Croatia: Tax reforms effect from 1 January 2018
With effects from January 1, 2018, some tax law amendments have occurred in Croatia. These amendments contain tax laws, excise duties, reliefs etc.. The Minister of Finance issued the Ordinance on Amendments to the Ordinance on Profit Tax, which
See MoreIceland: Parliament adopts increased withholding tax rates for 2018
The parliament has approved the Budget for 2018 and it has implemented an overall increase in withholding tax rates effective 1 January 2018 as follows: the standard rate of withholding tax on Icelandic interest, capital gains and dividend income
See MoreMozambique: Council of Ministers approves first transfer pricing regulations
On December 6, 2017, the Council of Ministers has approved the first Transfer Pricing (TP) Regulations by Decree 70/2017. The Decree became in force on or after the January 1, 2018. According to Decree, one company is considered to be related to
See MoreUS: IRS issues guidance on penalties for understatement of income tax
On 29 January 2018, the US Internal Revenue Service (IRS) has issued the Revenue Procedure 2018-11 to recognize circumstances under which the disclosure on a taxpayer’s income tax return with respect to an item or position is adequate for the
See MoreTaiwan: Parliament enacts tax reform bill
The Legislative Yuan has approved amendment to the tax reform bill that were announced on 1st September 2017. The measures applies retroactively for taxable years beginning as from 1 January 2018. Key features of the tax reform include: •
See MoreSlovak Republic: Government approves several tax amendments
The President has signed an amendment to Law No. 595/2003 Coll. on Income Tax on December 20, 2017. Some of the changes are given below: Related party transaction In accordance with the current amendment, the text of the related party definition
See MoreDTA between Armenia and Germany entered into force
On 23 November 2017, the income and capital tax treaty between Armenia and German entered into force after the completion of ratification procedures on both sides. The agreement was signed on 29 June 2016. The treaty provides for withholding tax on
See MoreItaly: New Regulations Imposed on Corporate Income Tax and Regional Tax
The Budget Law came into effect since 1 January 2018 after being published into the Gazette on 29th December 2017. The following regulations have been imposed in the section of direct tax in the Budget Law: Electronic submission of tax returns
See MoreItaly: Manual for Tackling Tax Evasion and Fraud
The Italian Tax Police updated its practical instructions regarding performance of tax audits by releasing the Circular n. 1/2018 i.e. the operational manual for tackling tax evasion and fraud, which was later on updated on 1st December, 2017 and
See MoreGreece: Government announces tax penalty relief
The Laws naming Law 4509/2017 and Law 4512/2018 have already been officially gazetted. Government offered relief from penalty after enacting these Laws. Greece has provided penalty relief with the enactment of Laws 4509/2017 and 4512/2018. Law
See MoreTaiwan approves the third income tax optimization plan for 2018
Taiwan's legislative Yuan approved the third income tax optimization plan regarding changes for both corporate and individual taxpayers on 18 January 2018. Corporate taxation: The corporate tax rate is raised from 17% to 20% in 2018; Where a
See MoreAngola: Parliament approves draft law on tax and foreign exchange compliance
Recently, Parliament approved a bill on the extraordinary tax and foreign exchange regime that regulates the repatriation of assets held abroad that were not declared in Angola in December 2017. All Angolan nationals residing in the country and
See MoreIceland: Parliament approves budget for 2018
On 29th December 2017, The Icelandic Parliament has approved a number of tax changes under the 2018 budget. The budget increase tax on investment income, environmental and sin taxes, and it also extended the value-added tax break on supplies of
See MoreKorea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See MoreGhana: Government passed the Tax Amnesty Bill 2017
On 22 December 2017, the Parliament has passed the Tax Amnesty Bill 2017 for a period of eight months. The Bill, passed under a certificate of urgency has eight clauses, among which are amnesty for taxes, penalties and interests, and prohibits the
See MoreBelgium: Corporate tax reform beginning from 2020
On 29 December 2017, The Belgian corporate tax reform law was published in the official gazette contains measures that will be effective as from tax periods beginning from 1 January 2020. Corporate income tax rate reduction The corporate income tax
See MoreAngola: Parliament approves 2018 State Budget
On 18 January 2018, the Parliament approved the State Budget for 2018. As part of the budget proposal, introducing a mechanism for the settlement of, by means of withholding, on purchases of goods from small businesses by companies that have
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