France: Parliament legislates the Finance Act for 2019
The French Finance Act passed its constitutional review for 2019 on 28 December 2018. This follows the approval of the law by Parliament on 20 December 2018. The main measures of the law are summarized as follows: Corporate Income tax rate:
See MoreChile: IRS clarifies Taxation of Dividends and Interest
Recently, the Internal Revenue Service (IRS) issued two separate Rulings 59 and 2546 to clarify the taxation of dividends and interest by resident and nonresident taxpayer. The two rulings separately discussed in below: Taxation of dividends Ruling
See MoreQatar legislates new Income Tax Law
On 17 January 2019, Qatar's new Income Tax Law (Law 24 of 2018) was published in the Official Gazette and replaced the previous Law 21 of 2009, and is effective from 13 December 2018. The main features of the new law are summarized in below: The
See MorePakistan: Finance Supplementary (Second Amendment) Bill submits in Parliament
On 23 January 2019, Pakistan’s draft Finance Supplementary (Second Amendment) Bill, 2019 was submitted to the National Assembly. The finance minister clarified that, "This is not a budget, this is a corrective package aimed at addressing various
See MorePeru publishes Resolution on filing Tax Return for 2018
The Peru tax authority (SUNAT) has issued Resolution No. 015-2019/SUNAT, concerning the filing of both individual and corporate tax returns for the 2018 tax year, including the filing deadlines. The deadlines are set from 25 March to 5 April 2019,
See MoreTurkey legislates Omnibus Law including corporate tax measures
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures: As from 18 January 2019, existing rules on reduced rates for investment
See MoreSpain publishes national budget for 2019
The state budget bill (the Budget Bill) for fiscal year 2019 was published on 16 January 2019 in the Spanish Parliament Official Gazette. The Budget Bill, which was adopted by the Spanish Council of Ministers on 11 January 2019, will now follow the
See MorePortugal modifies the corporate tax return Form-22
On 14 January 2019, the Secretary of State for Fiscal Affairs of Portugal has approves the amendments to the Model 22 periodic income statement, its annexes and instructions for
See MoreItaly: Tax authority releases new WHT return form
On 15 January 2019, Italy’s tax authority issued a Protocol 10656/2019 approving the new electronic withholding tax (WHT) return Form-770/2019 along with instructions for fiscal year 2018. The form must be filed by 31 October
See MorePuerto Rico enacts the tax reform law
On 10 December 2018, Puerto Rico enacted Bill No. 1544 as Law No. 257 of 10 December 2018. The law includes numerous amendments to the Puerto Rico Internal Revenue Code of 2011 (PR Code). The changes are to generally apply for periods beginning
See MoreChina: Larger scale tax cuts for small and micro businesses
On 9 January 2019, China's State Administration of Taxation and Ministry of Finance have jointly issued Notice 13/2019 declaring additional tax relief for small businesses and changes for the investment incentive in start-ups approved by the State
See MoreColombia legislates the tax reform Bill for 2019
Colombia enacted tax reform (Law 1943-Tax Reform) on 28 December 2018. The Tax Reform makes numerous changes to the Colombian tax rules that generally apply from 1 January 2019. The tax reform includes following changes: Corporate tax: The Tax
See MoreLatvia: Parliament passes new CFC rules
On 13 December 2018, Latvian parliament Saeima passed a law of amending the corporate income tax act which provides for the implementation of new controlled foreign company (CFC) rules in line with the EU Anti-Tax Avoidance Directive (ATAD). The
See MoreLithuania announces tax amnesty deadline
On 10 January 2019, the State Tax Inspectorate of Lithuania announced the deadline for individuals and entities to report undeclared income and pay taxes for 2014-18 tax years without penalties or interest. For declared income, the tax should be
See MoreIndonesia approves new foreign tax credits rules
On 9 January 2019, Indonesia's Directorate General of Taxation published new regulation (No. 192/PMK.03/2018) regarding foreign tax credits. The new regulations update and replace prior regulations and generally apply in respect of foreign income
See MoreUK revises draft corporate tax loss relief guidance
HMRC have updated their draft guidance on administrative requirements for the deductions allowance in relation to restricted corporation tax loss relief. This draft guidance explains the additional administrative requirements included in Corporation
See MoreUruguay: Tax authority revises list of low or no taxation countries and jurisdictions
On 17 December 2018, the tax authority of Uruguay published Resolution No. 10,730 revising the list of countries and jurisdictions with no or low taxation. The declared list of countries and jurisdictions are listed below: Andorra Falkland
See MoreDenmark: Ministry of Taxation publishes bill to implement EU ATAD with CFC amendments
Recently, the Danish Ministry of Taxation has published a legislation with CFC amendments for the implementation of the measure of the EU Anti-Tax Avoidance Directive (ATAD1) and the Directive as amended (ATAD2). Some of the main changes include:
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