Malaysia: Government releases income tax exemption order for 2017-2018

May 03, 2017

The government released an Exemption Order (the Order) on 10 April 2017 providing a temporarily reduction in corporate income tax rates based on incremental taxable income compared to the preceding year of assessment.  The “Income Tax (Exemption)

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Singapore: Budget for 2017 released

May 02, 2017

The government of Singapore released Budget 2017 on 20 February 2017, for the financial year 1 April 2017 to 31 March 2018. The Budget bill raised the existing corporate income tax (CIT) rebate cap from SGD 20,000 to SGD 25,000 for the assessment

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Thailand- new tax on e-commerce to be introduced in April 2017

April 28, 2017

The Revenue Department of Thailand is planning to enforce a new law to tax cross-border e-commerce transactions by April 2017. Currently, a foreign operator which carries on e-commerce business but does not enter Thailand or does not have any

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US: Trump planning dramatic cut to corporate tax rate

April 26, 2017

President Trump is planning to cut the corporate tax rate to 15 percent even though that means a loss of revenue.  Trump told his staff during a meeting in the Oval Office that he wants a massive tax cut for the American public. The 15 percent rate

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UK: Major tax changes coming into effect in April 2017

April 26, 2017

Millions of businesses across the UK will benefit from new tax measures coming into effect in April 2017, including a £9 billion cut in business rates, a further reduction in corporation tax to 19% and a continued fuel duty freeze. “We’re

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Turkey: Law No. 6824 introduces income tax and VAT relief

April 25, 2017

On 8th March 2017 Law No. 6824 on the restructuring of certain public claims and the amendment of certain laws and cabinet regulations was published in the official gazette. The Law changes both the Income Tax and VAT Laws, introducing a new income

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Czech Republic: MoF issues a paper on anti-tax avoidance rules

April 25, 2017

The Finance Ministry published on its website a discussion paper regarding the implementation of EU Anti-Tax Avoidance Directive on 12th of July 2016. The directive mainly states new rules for interest deduction restrictions and similar expenses

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Dominican Republic: DGII extends fiscal support to the agricultural sector

April 24, 2017

The Directorate General of Internal Taxes (DGII) on 6 April 2017, declared the extension of fiscal support for the agricultural sector that frees them from the payment of advances on Income Tax, the payment of the Tax on Assets and the Withholding

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China plans to cut tax rates

April 23, 2017

The government of China plans new tax cuts to reduce the burden on businesses, support innovation and stabilize growth. On April 19, tax cuts were approved at a State Council executive meeting presided over by Premier Li Keqiang, after the

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Hong Kong: Major Changes in 2016/17 Profits Tax Return Form

April 18, 2017

The Inland Revenue Department of Hong Kong recently published a list of major changes in profit tax return form for the year of 2016/17. Four items are added in the Profits Tax Return this year. Firstly, qualifying corporate treasury centre

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Nigeria: Electronic tax clearance certificate expected to be introduced soon

April 17, 2017

The Federal Inland Revenue Service (FIRS) declares it will soon announce electronic Tax Clearance Certificate (TCC) system to assist reduce fraudulent certificates. The implementation of the e-TCC verification system had reached an advanced stage,

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Canada: MoF tables the fiscal budget 2017-18 for Manitoba

April 17, 2017

The Fiscal Budget 2017-18 of province Manitoba has been presented on 11th April 2017 by the Ministry of Finance. There are no increases to personal or business taxes. The corporate tax rate for small business and their taxable limit remains

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Australia: Diverted profits tax begins from first July 2017

April 16, 2017

The diverted profits tax (DPT) is one of many new measures introduced to tackle multinational tax avoidance. The DPT aims to ensure multinationals do not avoid their Australian tax obligations by entering into schemes to divert their Australian

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US: IRS reminds United States citizens and resident aliens to check U.S. tax liability

April 16, 2017

The Internal Revenue Service on 13 April 2017 reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. IRS also informed that anyone with a foreign bank

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Mexico releases general rules on R&D tax credit

April 15, 2017

On February 28 2017, a general rule was published in the Official Gazette. This rule govern Mexico's R&D (research and development) tax credit. The incentive for the tax credit was resumed within the scope of the tax reform of 2017. Taxpayers

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Pakistan: Instigated the alternative dispute resolution committee

April 13, 2017

On 29 March 2017, the Federal Board of Revenue (FBR) has started the Alternative Dispute Resolution (ADRC) service. The FBR has decided to provide the service in view of the fact that 27,000 complaints are pending before Appellate Tribunal Inland

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Pakistan: FBR issues a law regarding payment of tax collected or deducted

April 12, 2017

Pakistan’s Federal Board of Revenue Published a Notification No. S.R.O. 255(I)/2017 of 12 April 2017, which introduced a new provision in Rule 43(b) of the Income Tax Rules 2002 regarding payment of tax collected or

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US: IRS urges taxpayers to choose return preparers carefully

April 12, 2017

As the April 18 income tax filing deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return wisely. A reputable preparer will ask to see a taxpayer’s records and receipts and

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