Sweden: Proposal for major corporation tax reforms
The Swedish Government on 20 June 2017 issued a statement proposing important changes in the area of corporate taxation. The main proposals are summarised below: According to the announcement the deductibility of the net interest expense would
See MoreVietnam: National Assembly passes law on supporting SMEs
On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include
See MoreTanzania: 2017 Budget effective from July 1, 2017
The Minister for Finance and Planning (MoFP) on 8 June 2017, issued to the National Assembly the estimates of government revenue and expenditure for 2017. The government plans to organise and spend TZS 31,712.0 billion in the 2017/18 budget. The
See MoreHungary: Parliament approved Budget Bill for 2017/18
The Hungarian Minister of Economy presented the Budget Bill to the Parliament on 2 May 2017 which was approved on 13 June 2017 with 127 votes in favour and 62 votes against. The Budget targets a GDP growth of 4.3 percent, with 4.1 percent projected
See MoreIreland: Revenue assessment in the absence of a return
On 19 June 2017, the Irish Revenue published the Tax and Duty Manual Part 41A-05-02 that has been amended in paragraph 1 in relation to the pursuit of outstanding returns and in paragraph 4 in relation to appeal provisions. According to this
See MoreIndia: CBDT publishes a draft notice on special transitional provisions for a foreign company based in India
The Finance Ministry on 15 June 2017, issued a draft notification of transitional provisions for foreign companies in the first year of becoming resident based on their place of effective management. The notification has clarified that the tax on
See MoreSingapore: financial sector incentive (FSI) revised
The Monetary Authority of Singapore revised the financial sector incentive (FSI) schemes for improving the financial intermediation and to increase the capabilities of financial services and banking activities in Singapore. Within the framework of
See MoreCanada: Minister announces consultation on changes to the Voluntary Disclosures Program
Although most Canadians pay their tax and expect a responsive and fair tax system, some net high wealth individuals are continuing to find ways to avoid paying the tax they owe, placing an unfair burden on the country. The Canadian Government and
See MoreIreland: Charges on income for corporation tax purposes
On 12 June 2017, the Irish Revenue published updates to the Tax and Duty Manual Part 08-02-01 dealing with charges on income for Corporation Tax purposes. The principal updates are in relation to interest as a charge on income under section 247
See MoreFrance: Implementation of withholding tax postponed for one year
The newly elected Prime Minister of France delayed the implementation of withholding tax further by one year, which means this will now enter into force on 1 January 2019. However, the decision will be confirmed by formal vote of the French
See MoreBrazil: The Federal Government establishes the Special Tax Regularization Program
On 31st May 2017 the Federal Government published Provisional Measure No. 783, which established the Special Tax Regularization Program (PERT). Under the program's rules, taxpayers may settle debts with the Federal Revenue Service and the Attorney
See MoreUS: Interest rates on tax underpayments and overpayments for the third quarter of 2017
The Internal Revenue Service on 9 June 2017 announced that interest rates for tax underpayments and overpayments will remain the same for the calendar quarter beginning July 1, 2017. The rates will be: four percent for overpayments (three percent
See MoreMorocco: Finance Law 2017 gazetted
The Government of Morocco published the Finance Law 2017 on 12th of June 2017 in the official gazette. The law provides an anti-avoidance rule, a tax relief in case of dividends, interest, and rental income for real estate collective investment
See MoreMauritius: Budget for 2017-2018
On 8 June 2017, the Prime Minister and Minister of Finance and Economic Development delivered the Budget speech for 2017-18 to the parliament with little change to economic policy. Key points of the budget are summarised below: Reduced corporate tax
See MoreChina announces tax and VAT incentives
The government of China has announced a range of tax incentives including certain reduced rates to boost the Chinese economy. The tax incentive measures include a reduced taxable income threshold for eligible small enterprises to pay corporate
See MoreIreland: New Tax-Geared Penalties for Non-Submission of Returns
On 12 June 2017, Irish Revenue published the manual Tax-Geared Penalties for Non-Submission of Returns, that provides guidance as to the application of tax-geared penalties under section 1077E TCA 1997 in circumstances where the taxpayer has
See MoreIreland: New tax treatment of certain dividends
On 12 June 2017, Irish Revenue published Tax and Duty Manual Part 02-02-03a that deals with the tax treatment of certain foreign dividends paid out of trading profits, which in accordance with section 21B Taxes Consolidation Act 1997, may be
See MoreTaiwan: Draft amendment to controlled foreign company rules issued
Taiwan’s Ministry of Finance issued Ruling No. 10604557490 on 6 June 2017, providing clarification to the proposed controlled foreign company (CFC) regulations which was issued on 9 November 2016. According to the proposed CFC rules, Taiwanese
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