Norway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
See MorePoland: Approves the general anti- avoidance rule into the Polish Tax Law
Polish President approved a draft legislation introducing a general ant avoidance rule (GAAR) into the Polish Tax Law. On June 14, 2016, the clause was published in the official Journal of Laws and came into force as of July 15, 2016. GAAR shall
See MoreNigeria: Tax amnesty regarding tax liability
The Federal Inland Revenue Service (FIRS) has issued guidance introducing a waiver of penalties and interest on some unpaid tax for the periods between 2013 and 2015. Taxpayers who are eligible for the penalty and interest waiver must declare the
See MoreBulgaria: Ownership identification requirement by non-residents with PE
Official Gazette has published a Decree No. 306 on 27th September 2016. The Decree forces non-resident companies along with a permanent establishment (PE) in Bulgaria to reveal the shareholder’s names owning a participation of at least 10% in the
See MoreFrance-Finance Bill for 2017
The government of France presented the Finance Bill for 2017 on 28 September 2016. According to article 6 of the Bill the standard corporate income tax rate, currently set at 33.33%, will be reduced progressively to 28%. However, the 28% rate will
See MoreWorld Tax Brief: September 2016
Peru Corporate tax rate: On August 2016 the Government of Peru presents a bill to the parliament with the intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for
See MoreItaly: Resolution publishes regarding interest on medium or long-term loans
The Italian Tax Authorities issued Resolution No. 84/E on 29 September 2016, providing clarifications on the tax treatment of qualifying interest on medium or long-term loans, following the amendments introduced by Law Decree No. 91 of 24 June
See MoreSwitzerland: Parliament adopted the final Corporate Tax Reform III
On June 17, 2016, the Swiss parliament adopted the final Corporate Tax Reform III package (CTR III) to strengthen Switzerland’s competitiveness as a business location. The Corporate Tax Reform III includes several notable tax reform measures
See MoreRomania: Ministry of Finance published a proposal for tax incentives and administrative simplification measures
Romanian Finance Ministry recently published a press release regarding proposals for tax incentives and administrative simplification measures for both individuals and companies. The following matters are included in the proposals; Encourage
See MorePeru: Government proposes higher corporate taxes
In August 2016 the Government of Peru presented a bill to the parliament which stated its intention to increase corporate income tax for large and medium-sized companies but to reduce it for small companies. The standard rate for large companies
See MoreFrance: Announces draft Finance Bill for 2017
The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that
See MoreEuropean Commission to investigate Luxembourg tax rulings
On 19 September 2016 the European Commission announced that it is commencing an investigation into the tax treatment of GDF Suez Group (now known as Engie) in tax rulings issued by Luxembourg. The tax rulings may in the view of the Commission have
See MoreEgypt: Parliament approves draft law on tax disputes resolution
The parliament approved a draft law on tax disputes resolution on 30 August 2016. The purpose of the law is to streamline the settlement of pending tax cases. The law covers ongoing tax disputes related to all types of taxes, including individual
See MoreMauritius: Budget for 2016-2017 with respect to tax management
The Minister of Finance delivered the Budget speech for 2016-17 to the parliament on 29 July 2016. The most important measures with respect to tax management are summarized below. –The Mauritius Revenue Authority (MRA) Act will be amended so that
See MoreBelgium offers incentives for start-ups
In April 2015, the government of Belgium disclosed a tax shelter plan for the digital economy. If certain conditions are met, this plan provides that investments in new shares of start-ups will be eligible for a tax relief of 30% (SMEs) or 45%
See MoreHong Kong: The Inland Revenue Department clarifies the guidance on corporate treasury centre rules
The Inland Revenue Department issued the Departmental Interpretation and Practice Notes No. 52 (“Taxation of Corporate Treasury Activity”) which sets out the Department’s interpretation and practice in relation to the relevant provisions in
See MoreGreece: Refund of non-final dividend withholding tax
The Public Revenue Authority has published a Document ΔΕΑΦ Β' 1135136 on 15th September 2016 for providing clarifications on the likelihood of a refund of non-final dividend withholding tax paid by legal entities on dividends received. In
See MoreBulgaria: Draft bill on mandatory electronic filing of tax returns
The Finance Ministry has published a draft modifications to the corporate and personal income tax reporting rules, mandatory electronic filing of corporate and personal income tax returns and simplified rules for filing corrective tax returns on
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