South Africa: Finance Ministry introduces Taxation Laws Amendment Bill 2019
On 30 October 2019, Finance Minister introduced Taxation Laws Amendment Bill 2019 (i.e. B18) in the National Assembly. This draft Bill amends the definition of rental income under section 25BB of the Income Tax Act, 1962. Under this Bill, rental
See MoreTurkey publishes General Communiqué on deferred interest rate
On 25 October 2019, the Revenue Administration of Turkey has published General Communiqué (Series: C, Serial No: 4) in the official gazette reducing the annual deferred interest rate on public receivables. The deferred interest rate for the
See MoreRussia reduces the Interest rate from October 2019
On 25 October 2019, the Russian Central Bank announced the decision to reduce the key rate from 7% to 6.5% with effect from 28 October 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
See MoreSlovenia approves amendments to the Corporate Income Tax Act
On 23 October 2019, the Slovenian government adopted amendments to the Corporate Income Tax Act. The amendments are following: The Corporate income tax is increased from 19% to 20%;A minimum corporate tax at a rate of 7% is introduced which
See MoreCanada: Finance Minister announces Alberta’s 2019 Budget
On 24 October 2019, the Finance Minister of Alberta, presented the 2019 province budget. The budget does not contain any new changes to the corporate or individual income tax rates. It excludes several tax credits, including the scientific research
See MoreFrance: Public Finance publishes draft guidance on DST for consultation
The General Directorate of Public Finance has published draft guidance regarding the new digital services tax (DST) for public consultation. The new Law No. 2019-759 of 24 July 2019, has been published on July 25, 2019, in the Official
See MoreMalaysia: IRBM issues income tax penalties for late return
On 16 October 2019, the Inland Revenue Board of Malaysia issued Operational Guideline No. 5/2019, which sets out the penalties for taxpayers who fail to file the tax returns within the prescribed timelines under the Income Tax Act 1967, the
See MoreAlgeria: Council of Ministers approves Finance Bill for 2020
On 13 October 2019, the Council of Ministers approved the draft Finance Bill for 2020, which has been sent to parliament for approval. This draft includes tax incentives like profit tax and VAT exemptions for start-ups corporations and for new high
See MoreCzech Republic: Parliament debates proposed changes to Income Taxes Act
The Chamber of Deputies debate with some changes to the Income Taxes Act, which may come into force in 2020. The measures must be approved by the Chamber and the Senate and signed by the president before coming into force. The provisions of the
See MoreNorway proposes to amends interest deduction limitation rules and R&D incentive scheme
On 7 October 2019, the Ministry of Finance presented its budget proposal for fiscal year 2020. The budget proposed to amends the interest expense deduction limitation rules and the Norwegian research and development (R&D) incentive scheme.
See MoreColombia: Government submits tax reform bill to Congress after court ruling
On 22 October 2019, the Colombian Government submitted a new tax reform bill to Congress that will replace tax reform bill 2019 (Law No. 1943 of 2018). The tax reform bill 2019, which came into force on 1 January 2019, is invalid due to procedural
See MoreRussia proposes Tax Policy for 2020 to 2022
On 30 September 2019, the Russian Government submitted the Draft Law to the State Duma. The draft law includes the following measures: The bill aims to change the approach to taxing companies in the digital sector. The draft law recommend that
See MoreSouth Africa: SARS announces re-established Large Business Center
On October 23, 2019, the Commissioner of the South African Revenue Service (SARS), Edward Kieswetter, launched the re-established Large Business Centre at its new premises in Woodmead, which aims to bring about higher levels of voluntary tax
See MoreMexico: Congress approves legislation considering tax fraud as organized crime
On 15 October 2019, Mexico’s Congress has passed legislation considering tax fraud as organized crime. Purchase or sale of false tax invoice, unlawfully obtains a tax subsidy, fails to include accrued income in a tax return or fails to remit VAT
See MoreIreland: Finance Minister announces Finance bill for the year 2020
On 16 October 2019, the Finance Minister, Paschal Donohoe TD, announced Cabinet approval for the publication of the Finance Bill 2019. It was published on 17 October 2019. The Bill sets out the legislative provisions to bring effect to the tax
See MoreTaiwan: MOF issues tax ruling on Taiwan-sourced income of foreign entities
On 26 September 2019, Taiwan’s Ministry of Finance (MOF) released a tax ruling regarding the new method of calculating income source from Taiwan originating from foreign entities amending article 15-1 in accordance with Article 8 of the Income
See MoreTanzania: BRELA requires all companies to be registered under 90-day deadline
The Business Registration and Licensing Agency (BRELA) issued a public notice regarding registration purposes. The notice issued for all Tanzania companies and business names that have not yet been registered through the Online Registration System
See MoreMalta: Finance Minister presents Budget for 2020
On 14 October 2019, Edward Scicluna, the Finance Minister of Malta, presented budget for the year 2020 to the Parliament. The budget focused on a number of key measures relating to sustainable development, the environment, technological innovation
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