEcuador reforms tax law for 2018
On 29 November 2017, Ecuador has enacted a new law published in Official Gazette-150 that reforms tax laws, effective as of 1 January 2018. Corporate income tax The new law increases the corporate income tax rate from 22% to 25% and withholding
See MoreItaly: Approves budget Law for 2018
The Italian Budget Law for 2018 (Law no. 205 of 27 December 2017) published on 29 December 2017 and entered into force on 1 January 2018. Some of its most significant corporate tax measures are summarized below: Dividends: Dividends from
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