Portugal: Budget for 2018 presented to the Parliament
The Portuguese Budget Bill for 2018 was presented to the Parliament on 13 October 2017. The most important features of the Budget Bill are as follows: -Gains derived from the transfer of shares or rights of non-Portuguese entities, with more than
See MoreDenmark: Planning to launch a pilot scheme to support SMEs on compliance matters
The Danish tax agency will launch a pilot scheme to support small- and medium-sized enterprises on value-added tax and direct tax compliance matters from 1 January 2018. The Government said, the new "VAT and tax check" will allow companies to
See MoreCanada: Government intends to reduce small business tax rate
The Government is working to build a fairer and more efficient tax system that benefits all Canadians. As one of its first actions, the Government raised taxes on the wealthiest one per cent in order to cut taxes for the middle class. The Government
See MoreCosta Rica: The income tax on foreigners investing in securities market is 8%
Foreign investors in Costa Rica will now have the same percentage as the revenue tax for local people. The Attorney General's office in Costa Rica confirmed that the withholding tax rate of 8% laid down in Article 23 of the Costa Rican Income Tax
See MoreCosta Rica updates the income tax clauses for tax year 2018
On 27 September 2017, Costa Rican government published the income tax brackets for tax year 2018. Tax brackets are adjusted yearly, effective 1 October to 30 September of the following year due to changes of consumer price index. For corporate
See MoreEcuador: New tax measures for 2018
On 11 October 2017, according to a press release, Ecuadorian President Lenin Moreno proposed some economic measures with tax reform plan. Key issues of this proposal are following: corporate tax rate will increase to 25% from 22%, advance
See MorePoland: A new version of a draft bill to amend corporate income tax law
Recently, a new version of a draft bill to amend Poland’s corporate income tax law (and also to amend the individual income tax law) was submitted to the parliament. The amendment will most likely come into effect on 1 January 2018. Main changes
See MoreBusiness Council: Australia must cut company tax rate to boost up economy
Ms Jennifer Westacott, the chief executive of the Business Council of Australia warns, “Australia is at imminent risk of having the 3rd highest company tax rate in the developed world if the Parliament leaves the top rate frozen in time at
See MoreChina: New CIT rate for TASCs
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. To make China more appealing to foreign talent, the government will put in place a work permit system for
See MoreAustralia announces R&D activities registration deadline
The deadline for registration of research and development (R&D) activities are 31 October 2017 and companies that commence R&D activities need to consider the following in preparing for R&D registration like documentation, payments to
See MoreTurkey: Commission accepts a proposal of corporate tax hike
A parliamentary commission accepted a proposal on October 13, 2017 to extend a planned corporate tax rise from 20% to 22% for all companies instead of just financial institutions. The increased corporation tax will set for the years 2018 to
See MoreSaudi Arabia: Royal Decree on amendment to the Income tax law issued
The government of Saudi Arabia issued Royal Decree No. M/131 on 20 September 2017 modifying certain articles of the Income Tax Law (ITL). The most important amendments brought by the Royal Decree are as follows: -Shares in domestic corporations held
See MoreMalta to introduce equity funding deduction
On 5 October 2017 Malta published rules for a notional interest deduction on equity funding. The underlying idea is to align the tax cost of debt funding with that of equity - if the taxpayer so chooses, since the deduction will be optional. The
See MoreLuxembourg: Minister of Finance presents the budget law for 2018 to Parliament
On 11 October 2017, Finance Minister presented the draft 2018 Budget Law to the Luxembourg Parliament. The proposed bill on the budget provides for only a few changes for legal entities. On the proposal of the budget, starting January 1, 2018, the
See MoreCanada: CRA delays implementation of advantage rules
The Canada Revenue Agency (CRA) announced that the proposed implementation date for applying the advantage tax rules to investment management fees will be delayed until January 1, 2019. The rule could tax investment management fees paid outside of
See MorePhilippines: Tax reform bill expected to be approved before year end
According to Filipino tax experts, the tax reform program of the tax administration may be passed into law before this year ends after it got the Senate's approval. The Tax Reform for Acceleration and Inclusion Act (TRAIN) Bill is the first tax
See MoreIreland: Budget for 2018
On 10 October 2017, the Irish government presented details of the Budget 2018. This budget delivers the Government’s long standing target of balancing the books in structural terms next year by reaching the Medium Term Budgetary Objective better
See MoreSlovak Republic: Government approves draft amendments to Income Tax Act
The government approved a bill amending the Income Tax Act on August 16, 2017. A draft amendment of the income tax act highlights the existing measures for the protection against tax fraud, extended of the rules for the protection against aggressive
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