El Salvador: Publishes late payment interest rates
Recently, the Government of El Salvador gazetted the late payment interest rates for 2017 tax year. The applicable rates are: 6.37% - applies for late payments of taxes from 1 February to 31 July 2017; and 10.37% if the late payments are
See MoreIrish Revenue publishes Finance Act 2016
Irish Revenue published Finance Act 2016 that contains multiple additions in relation to Finance Bill 2016, on 12 January 2017. The key changes are following: Directors' fees: An exemption is available on certain emoluments not more than EUR 5,000
See MoreWorld Tax Brief: January 2017
Argentina Special corporate tax rate: Argentina has introduced a new special corporate income tax rate for gambling. According to the Law 27,346 that amends article 69 of the Income Tax Law (LIAG), a 41.5% corporate income tax rate applies to
See MoreChile: Tax treatment of bonds issued
The Finance Ministry has announced the adjustments declared by Law 20,956 on 30th January 2017 to the tax treatment of bonds that was issued by both the Central Bank and Treasury. Note that, the Central Bank and Treasury are obliged to withhold 4%
See MoreCanada: Probable changes expected in federal budget 2017
The Federal Budget 2017 will have been delivered by the Ministry of Finance of Canada soon. Till now the detailed of budget are unknown. The changes related to business tax, mining industry, personal tax, non-profit organizations and international
See MoreBosnia and Herzegovina: Tax administration changes withholding tax return filing deadline
The tax authority has changed the deadline for filing annual withholding tax return. According to the recent amendments, the annual withholding tax returns must be filed by 31 January of the current year for the previous tax year, instead of
See MoreKazakhstan: List of priority business activities to be performed within SEZs
The Government Resolution No. 10 has been published on 24th January 2017 regarding priority business activities within Special Economic Zones (SEZs) in the Government Legal Database Adilet. In accordance with the latest legislation, a company
See MoreSerbia: Ministry of Finance issues rulebook for the preparation of 2016 tax return
The Serbian Ministry of Finance issued a rulebook on 16 December, 2016 that is effective 1 January 2017 and applies for purposes of preparing the 2016 tax return. The rulebook is on amendments and changes of the rulebook on the contents of the tax
See MoreSingapore: IRS publishes Transfer pricing guidelines 2017
The Inland Revenue Authority of Singapore published the 4th version of transfer pricing guidelines on 12 January 2017, demonstrating compliance with international transfer pricing standards. The published guidelines explicitly refer to the Base
See MoreArgentina: Resolution 3,982.E regarding Simplified System published
The General Resolution 3,982.E has been published in the official bulletin of 6th January 2017 and came into force on the same date. It re-categorizes all taxpayers (excluding corporations) registered in the Simplified System. If taxpayers believe
See MoreSaudi Arabia: new system to pay Tax and Zakat postponed by one year
As previously reported, the General Authority of Saudi Arabia issued Circular Number 6768/16/1438 on 4 December 2016, according to which listed companies of Saudi stock exchange were supposed to pay tax and Zakat based on the nationality of the
See MoreAustralia: Consultation paper regarding whistleblower protections
The Review of tax and corporate whistle-blower protections in Australia consultation paper is seeking public comments to assist the Government with the introduction of appropriate protections for tax whistle-blowers and in assessing the adequacy
See MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
See MoreAustralia may increase penalties for significant global entities
According to 2016-17 Budget, the Government of Australia announced that it would increase administrative penalties imposed on companies with global revenue of $1 billion or more who fail to adhere to tax disclosure obligations. This measure forms
See MoreLatvia: Amendments law on Micro-Enterprise tax enters into force
Latvia’s President Raimonds Vejonis has promulgated two legal amendments that the country’s legislature, the Saeima, adopted on December 20, 2016; the changes came into effect on January 1, 2017. The changed laws cover the taxation of
See MoreVietnam: Tax authority promotes national online tax refund
Recently, the General Department of Taxation is speeding up the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses. A pilot implementation of online tax refunds
See MoreIndia announces GAAR will be effective from April 1, 2017
On 27 January 2017, the CBDT has issued Circular No. 7 of 2017 and provided important clarifications on the implementation of GAAR which are to come into force from 1 April 2017. The Circular provides clarifications, considering the comments of the
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
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