Mexico: Tax reform proposal in economic package 2020
On 8 September 2019, Mexican president Andrés Manuel López Obrador’s presented Economic Package for the fiscal year 2020 to Congress. The economic package proposed following tax reform measures: Transparent Entities International
See MoreGermany presents Budget for 2020
On 10 September 2019, the Finance Minister presented the Government's draft Budget for 2020 to the lower house of parliament (the Bundestag). The draft budget includes following measures: Currently, the solidarity tax is a 5.5% surtax on
See MoreColombia: Reminder on tax amnesty deadline
It’s a reminder for the Colombian taxpayers wishing to take part in ongoing tax amnesties. The Colombian 2019 tax reform establishes a tax amnesty to “normalize” (i) unreported assets; or (ii) nonexistent liabilities that were included on a
See MoreSouth Africa: SARS publishes comprehensive guide to dividends tax
The South African Revenue Service (SARS) published a comprehensive guide to dividends tax on 12 September 2019. The objective of this guide is to help users in gaining a more in-depth understanding of dividends tax. This guide is not an ‘official
See MorePanama updates penalty provision to tackle tax evasion
Cabinet Council of Panama has approved a proposed legislative amendment to strengthen the penalty provision for repeated tax evasion. The proposal follows the enactment of law 70 of 31 January 2019, which criminalizes tax evasion for the first
See MorePhilippines: House approves CITIRA bill on final reading
On 13 September 2019, the House of Representatives approved House Bill (HB) No.4157, in its final reading, entitled "The proposed Law on Corporate Taxation and Incentive Rationalization (CITIRA)". This bill was officially called the Trabaho bill.
See MoreBrazil: Federal representatives publishes their comments under PEC 45/2019
On 11 September 2019, the representatives of all federal States submitted their comments on the tax reform proposal under the Bill for Amendment of the Constitution 45/2019 (PEC 45/2019). This proposed amendment seeks to promote a comprehensive
See MoreGermany proposes corporate tax rate cut for SMEs
On 29 August 2019, the German Economy Minister announced the outline of a plan to reduce the tax and regulatory burden on small and medium-sized enterprises (SMEs) in Germany. The Minister also suggested reducing the tax burden on SMEs by
See MoreRussia reduces the Interest rate from September 2019
On 6 September 2019, the Russian Central Bank announced the decision to reduce the key rate from 7.25% to 7.00% with effect from 9 September 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest
See MoreIreland: Finance Department publishes feedback statement regarding TP rules
In February 2019, the Finance Department carried out a public consultation on Ireland’s transfer pricing rules indicating the intended direction in respect of certain recommendations contained in the Coffey Review and seeking stakeholders
See MoreIndonesia: Finance Minister declares tax reform plan
On 3 September 2019, the Minister of Finance, Sri Mulyani Indrawati, announced Government’s tax reform plan through a draft bill. The draft bill proposed following measures: Gradual decrease in corporate rate from 25% to 20% starting from
See MoreChina introduces several incentives for Lingang in Shanghai FTZ
On 6 August 2019,, China announced that it has added the Lingang area to the China (Shanghai) Pilot Free Trade Zone (FTZ) to enhance investment and advance trade liberalization with plans to replicate the concept nationwide, senior officials said.
See MoreWorld Tax Brief: September 2019
TaiwanBusiness income taxation: On 26 August 2019, the Taiwan National Tax Bureau for the Northern Area (NTBNA) published a notice for domestic companies. The Notice clarifies that domestic companies purchasing e-services from a foreign
See MoreUS: IRS publishes interest rates on overpaid and underpaid tax for the 4th quarter of 2019
On 28 August 2019, the Internal Revenue Service announced interest rates on overpaid and underpaid tax for the calendar quarter beginning 1 October 2019 that will remain the same, as they were in the prior quarter. The rates will be 5% for
See MoreTaiwan: NTBNA issues notice on business tax on e-services purchase
On 26 August 2019, Taiwan's National Taxation Bureau of the Northern Area (NTBNA) has issued a notice for domestic entities to pay business tax on e-services purchased from foreign providers. The notice clarifies about domestic business entity that
See MoreCosta Rica publishes resolutions on returns related to capital income, capital gains and others
On 30 July 2019, Costa Rican tax administration released a resolutions amending withholding tax forms and procedures on interest, dividends, and foreign income for the tax period July 2019 forward. The resolution provides several measures
See MoreSingapore REIT eligible for WHT exemption in Italy
On 26 August 2019, the Italian tax authority has published Ruling No. 345 regarding the eligibility of a real estate investment trust (REIT) established in Singapore for the withholding tax (WHT) exemption on income derived through a
See MoreNorway launches a consultation proposal on changes to the group contribution rules
On 13 August 2019, the Ministry of Finance published a proposal to amend the group contribution rules regarding EFTA Court rule of 13th September 2017, which found that Norway's rule violated freedom of establishment rights in cases where there is
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