Kenya approves Finance Act 2017
The Finance Act 2017, has been gazetted on 23rd June 2017. The Finance Act seeks to amend the law relating to various taxes and duties. Corporate tax related reforms: New motor vehicle assemblers in Kenya will now enjoy a decreased corporate
See MoreBrazil: Provisional Measure publishes in the official gazette regarding revised CFC rules
On 18th August 2017, Brazil published Provisional Measure No. 795 ("MP No. 795/2017") in the official gazette 2017 regarding revised CFC rules for Brazilian organization. Provisional Measure No. 795/2017 which provides for changes in the tax
See MoreUK: Disclosure of offshore income and assets
In the period to 31 August 2017 taxpayers are receiving letters from their financial advisors warning them of their disclosure obligations in respect of offshore accounts and assets. Financial institutions providing offshore advice – referred to
See MoreSlovak Republic: Government approves a draft Law on R&D tax credit
The government passed a series of laws from the Ministry of Finance on August 16, 2017. Most of them related to tax issues. The Ministry of Finance announced that the government has approved draft legislation that would introduce measures
See MoreOECD: Comments received on draft updates to Model Tax Convention
On 11 August 2017 the OECD published comments received on the draft 2017 updates to the OECD Model Tax Convention and commentary. The draft updates had been published for comment on 11 July 2017. Comments were received from the BEPS Monitoring
See MoreOECD: Global Forum releases compliance ratings on tax transparency
On 21 August 2017 the Global Forum on Transparency and Exchange of Information for Tax Purposes published the first ten results of the enhanced peer review process to assess compliance with international standards for the exchange of information on
See MoreColombia changes rules of amortization of intangible assets
Colombian National Tax Authority (DIAN) has published a ruling regarding the application of amortization of intangible assets. In accordance with ruling, amortization method of an intangible must be decided based on the accounting rules, as long as
See MoreLatvia: Parliament passes new corporate tax law
The Latvian parliament passed a new corporate tax law on 28 July 2017. The law will enter into force on 1 January 2018. Unlike the current corporate income tax (CIT) regime, the proposed CIT regime is based on a cash-flow taxation model, which
See MoreIndonesia updates Form DGT-1 for non-resident taxpayers
Indonesian tax authority issued a Regulation PER-10/PJ/2017 that commences a new “certificate of domicile” standard for non-resident taxpayers and it is effective from 1 August 2017. According to the new Regulation, there are 2 types of
See MoreIMF report and selected issues paper looks at tax issues in China
On 15 August 2017 the IMF issued a report and selected issues paper following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China is continuing its transition to more sustainable growth with
See MoreUK: HMRC reveals details of employment remuneration tax avoidance schemes
HMRC has published details of tax avoidance schemes that are being used by employers, agencies and other intermediaries to avoid payment of income tax and national insurance contributions. These and other types of tax avoidance scheme are published
See MoreMalta amendments fringe benefits rules
On 8 August 2017, the Minister for Finance (MoF) made amendments to Fringe Benefits Rules and Inland Revenue Department published a guide to provide explanations and instructions on the application of the Fringe Benefits Rules (SL 123.55). It
See MoreBelgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreMalawi: New tax measures effective from July 2017
On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the
See MoreSaudi Arabia: Decree amending appeal procedure
Saudi Arabia issued Royal Decree No. M/113 of 25 July 2017 amending the country's income tax law with regard to penalties and appeals procedures. According to the Decree, the General Authority of Zakat and Tax is expressly given the power to impose
See MoreKorea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreLuxembourg: Government announces new intellectual property tax regime
Luxembourg has announced a new regime that offers a special tax incentive for certain income from intellectual property rights. On 7 August 2017, a bill of law proposing the introduction of a new Luxembourg intellectual property (IP) tax regime was
See MoreItaly: Deadline for 2016 Tax Return extended
The Decree of 26 July 2017 from the President of the Italian Council of Ministers was published in the Official Gazette on 28 July 2017. According to the Decree, the deadline to submit the annual tax return (corporate income tax (IRES), regional tax
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