South Africa: SARS introduces improvements to the dispute management process

28 May, 2017

On 15 May 2017 the South African Revenue Service (SARS) introduced important changes and improvements to its current dispute management process as part of its ongoing commitment to delivering a better service to taxpayers. The following changes

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US: Trump releases final 2018 budget proposal

28 May, 2017

President Trump released his budget proposal for the FY 2018 on May 23, 2017, expanding on the budget blueprint he released in March. The Trump Administration proposed to Congress a $4.1 trillion FY 2018 budget that aims to balance the federal

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Poland publishes draft amendment to R&D tax relief

26 May, 2017

The Ministry of Science and Higher Education has published an amended draft bill regarding the R&D tax relief. The bill proposes an increase of current income tax deduction from 50% and 30% to 100% depends on the category of eligible costs and

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France: CJEU rules on 3% contribution on distributed profits

26 May, 2017

In France, companies subject to Corporate Income Tax (CIT) are required to pay an additional CIT contribution of 3% on the distributed profits according to article 235 ter ZCA of the French general tax law. But, the Court of Justice of the European

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Australia: New rate for franking credits

25 May, 2017

The company tax rate for small business has been reduced to 27.5% for 2016-17 and the maximum franking credit of small business has decreased to 27.5% (previously 30%). This reduced rate applies to companies with an aggregated turnover of less than

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Netherlands: Amendments to dividend withholding tax rule

25 May, 2017

On May 16, 2017, the Dutch government released a public consultation for the previously announced legislative proposals regarding changes to the DWT (dividend withholding tax) rules for holding cooperatives. The Dutch government expected to have the

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Nigeria imposes additional 5% interest on tax defaulters from July 1

25 May, 2017

The Federal Government announced on 22 May 2017 that it would apply an additional 5 per cent charge from 1 July 2017 to companies that do not meet their tax obligations if they are involved in measures to sanction taxpayers and to voluntarily comply

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US: IRS offers two options for claiming the Home Office Deduction

23 May, 2017

The Internal Revenue Service recently reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. The first

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Hong Kong: New tax rules for aircraft leasing

22 May, 2017

The Government introduced in March this year tax concessions for the aircraft leasing industry to foster the proposed development of Hong Kong as an aircraft leasing centre.  On March 10 2017, the Hong Kong government gazetted the Inland Revenue

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Malaysia: IRBM proposes to impose 100% penalty for undeclared income and incorrect information

22 May, 2017

The Malaysian Inland Revenue Board (MIRB) published a media statement on 16 May 2017 regarding clarification of imposing 100% penalty for failure to declare income and correct information which will be implemented with effect from 1 January

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France: New tax plans by the newly elected president

20 May, 2017

French newly elected president has committed to reduce the corporate tax rate from current rate of 33.3% to 25% with the aim to bring it in line with the EU average within five years. The tax credit on research, innovation and the start-up status

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Norway: Exemption from withholding tax applies

18 May, 2017

The tax authorities released a "binding advance ruling" (BFU / 17, 4 May 2017) regarding application of a domestic exemption from dividends to an Irish holding company. The judgment provides that the dividends paid by the Norwegian company to the

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Czech Republic: New withholding tax provisions

18 May, 2017

The Czech President signed some amendments to the Income Tax Act, which include the withholding tax (WHT) provisions. The amendments will be effective on the 15th day of its publication. There is an indication of its publication date and it is 1st

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India: Section 14A is subject to dividend income tax regardless of dividend distribution tax (DDT) Payment

17 May, 2017

Section 14A of the Income Tax Act, 1961 (Act) provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee. The Supreme Court of India in the case of Godrej & Boyce

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Italy: Tax guidance clarifying patent box, R&D tax credit, business assets credit issued

15 May, 2017

The Italian Revenue on 9 March 2017 issued tax guidance, clarifying the Italian patent fund regime, the tax credit for research and development activities (R & D) and the tax credit for new operating assets. According to resolution n. 28/E,

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Australia: Draft Taxation Ruling TR 2017/D2 – Central Management and Control test of residency

15 May, 2017

The Australian Tax Office has now released a new draft ruling TR 2017/D2 and has withdrawn its preceding ruling TR 2004/15 on the tax residence of foreign incorporated companies. Following the decision in Bywater Investments Limited &

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New Zealand: Business organization endeavor progressive corporate tax

15 May, 2017

Small and medium measured organizations (SMEs) in New Zealand need the nation to change partnership charge in accordance with recent changes presented by Australia. It said that 63% of entrepreneurs support presenting a graduated organization tax

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Greece: Parliament adopts a draft bill amending Income Tax Code and VAT Code

15 May, 2017

The Parliament has adopted a draft bill on 11th of April 2017, which contains some amendments on income tax code and VAT code. The Corporate Income Tax payment needs to be completed by six installments instead of eight. Note that, the first

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