Poland: Parliament passes amendments to the income tax laws
The lower chamber of the Polish Parliament (Sejm) approved a bill amending both the corporate income tax act and personal income tax on 22 July 2016.The following legislation and regulation changes will come into effect on 1 January 2017. Small
See MoreDenmark: Danish Assessment Board issues ruling on profit allocation to permanent establishment
The Danish Assessment Board gave its ruling on 16 August 2016, in the case of SKM2016.353.SR on the correct profit allocation to a permanent establishment (PE) in the form of a construction company. Facts of the case: The taxpayer is a foreign
See MoreUK: Consultation on making tax digital for unincorporated businesses
On 15 August 2016 HMRC issued a consultation document on Making Tax Digital: Bringing business into the digital age. The UK government announced at Budget 2016 that businesses, the self employed and landlords will be required by 2020 to update a
See MoreCyprus: Tax incentives for innovative and start-up companies
The Council of Ministers approved a package, on 27 July 2016, of tax incentives intended to boost innovative and start-up companies. The incentives include the package of an exemption of up to 50% of the taxable income of the investor for
See MoreTurkey: Amendment in transfer pricing legislation
The Law No. 6728 on the amendment of certain laws for the improvement of the investment landscape has been published in the Official Gazette on 9 August 2016. This law amended certain transfer pricing provisions. Some of the provisions are given
See MoreUK: Strengthening tax avoidance sanctions and deterrents
The UK government issued a discussion document on strengthening tax avoidance sanctions and deterrents on 17 August 2016. In recent years the UK government has taken steps to tackle tax avoidance by introducing tougher measures and structural
See MoreIsrael: Tax provisions in proposed budget plan for 2017-2018
The budget plan proposal for 2017-2018 announces significant changes in accordance with international taxation, and would be appropriate for individuals, multinational corporations operating in Israel and Israeli corporations operating abroad. The
See MorePhilippines: Presents budget for 2017
The National Budget 2017 was submitted to the House of Representatives on 15 August 2016. According to the budget proposal the income tax rates will be decrease at rate: for corporations: from the current maximum amount of 30% to 25%; for
See MoreUK: Consultation on tax simplification for unincorporated businesses
On 15 August 2016 HMRC published a consultation document on simplifying tax for unincorporated business. The UK government announced at Budget 2016 that it would be looking at simplifying tax rules for businesses, with a focus on the self employed
See MoreUK: Stamp duty land tax changes
On 10 August 2016 the UK launched a consultation on changes to the Stamp Duty Land Tax (SDLT) filing and payment process. The government is inviting comments from interested parties by 7 October 2016. SDLT is charged on the freehold or leasehold
See MoreArgentina-Published tax incentives for micro, small and medium-sized enterprises
In Argentina, Law 27,264 establishing a special tax regime for micro, small and medium-sized enterprises (the Law) was published in the Official Gazette on 1 August 2016 and the Law has been in force since 10 August 2016. According to the Law 27,264
See MoreIsrael: Tax benefits in draft Budget Law
The Finance Ministry has declared a draft proposals as part of the proposed Economic Arrangements Law 2017–2018 on 31st July 2016 that includes an expansion of tax benefits for hi-tech companies, at the same time further aligning Israel's tax
See MorePakistan: Government has decides to apply 0% sales tax on five export sectors
The government has decided to zero-rate for the local suppliers of textile, leather, carpets, surgical and sports sectors from 2016-17. According to the meeting between textile sector and Finance Minister, Five Export Sectors'' Associations,
See MoreGreece: Filing of amending tax return after expiry of statute of limitation period
The Public Revenue Authority (PRA) has released Circular POL 1114 on 22nd July 2016 to provide clarification regarding the filing of an amending tax return following the expiry of the statute of limitation period. The Circular says that Opinion No.
See MoreWTO backs Argentina’s anti-avoidance tax measures
The Appellate Body of the World Trade Organization (WTO) provided its report on 14 April 2016, regarding "Argentina – Measures relating to trade in goods and services" case brought by Panama. In the case concerned, and in relation to Argentina's
See MoreWorld Tax Brief: July 2016
Argentina Dividend: In Argentina, Law 27,260, the amendment to the Income Tax Law (LIG) was publishes in the Official Gazette. According to the amendment Law 27,260 abolished the 10% withholding tax established by article 90 LIG which was applied
See MoreUK: Interest rates for late payments reduced according to base rate of Central Bank
On 4 August 2016, the Bank of England reduced the base rate to 0.25%. As a result, on 5 August 2016, HMRC announced that interest rates for late payment will be reduced with effect on: 15 August 2016 for quarterly installment payments; and 23
See MoreRussia: Notification of tax authorities concerning CFCs
The Finance Ministry (MoF) has issued a Letter No. 03-01-23/30779 on 27th May 2016 for clarifying the responsibility of taxpayers to notify the tax authorities about CFCs. On the basis of section 3.1 of article 23 of the Tax Code, taxpayers have to
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