Philippines: BIR issues green jobs tax incentive regulations
On 12 April 2019, the Philippines Bureau of Internal Revenue (BIR) has issued revenue regulations (RR) No. 5-2019, which implements the tax incentives provisions of RA No. 10771 (Philippine Green Jobs Act of 2016). The regulation explains
See MoreFrance publishes interest rate for shareholder loan for FY ends between March and June 2019
On 17 April 2019, France published interest rates for entities whose financial year ended between 31 March 2019 and 29 June 2019, which are used to determine the deductibility of interest payments to shareholders. The portion of interest payments
See MoreTaiwan publishes a notice upon income tax filing return for 2019
On 29 March 2019, the National Taxation Bureau of the Southern Area (NTBSA) of Taiwan published a notice upon important information about the new profit-seeking enterprise income tax reform when filing in 2019. According to the newly amended
See MoreGermany suggest new tax incentive for research and development
On 17 April 2019, the Ministry of Finance published a bill with a new tax incentive for research and development. Accordingly, all companies, regardless of their size, are entitled to the incentive of a maximum of € 500,000 per company and year
See MoreEcuador: SRI issues circular regarding income tax law
On 9 April 2019, Ecuador’s Internal Revenue Service (SRI) issued Circular No. NAC-DGECCGC19-00000003. The circular makes a reminder about the application of the legal regulations in force for the determination of income tax for the fiscal year
See MoreChina: Tax incentives for investment in CDRs
On 12 April 2019, China's Ministry of Finance announced the launch of a pilot program to support innovative-driven strategy, which includes incentives for investments in Chinese Depository Receipts (CDRs) issued by innovative Chinese enterprises.
See MoreItaly plans to reduce tax rates
The Italian Government is considering reducing corporate and individual income tax rate. This would reduce the standard corporate tax rate to 20% from 24%. Individual income tax rate may change from the current five-bracket system with a top rate
See MoreCyprus: House of Representatives approves law for ATAD Interest Limitation, CFC, and GAAR Rules
On 5 April 2019, the Cyprus House of Representatives passed a law that addresses certain provisions of the EU anti-tax avoidance directive (ATAD 1) particularly the interest limitation rule, a general anti-avoidance rule (GAAR) and controlled
See MoreVietnam Proposes to reduce corporate income tax rates for SMEs
On 26 March 2019, Vietnam's Ministry of Finance has released a consultation on a draft resolution for the introduction of reduced corporate tax rates for small- and medium-sized enterprises (SMEs). The draft proposed following reduced rates: 15%
See MoreKazakhstan: MoF modifies to the corporate income tax returns for 2018
Recently, the Ministry of Finance (MoF) of the Republic of Kazakhstan has modified the corporation income tax return for 2018 after the new tax Code was passed. The main changes include the following: Income: Taxable income of a taxpayer
See MoreUganda: Minister of Finance presents tax reform bills to Parliament
On 28 March 2019, Mr. Matia Kasaija, the Minister of Finance, Planning and Economic Development (Minister of Finance) of Uganda presents a number of tax reforms amendment bills to the Ugandan parliament and are currently under consideration. The
See MoreZambia: Tax Appeals Tribunals decision on arm’s length arrangements between related parties
Recently, the Tax Appeals Tribunal (TAT) issued a decision for the Zambia Revenue Authority (“ZRA”) in the case of: Nestlé Zambia Trading Limited v. Zambia Revenue Authority TAT 03, regarding transfer prices used with respect to its
See MoreNicaragua publishes tax law for 2019
On 28 February 2019, Nicaragua issued tax amend law No.987 in the Official Gazette including notices of the amendment of applicable withholding tax rates. Major changes are summarized in below: Establishing the changes in the alternative
See MoreWorld Tax Brief: April 2019
Greece Main corporate tax rates: On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046/2019 and E.2047/2019) for reducing corporate tax rates and dividend tax rates. Accordingly the standard corporate tax rate in
See MoreThailand launches tax amnesty plan for SME sector
The Revenue Department of Thailand announced an opportunity for SMEs to re-submit correct tax returns without penalty and surcharge, that covers outstanding corporate income tax, value added tax, specific business tax, withholding tax, and stamp
See MorePeru: SUNAT simplifies the scope of the CFC rules
On 19 March 2019, the Peru tax authority (SUNAT) issued a guidance (No. 011-2019-SUNAT/7T0000) regarding the determination of expenses and loss offsetting under the controlled foreign company (CFC) rules. The guidance clarified that:
See MoreAustralia: Federal Budget 2019-20
On 2 April 2019, the Australian Government announced its 2019-20 Budget. The Government is lowering taxes for working Australians and backing small and medium‑size business, while ensuring all taxpayers, including big business and multinationals,
See MoreThailand repeals tax incentives under ROH, IHQ and ITC regime
On 26 March 2019, the Thai Cabinet approved three Royal Decrees cancelling all tax incentives provided under the Regional operating headquarters (2010) regime (ROH), International headquarters regime (including Treasury Centres) (IHQ),
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