Hungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax measures are as follows: Tax
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreUS: IRS announced tax filing season for 2017
The Internal Revenue Service has announced that tax season will open on Monday, January 23, 2017. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS
See MoreCyprus: Tax department issued a circular on provisional tax payment
The tax department of Cyprus has recently issued a circular on provisional tax payment. The department clarified that companies and self-employed individuals whose income is not subject to tax withholding by the employer are required to pay the
See MoreNigeria: Budget 2017 has been presented to the parliament
The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals: reviving the export expansion grant scheme due to the tax credit’s provision
See MoreFrance-Administrative guidance published on withholding tax exemption on dividends paid to foreign investment funds
The Tax Administration of France revised the guidelines on the withholding tax exemption regime applicable to dividends paid to foreign undertakings for collective investment on 7 December 2016. According to the amended guidelines a refund
See MoreJapan: Amendments coming for CFC rules in 2017 tax reform
Japan's tax commission has announced on 8 December 2016, its intention to amend the tax rules regulating CFCs (controlled foreign corporations), which are also known as the Anti-Tax Haven Rules. According to the proposed 2017 tax reform, the
See MoreLatvia: Tax provisions in Budget 2017
The Latvian lawmakers passed Latvia’s 2017 budget on 24 November 2016. The main measures concerning corporate taxation are summarized below. At present, losses incurred in taxable periods from 2008 on wards may be carried forward indefinitely.
See MoreMontenegro: Lump-sum taxation of business and professional income
The Tax Administration published a declaration reminding taxpayers of the likelihood of lump-sum taxation of business and professional income under article 49 of the Individual Income Tax Law. Additionally, taxpayers participated in listed
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreDenmark: Issues CbC notification rules
The Danish tax authorities (SKAT) on 9 December 2016 announced that country-by-country (CbC) notifications must be submitted electronically and in a standardised format on Form 05.034. The form contains instructions both in English and Danish, and
See MoreColombia: DIAN rules on 33% withholding tax for Colombian citizens
According to Ruling 30970 of 2016, the National Tax Authority of Colombia (DIAN) announced 33% withholding income tax rate applicable to labor payments made to overseas workers from jurisdictions that are not related party to the Convention on the
See MoreSingapore- Implementation of common reporting standard (CRS) and related guidance issued
In Singapore, the Income Tax Regulations of 2016 (dated 8 December 2016) incorporated the obligations of the common reporting standard (CRS) into the Singaporean domestic legislative framework and direct financial institutions to put in place the
See MoreIreland Revenue encourages taxpayers to claim their tax back before 31 December
Many PAYE workers can claim tax back, for example on health expenses, nursing home fees, tuition fees or flat-rate expenses. However, it is important to remember that there is a 4 year time limit to submit your claim. Last October, Revenue wrote to
See MoreIreland/UK DTA, Certification of ‘Form IRL-Individual’ and ‘Form Ireland-Company’
Under the Ireland/UK Double Taxation Agreement (DTA), Irish resident individuals and companies may claim relief at source or repayment of tax from the HM Revenue and Customs (HMRC), in respect of UK tax on certain sources of income. The sources of
See MoreSaudi Arabia-new requirements regarding tax and zakat returns of Saudi listed companies
The General Authority for Zakat and Tax (GAZT) of Saudi Arabia published Circular Number 6768/16/1438 (the Circular) on 4 December 2016 (5/3/1438H) according to which Saudi listed companies are now required to pay tax and zakat based on the
See MoreCyprus: Parliament amended the tax provisions on foreign permanent establishment
The Cyprus Parliament passed on 14 October 2016 amendments to the Cyprus Income Tax Law 118/2002, as amended, relating to foreign Permanent Establishments (PEs). Treatment of foreign PEs before the amendment Prior to amendment, profits from a PE
See MoreUS: IRS published interest rates on tax overpayments and underpayments for first quarter 2017
The Inland Revenue Service released Revenue Ruling 2016-28 on 5 December 2016 with the announcement of the interest rates on tax overpayments (i.e. tax refunds) and tax underpayments (i.e. tax assessments and late tax payments) for the calendar
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