US: Trump planning dramatic cut to corporate tax rate
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
See MoreUK: Major tax changes coming into effect in April 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
See MoreTurkey: Law No. 6824 introduces income tax and VAT relief
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
See MoreCzech Republic: MoF issues a paper on anti-tax avoidance rules
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
See MoreDominican Republic: DGII extends fiscal support to the agricultural sector
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
See MoreChina plans to cut tax rates
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
See MoreHong Kong: Major Changes in 2016/17 Profits Tax Return Form
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
See MoreNigeria: Electronic tax clearance certificate expected to be introduced soon
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,
See MoreCanada: MoF tables the fiscal budget 2017-18 for Manitoba
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
See MoreAustralia: Diverted profits tax begins from first July 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
See MoreUS: IRS reminds United States citizens and resident aliens to check U.S. tax liability
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
See MoreMexico releases general rules on R&D tax credit
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
See MorePakistan: Instigated the alternative dispute resolution committee
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
See MorePakistan: FBR issues a law regarding payment of tax collected or deducted
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
See MoreUS: IRS urges taxpayers to choose return preparers carefully
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
See MoreIndia: Waiver of interest by financial institutions is treated as income
In a recent judgement in the case of: McDowell & Company Ltd. v. CIT (Civil Appeal No. 3893 of 2006), the Supreme Court of India held that the waiver of interest by financial institutions is assessable from the hands of the Amalgamating Company
See MoreIndia: CBDT publishes a notification on the patent box regime
The Central Board of Direct Taxes (CBDT) released a notification on the patent box regime under section 115BBF of the Income-tax Act, 1961. The new rules deliver additional incentive for companies to retain and develop innovative patented products,
See MoreMalaysia: IRB issues guideline for submission on e-Filing of Form CP204 AND CP204A
The Inland Revenue Board of Malaysia (IRBM) has recently announced that mandatory e-filing is required for companies which furnish their estimated tax payable (Form CP204) and Revised Estimation (Form CP204A) for the year of assessment 2018 and
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