Colombia publishes new thin capitalization rule
On 26 June 2019, the Government of Colombia published a Decree 1146 of 2019, concerning the new thin capitalization rules which amended the previous law 1943 of 2018. The new Decree 1146 of 2019 includes the following measures: The thin
See MoreWorld Bank approves grant to improve domestic revenue mobilization in Liberia
On 16 July 2019 the World Bank approved a grant to its International Development Association (IDA) to improve domestic revenue mobilization systems and strengthen financial control and accountability in public finances. The IDA provides grants and
See MoreOECD and Brazil: Report on project to align transfer pricing rules with OECD standards
On 7 July 2019 the OECD and Brazil’s tax administration (RFB) published a report on the results of the work programme launched in February 2018 to analyse Brazil's transfer pricing framework and the similarities and divergences between the
See MoreIndonesia: MoF changes CFC deemed dividend rules
On 26 June 2019, the Ministry of Finance published a new regulation (No.93/PMK.03/2019(PMK-93) on the controlled foreign corporation (CFC) rules for fiscal year(FY) 2019 which amended the regulation No.107/ PMK.03/2017(PMK-107), concerning the
See MoreAlgeria: DGI issues a guideline on electronic tax declaration
The Algerian tax agency Direction Generale des Impots (DGI) has recently published a guideline on electronic tax declaration and payment procedures. The guideline provides the following information: requirements to access the electronic
See MoreGreece: Tax authority clarifies the limitation period for the late filing of tax return
On 1 July 2019, the tax authority published the Circular E.2123 explaining the application of the limitation period in the event of late filing of a tax return. The new Circular amends Circular 1165/2018 in relation to the limitation period of 15
See MoreFrance issues new guidelines for GAAR
On 3 July 2019, the tax authorities published a guidelines regarding the new general anti-abuse rule (GAAR). The new GAAR, which applies from 1 January 2019, targets provisions that focus on tax-driven abuses of law. According to the guidance,
See MoreEcuador: SRI issues decree on advance income tax payments
On 5 July 2019, the Ecuadorian Internal Revenue Service (Servicio de Rentas Internas-SRI) issued Executive Decree No. 806 of 25 June 2019 in its official website. The decree introduces new schedule for advance income tax payments. The payment of
See MoreBolivia issues resolution for tax certificates procedure
On 29 June 2019, Bolivian National Tax Service issued Resolution No. 101900000011 in the official website introducing procedure and requirement for certificates of tax residence, tax debt, and foreign accreditation. The resolution clarifies the
See MoreBangladesh enacts Budget for 2019-20
On 30 June 2019, Parliament passed the Tk 5,23,190 crore national budget for 2019-20 fiscal year. The proposals were enacted by the Finance Act, 2019 (the Act) and became effective as of 1 July 2019. The summary of key amendments introduced by
See MoreNetherlands: Cabinet submits new bill against tax avoidance
The Dutch government published a legislative proposal engaging rules to counter hybrid mismatches into the Dutch corporate income tax act pursuant to the EU Anti-Tax Avoidance Directive as agreed upon in May 2017 (ATAD2). ATAD2 would address tax
See MoreBrazil publishes new tax incentive regulation for oil and gas sector
On 17 June 2019, the Minister of Mines and Energy signed Regulation No 252, which regulates the process of setting priority projects in the oil, gas and biofuel sectors for issuing incentive debentures. The regulation will help unlock investment in
See MoreIndia presents Finance Bill for 2019/20
On 5 July 2019, the Finance Minister presented the Finance Bill of the newly formed government for financial year (FY) 2019-20. The bill proposed changes to the tax laws starting 1 April 2019. The proposed key amendments includes: The rate of
See MoreWorld Tax Brief: July 2019
SloveniaCorporate income tax rate: On 18 June 2019, the Ministry of Finance proposed changes to corporation tax rates. As a result, the CIT rate increased by one percentage point from 19% to 20% from 2020 onwards. In addition, a minimum
See MoreEcuador releases advance tax refund procedure for FY 2018
On 4 June 2019, the Ecuadorian Internal Revenue Service (SRI) issued Resolution No. NAC-DGERCGC19-0000022 dated 30 May 2019 concerning refund procedures for overpaid advance income tax in financial year (FY) 2018. According to the resolution,
See MoreOman introduces tax incentives for tourism investments
Recently, Oman has introduced a tax incentive for every new investor looking to build a tourism project in Musandam. According to the new regulation, investors are exempted from customs duties for building materials, tools and equipment
See MoreUK: Consultation on tax dispute resolution
On 2 July 2019 the UK government published for consultation draft Regulations to implement EU Council Directive 2017/1852 on tax dispute resolution mechanisms. Under the draft Regulations a stronger system of dispute resolution would be introduced
See MoreFrance publishes interest rate for shareholder loan for FY ends between June and September 2019
Recently, France has published interest rates for entities whose financial year ended between 30 June 2019 and 29 September 2019 , which are used to determine the deductibility of interest payments to shareholders. The portion of interest payments
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