Turkey: Communiqués on Law regarding R&D incentives publishes
The General Communiqués (Communiqué Nos. 7 and 8) regarding research and development (R&D) incentives were published on 8th March 2017 in the Official Gazette. The Communiqués Nos. 7 and 8 amend General Communiqué Nos. 4 and 6 on Law No.
See MoreTurkey: Tax amendments gazetted
The Law No. 6824 was published in the official gazette on 8th March 2017 that amend a number of laws. Under the Law, a compliant taxpayer is defined as a taxpayer not having tax debts or not including tax penalties over the amount of TRY 1,000. The
See MoreTaiwan explains deductibility of interest on tax payments and penalties
The tax bureau of Gao Xiong of the Ministry of Finance issued a declaration that interest on the recovery of tax payables due to the incorrect declaration of costs, expenses or losses and interest on tax payments due to the rejection in an
See MoreRussia: Clarifications on carry-forward of CFC losses
The Ministry of Finance (MoF) issued Guidance Letter No. 03-04-05/5577(2 February 2017), clarifying the issue of losses incurred by a controlled foreign company (CFC) on 7 March 2017. The Ministry of Finance identified that, under Article 25.15,
See MoreUK: Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017
SI 2017/277 sets 1 April 2017 and tax years commencing on or after 6 April 2016 for the coming into force of FA 2016, Sch. 22. The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017 appoints the days on which FA 2016, Sch. 22 comes
See MoreAustralia: Fringe benefits change and tax offsets
The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted
See MoreChina: Up to 12% profits are deductible for charitable donations
The Standing Committee of the People's Congress of China passed the decision on the amendment to article 9 of the Enterprise Income Tax Law regarding the deductibility of charitable donations, on 24 February 2017. In accordance with the amendment,
See MoreEcuador publishes income tax refund process
The Internal Revenue Service (SRI) of Ecuador published Resolution NAC-DGERCGC17-00000121 in the Official Gazette, on 20 February 2017. The Resolution establishes the process to request a tax refund of the income tax paid in excess. The key
See MoreGhana: Proposes the Budget for 2017
The Minister of Finance presented the Budget for 2017 to Parliament on 2 March 2017. The following tax measures are proposed in the Budget: Capital gains tax (CGT): Exemption from CGT on gains realised from the sale of securities listed on the
See MoreWorld Tax Brief: February 2017
India Corporate income tax rate: On 1 February 2017, the Finance Minister has presented the Budget for 2017-18. According to the budget, the corporate tax rate is reduced to 25% for enterprises with annual turnover up to INR 500 million. Taxation
See MoreUS: IRS reminds international taxpayers of filing obligations
The Internal Revenue Service on 23 February 2017 reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a
See MoreVenezuela: Resolution SNAT/2017/0003 about value of tax unit gazetted
The Resolution SNAT/2017/0003 was published on 24th February 2017 in the Official Gazette that implements a 69.5% increase in the value of a tax unit (TU). Some amounts relating to stamp duties, penalties and other aspects of tax are adjusted on a
See MoreSouth Africa: Government increased the rate of dividends withholding tax (DWT) from 15% to 20%
The 2017 Budget Speech delivered by Minister Gordhan on 22 February 2017 increased the rate of Dividends Withholding Tax (DWT) from 15% to 20%. To reduce the difference between the combined statutory tax rate on dividends and the top marginal
See MoreColombia sets maximum deductible amount to investment for 2017
Under the recently published Administrative Regulation 16 of 2016, the National Council of Tax Benefits in Science, Technology and Innovation (CNBT) has set out the maximum amounts deductible for investments made in science, technology and
See MoreIndia: Clarification on determination of POEM provision
The Central Board of Direct Taxes (CBDT) has issued Circular No. 8/2017 of 23 February 2017 clarifying that the existing provisions in place of effective management (POEM) will not apply to a company with a turnover or gross receipts of INR 500
See MorePakistan: Modifies Income Tax Rules 2002
The Federal Board of Revenue (FBR) has published the Income Tax Rules 2002 as amended up to 10 February 2017. The main changes are summarised below: Capital gains: In cases of portfolio transfers where the ownership of securities does not
See MoreColombia: DIAN issues tax calendar for 2017
The Colombian National Tax Authority (DIAN) published an official announcement providing the tax calendar for tax year 2017, on 22 February 2017. This calendar provides the deadlines for personal tax, corporate tax, withholding taxes, income tax for
See MoreCanada: The Province Budget 2017-18 for British Columbia issued
The Province Fiscal Budget 2017-18 was presented on 21st February 2017 by the Ministry of Finance of British Columbia. This budget includes a number of tax measures. The short summary of this budget are given below: Business taxation With effect
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