Argentina: Government publishes General Resolution 4245/2018
On 16 May 2018, Argentina has published a General Resolution (4245/2018 of 15 May 2018) on their official website. The Resolution 4245 modifies the General Resolution 830/2000, which introduced income tax withholding on particular payments made
See MoreHong Kong: Legislative Council passes the Inland Revenue (Amendment) Bill 2018
On 16 May 2018, the Legislative Council passed the Inland Revenue (Amendment) Bill 2018 providing special tax measures including a one-off 75% reduction in salaries tax, tax under personal assessment, and profits tax for the 2017/18 tax year,
See MoreNorway: Government releases the revised budget for 2018
The government of Norway released the revised Budget for 2018, which was approved by the Norwegian Cabinet on 15th May 2018. In the revised 2018 budget, the Government is proposing an increase of NOK 130 million in funding for the development
See MoreGermany: Federal Fiscal Court doubts the constitutionality of additional payment interest
On 14 May 2018, the Federal Finance Court (BFH) issued a decision suspending the additional default interest of 0.5% per month for unpaid taxes. The additional interest is considered unconstitutional. The simple penalty of 0.5% applies to every full
See MoreKenya publishes draft income tax bill for 2018
National Treasury of Kenya has published the Draft Income Tax Bill 2018 for public comment. The draft Bill is intended to replace the current Income Tax Act with some certain provisions. Some of the main points are condensed as follows: Corporate
See MoreNetherlands publishes new transfer pricing decree
The Dutch Ministry of Finance published a new transfer pricing decree nr. 2018-6865 on 22 April 2018, which was published in the State Gazette on 11 May 2018. The Decree is in line with the outcomes of the Base Erosion and Profit Shifting (BEPS)
See MorePoland: Parliament enacts draft bill regarding supporting new investments
The lower chamber of the parliament enacted a draft bill regarding Supporting New Investments ( Ustawa o wspieraniu nowych inwestycji ) on 10th May 2018. The draft law will be presented to the higher chamber after some amendments. According to the
See MoreTaiwan releases tax ruling regarding calculating Taiwan-sourced income of foreign entities
The Ministry of Finance released a tax ruling regarding the new method of calculating income source from Taiwan originating from foreign companies that import, store, manufacture and deliver goods to domestic and foreign customers. According to the
See MoreSerbia: Parliament adopts law on tax procedure and tax administration
On April 19, 2018, the Serbian parliament passed the Law on Amendments to the Law on Tax Procedures and Tax Administration. The law was published in the Official Gazette of the Republic of Serbia No. 30 of April 20, 2018. The submission of a tax
See MoreSingapore changes to tax reliefs for firms in pioneer industries
On 5 May 2018, Singapore has published the Economic Expansion Incentives (Amendment) Act 2018 and the related Commencement Notification and Regulations in the Official Gazette. The Act and Regulations provide for the exclusion of income from
See MoreLithuania: MoF proposes to amend the Corporate Income Tax Law
The Ministry of Finance has published a bill to ease the restrictions on the preferential corporate tax rate (5%) for SMEs. The bill, which was published in the Official Journal on 7 May 2018, and the adoption by Parliament, will enter into force on
See MoreAustralia: Federal Budget 2018
On 8 May 2018, the Commonwealth Treasurer, Mr. Scott Morrison, announced the Federal Budget 2018-19. Mr. Morrison said “in this year's Budget there are five things we must do to further strengthen our economy to guarantee the essentials
See MoreSweden: The Draft legislation regarding corporate tax changes submits to the parliament
On 3 May 2018, the draft law was submitted to the Swedish Parliament for the introduction of new tax rules for the corporate sector. The proposal comprises new rules on re interest deductions, financial leasing and a reduced corporate tax rate. The
See MoreThe Indian Finance Act amends the procedure for failure to comply with the income tax return
The 2018 Indian Finance Act amended the litigation procedure (Section 276CC of the Income Tax Act) for a willful failure to file an income tax return by the due date, effective for tax returns for taxable years beginning on or after 1 April
See MoreBelgium updates investment allowance rates
According to a Notice 2018/11763 in the Official Gazette the investment allowance rates for the 2019 assessment year. Companies Allowance Rate Applies on 13.50% Investments in patents; environmentally friendly R&D; and energy saving and
See MoreArgentina: General Resolution 4227/2018 was published in official gazette
The Argentine Tax Authorities (“AFIP”) has published General Resolution 4227/2018 on April 12, 2018 in the official gazette. It is the regulation of the income tax on financial income obtained by beneficiaries abroad. This resolution was issued
See MorePakistan: Finance Minister presents the budget for 2017/2018
On 27 April 2018, the newly-appointed Finance Minister Miftah Ismail presented the 2018/2019 Budget to parliament. The following corporate tax measures are proposed in the Budget: Reduction in corporate tax rates: Reduce the corporate tax rates
See MoreWorld Tax Brief: April 2018
Japan PE rules: On 28 March 2018, Japan’s Diet enacted the tax reform plan for 2018 and changes the domestic PE definition in line with BEPS recommendations. The scope of the agent PE would be extended to effectively include commissionaire
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