Taiwan: MOF issues tax ruling on Taiwan-sourced income of foreign entities
On 26 September 2019, Taiwan’s Ministry of Finance (MOF) released a tax ruling regarding the new method of calculating income source from Taiwan originating from foreign entities amending article 15-1 in accordance with Article 8 of the Income
See MoreTanzania: BRELA requires all companies to be registered under 90-day deadline
The Business Registration and Licensing Agency (BRELA) issued a public notice regarding registration purposes. The notice issued for all Tanzania companies and business names that have not yet been registered through the Online Registration System
See MoreMalta: Finance Minister presents Budget for 2020
On 14 October 2019, Edward Scicluna, the Finance Minister of Malta, presented budget for the year 2020 to the Parliament. The budget focused on a number of key measures relating to sustainable development, the environment, technological innovation
See MoreCyprus: Tax department publishes income tax return form for 2018
On 3 October 2019, the Cyprus tax department has published corporate income tax return form (TD4) for 2018. The basic difference between 2018 and 2017 return form is the part 3. Under this taxpayer is requested to confirm whether a Transfer Pricing
See MoreUkraine: STS clarifies on determination of profits attributable to PE
The State Tax Service (STS) of Ukraine issued Letter No. 353/ІPK/15-32-05-04-02-15 of 25 September 2019 regarding determination of profits attributable to permanent establishment (PE). Permanent establishment (PE) will be recognized as an
See MoreTurkey amends interest rate for late payment of tax
On 2 October 2019, the Revenue Administration of Turkey has published Decree No. 1592 of 1 October in the official gazette amending Law No. 6183. The decree reduces monthly interest rate for late payment of tax from 2.5% to 2.0%. The Decree entered
See MoreMalaysia: Finance Minister presents the budget for 2020
Malaysia's Minister of Finance tabled in parliament the Budget for 2020. The budget provides the following tax measures: The SME income tax rate for Chargeable Income up to the first RM500,000 was reduced by 1% to 17% in 2019. To further
See MoreRussia publishes amendments related to corporation tax
On 29 September 2019, the Russian Government signed a Law no. 325-FZ (Amendments to the Tax Code of the Russian Federation) and published in the Official Gazette. The main amendments relating to corporate income tax are as follows: Limitation
See MoreMalawi: Parliament passes 2019-2020 Budget
On 9 September 2019, the Minister of Finance, Economic Planning and Development has published the Budget for 2019-2020 to the parliament. On 10 October 2019 Parliament has approved the K1.7 trillion 2019/20 national budget. Corporate tax
See MoreIreland: Govt. announces draft budget 2020
On 8 October 2019, Govt. announced draft Budget 2020. This draft Budget introduced some amendments in respect of corporate income tax, transfer pricing, dividend withholding tax, personal income tax, small and medium enterprises (SMEs),
See MoreSlovak Republic: President signs the law to update Income Tax Act
On 1 October 2019, Ms. Zuzana Čaputová, the President of Slovak Republic signed the law introducing updates to the Income Tax Act. On 29 May 2019, the Slovak government approved draft law to update the Income Tax Act. The draft law proposes the
See MoreGreece: Finance Minister presents draft budget for the year 2020
The Finance Minister, Christos Staikouras, presented draft Budget for the year 2020 to the Parliament on 7 October 2019. It proposes discretionary tax measures declared by the Prime Minister such as reduction in corporate tax rate, reduction in the
See MoreSwitzerland: Federal Council proposes reform of withholding tax regime
On 27 September 2019, the Federal Council of Switzerland issued guidelines on a proposed reform of the Swiss withholding tax (WHT) and stamp tax regimes for indirect investments. The primary objective of the proposal for an exemption from
See MoreZambia presents the budget for 2020
On 27 September 2019, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2020: Corporate tax
See MoreAlgeria: Tax agency declares draft Budget 2020
On 29 September 2019, the General Directorate of Taxes announced the draft Budget 2020, which includes measures to implement incentives for high-technology and innovative start-ups, VAT exemptions, to prevent VAT fraud.
See MoreWorld Tax Brief: October 2019
Costa Rica Computation of taxable income: On 25 September 2019, the Costa Rican Ministry of Finance issued a Resolution No DGT-R-55-2019 on the list of non-cooperative jurisdictions for tax purposes. According to the list, all expenses
See MoreHong Kong: IRD revises practice notes on deduction of foreign taxes
In the middle of August 2019, the Hong Kong Inland Revenue Department (IRD) revised Departmental Interpretation and Practice Notes No. 28 regarding Deduction of Foreign Taxes (“DIPN 28”). The updated version replaced the one issued on 19 July
See MoreNigeria: FIRS introduces e-filing for submitting TP returns
On 27 September 2019, Federal Inland Revenue Service (FIRS) described the way of how to submit transfer pricing (TP) returns through the electronic platform, when it is active. Now, the FIRS is get ready to automate the process of filing TP
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