Slovak Republic: Government declares new corporate tax measures
The Government announced several changes in the corporate taxation area on 20th June 2017, including the introduction of a new patent box regime in line with the modified nexus approach developed as part of BEPS Action 5. The government also
See MoreDenmark introduces tax incentives for hydrocarbon activities
The Danish government on 26 June 2017, published a draft bill regarding tax incentives for the Danish hydrocarbon activities. The draft bill is subject to a public hearing (consultation) until 14 August 2017. As a result, Danish hydrocarbon
See MoreFrance: Reduction of corporate tax rate confirmed
On 4 July 2017, the Prime Minister of France confirmed in his opening speech to the National Assembly that the Government would cut the corporate tax from 33 percent to 25 percent by 2022 with the hope of attracting Businesses so that they set up
See MoreOECD: Inclusive framework meeting for francophone countries
The second regional meeting of the Inclusive Framework for the francophone countries was held from 3 to 5 July 2017 in Benin. The meeting was organized by the OECD in partnership with CREDAF, an organization that brings together the tax
See MoreNigeria: New tax amnesty scheme in force
According to an announcement from the Finance Ministry, a new tax amnesty called the Voluntary Assets and Income Declaration Scheme (VAIDS), entered into force on July 1, 2017 for both individuals and corporations. The amnesty aims to raise tax
See MoreG20 final communiqué comments on international tax
The final communiqué from the G20 summit held on 7 and 8 July 2017 covers international tax among other matters. The G20 reaffirmed its commitment to the implementation of the project on base erosion and profit shifting (BEPS) and encouraged
See MoreItaly: Increase in percentage of taxable capital gains
On 26 May 2017, the Italian Ministry of Economic Affairs and Finance adopted a Decree which establishes a new percentage of capital gains and losses achieved by non-resident taxpayers from the transfer of 'qualifying' shares in Italian companies and
See MorePakistan: FBR extends super tax on banking companies
Federal Board of Revenue (FBR), through a circular, has explained the explanation and extension of super tax for the financial year 2017-18. According to Finance Bill for the financial year 2017-18, Super Tax is levied at the rate of 4% on the
See MoreGreece: Extension of submission deadline for 2016 tax returns
The Finance Ministry has announced a decision relating to the extension of the tax return submission deadline. Under Article 3 of law no. 4172/2013, the deadline for submission of individual and company income tax returns is to be extended until
See MoreUK: HMRC wins case on loans from Employee Benefit Trust
On 6 July 2017 the Supreme Court ruled in favour of HMRC in a case involving payments from an employee benefit trust. Rangers Football Club (RFC) made payments to players and officials through an Employee Benefit Trust in the form of loans. This
See MoreOECD: Comments received on draft HTVI implementation guidance
On 5 July 2017 the OECD published comments received in relation to the BEPS discussion draft on the implementation guidance on Hard-to-Value Intangibles (HTVIs). The comments received focus on a range of points including the uncertainty arising for
See MoreOECD Director-General reports to G20 leaders
The OECD Secretary-General’s report to the G20 leaders was published on the OECD website on 5 July 2017. The report consists of an international tax update by the Director General and a progress report to the G20 by the Global Forum on
See MoreWorld Tax Brief: June 2017
Pakistan Corporate income tax rate: Pakistan's Federal Board of Revenue (FBR) on 26 May 2017, submitted the budget for 2017/2018 to Parliament. With the policy of reducing corporation tax rates, the rate has been reduced further from 31% to 30%
See MoreGreece: Extension of deadlines for tax payment, levies, fees
The Financial Secretary, Katerina Papanatsiou, signed and made a decision to extend the deadlines for submission of tax returns and payment of taxes, levies, fees and the extension and suspension of payment confirmed debt due to strong earthquakes
See MoreOECD: Update on Global Forum peer reviews
A report issued by the OECD on 28 June 2017 contains updates on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum has 142 member countries and aims to enhance global tax transparency, curtail
See MoreOECD: Meeting of Inclusive Framework on BEPS
On 22 June 2017 the third meeting of the inclusive framework on base erosion and profit shifting (BEPS) took place in the Netherlands with representatives of 83 countries and jurisdictions and 12 international and regional organizations. The
See MoreHong Kong: Bill on tax exemption to open-ended fund companies gazetted
On 23 June 2017 the Hong Kong SAR Government published in the Gazette the Inland Revenue (Amendment) (No. 4) Bill 2017 to implement the 2017-18 Budget initiative of extending profits tax exemption to privately offered open-ended fund companies
See MoreBrazil publishes private ruling on royalty and technical service payments
Brazil has published Private Ruling 316 of 20 June 2017 on royalty and technical service payments and payments for services under cost sharing agreements. The ruling explicates the accountabilities for social security contributions (PIS/COFINS) on
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