Switzerland: Federal Council initiates consultation on tax proposal 17
The Federal Council initiated the consultation on tax proposal 17 (TP17) on 6th September 2017. The proposal will make a significant contribution to having an appealing location and thus to added value, jobs and tax receipts. The reform will
See MoreSri Lanka: New income tax law 2017
On 7 September 2017, the Parliament of Sri Lanka has passed the new income tax law. Minister of Finance said all the provisions of the new income tax law will be implemented from the 1st of April 2018. Corporate Tax Rate: Beginning from 1 April
See MoreUK: HMRC publishes guidance for the corporate offences
HMRC has published guidance on the new corporate criminal offence of failing to prevent the facilitation of tax evasion and the final version has now been published and given statutory effect. The Government believes that relevant bodies should be
See MoreUK: Main 2017 tax changes affecting corporation tax
The budget insert for the CT600 company tax return, initially issued in March 2017, has been updated to include further information on changes affecting the return. The changes cover announcements made in the 2016 Autumn Statement and measures in
See MoreOECD: Further guidance on CbC reports
Further guidance has been issued by the OECD's Inclusive Framework on BEPS in relation to the implementation and operation of Country-by-Country (CbC) reporting under Action 13 of the project on base erosion and profit shifting (BEPS). This latest
See MoreUAE: The FTA launches an interactive website
The Federal Tax Authority (FTA) announced an interactive website on the basis of best international standards and practices for introducing legal entities and society to the tax system and facilitate tax compliance. The site is rich in important
See MoreRussia: Guidance on application of new GAAR
The Federal Tax Service (FTS) on 16 August 2017, issued a Guidance Letter on the application of Russia's new general anti-avoidance rule (GAAR), which was introduced in July 2017. The guidance clarifies that in applying the GAAR the tax authorities
See MoreRussia publishes Notice on increased late payment penalty
Recently, the Russian Federal Tax Service (FTS) issued a Notice on the increased late payment penalty from 1 October 2017. The procedure for calculating the penalty for each calendar day of delay in the fulfillment of the obligation to pay tax or
See MoreColombia updates interest rate for late payment
The Financial Supervisory Authority of Colombia published a Regulation 1155 of 2017 concerning the effective monthly interest rate for late payment of income taxes, on 30 August 2017. Late payment of income taxes is subject to 30.22% interest rate
See MoreCosta Rica : MoF increases the interest rate for late payments and refunds
The Ministry of Finance (MoF) has increased the interest rate for late advance tax payments and refunds of overpayments from 11.73% to 12.8%. The rate is effective from 1 October
See MoreWorld Tax Brief: August 2017
Indonesia CFC rules: The Ministry of Finance (MoF) has updated the Controlled Foreign Company (CFC) rules through the issuance of Regulation No.PMK-107/PMK.03/2017 (PMK-107) which is dated and effective 27 July 2017, and applicable starting
See MoreMexico announces incentives for special economic zones
On 10 February 2017, the Ministry of Finance announced the creation of special economic zones (ZEEs). Legal entities and individuals with entrepreneurial activities in a ZEE would enjoy an income tax exemption during a 10-year period and a 50%
See MoreUK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreIndia: Government extends deadline for Income Tax returns and audit reports
The government on 31 August 2017, extended the deadline for all Income Tax returns and audit reports till 31 October 2017, for all taxpayers who were liable to file returns by 30 September 2017. “The ‘due-date’ for filing Income Tax Returns
See MoreIndonesia updates CFC rules
The Indonesian Ministry of Finance has updated the Controlled Foreign Company (CFC) rules by issuing Regulation No. PMK-107/PMK.03/2017 on 27 July 2017. The Regulation is effective from same date. Regulation PMK-107/PMK.03/2017 has extended the
See MoreVietnam: Ministry of Finance proposes to cut taxes for small and medium-sized firms
Recently, the Ministry of Finance (MoF) has proposed a number of changes to the country's tax regime, including a reduced corporate income tax rate. Small and medium-sized firms currently pay 20% in corporate income tax. If the proposal is approved,
See MoreHong Kong plans to set tax incentives in innovation and technology sector
The Hong Kong government is planning to set a new tax incentive to boost the innovation and technology sector. The incentive was announced by Hong Kong Chief Executive Carrie Lam in her October Policy Address. The detailed plan is yet to be
See MoreWTO and ICC: Participation by small business in international trade
An initiative launched by the World Trade Organization (WTO) and the International Chamber of Commerce (ICC) encourages companies and private sector organizations to suggest innovative ideas to promote cross-border trade by micro, small and medium
See More