Korea Rep. enacts tax reform bill for 2019
On 24 December 2018, Korea enacted the 2019 tax reform bill after it was passed by Korea’s National Assembly on 8 December 2018. The 2019 Tax Reform also includes provisions in line with the OECD BEPS Action Plan 7 among others. The 2019 Tax
See MoreItaly approves Budget for 2019
On 29 December 2018, the Italian Parliament approved the 2019 Budget Law no. 145 of 2018 published on the Official Gazette of 31 December 2018. The Budget contains a number of measures related to tax incentives, including changes to the research
See MoreDenmark: Ministry of Taxation publishes bill to implement EU ATAD
On 28 December 2018, the Danish Ministry of Taxation has published a new legislation (Law No 1726) for the implementation of the measure of the EU Anti-Tax Avoidance Directive (ATAD1) and the Directive as amended (ATAD2). The measures
See MoreItaly releases ATAD decree in line with EU Anti-Tax Avoidance Directive
On 28 December 2018, the Italian Government published, in the Official Gazette, the Legislative Decree (Decree) transposing the European Union (EU) Anti-Tax Avoidance Directive (ATAD) in the Italian legislation. The Government had previously
See MoreEstonia implements EU ATAD measures
On 28 December 2018, Estonia published the Income Tax Amendment Act in the Official Gazette, apply from 1 January 2019. The key measures of the Act provide the implementation of the EU Anti-Tax Avoidance Directive (ATAD) as urged by the European
See MoreRomania updates CFC and restriction on interest deduction rules
Romania has published Law no. 30 of 10 January 2019, which amendments restriction on interest deduction rules. The amendments increase safe harbor threshold from the RON equivalent of EUR 200,000 to the RON equivalent of EUR 1 million. It also
See MoreThailand implements IBC regime in line with OECD inclusive framework for BEPS
On 28 December 2018, Thailand published a Royal Decree regarding implementation of the International Business Center (IBC) regime in the Official Gazette and became effective as of 29 December 2018, which replaces the International Headquarters
See MoreMalaysia: Parliament passes Finance bill 2018 (Budget 2019)
On 10 December 2018, the House of Representatives passed the Finance Bill 2018 which was published in the Federal Gazette on 27 December 2018. The key changes of Finance Bill 2018 are summarized below: Corporate Tax Changes The limitation
See MoreGreece plans to cut corporate tax in 2020
On 14 December 2018, the Greek parliament approved the gradual reduction of the corporate income tax (CIT) rate over the next four years, under proposals announced in September. The property tax will be reduced by 30% to 50%. Under the changes, the
See MoreJapan proposes tax reform plans for 2019
On 14 December 2018, Japan's ruling coalition party has approved a package of tax reform proposals for 2019. The proposal includes amendments to Japan’s controlled foreign company (CFC), interest expense limitation, and general transfer pricing
See MoreUK: Draft guidance on taxation of insurance companies
On 13 December 2018 HMRC issued for consultation draft guidance on the corporation tax treatment of insurance companies writing life insurance and other long term insurance business. The Life Assurance Manual is primarily written for HMRC staff
See MoreSingapore enacts the Income Tax (Amendment) Act 2018
On 12 November 2018, Singapore enacted the Income Tax (Amendment) Act 2018. The Act(amended) implements the changes in income tax announced in the 2018 budget statement and changes in the taxes resulting from the regular review of income tax
See MoreBulgaria includes new CFC rule and updates interest limitation rule
On 27 November 2018, Bulgaria published a Bill on amendment and supplement to the Corporate Income Tax Act in the Official Gazette. The Bill includes a new interest limitation and controlled foreign company (CFC) rules in accordance with the EU
See MoreVietnam: NFSC proposes to cut the corporate income tax on SMEs
The National Financial Supervisory Committee (NFSC) has proposed cuts to corporate income tax for small-and-medium sized enterprises to promote their development. This was a highlighted in the January-September fiscal and budget report by the
See MoreBrazil: Government publishes new Decree 9,580
The Government published Decree 9,580 of November 22, 2018 in the Official Gazette on November 23, 2018, which revises the previous Decree No. 3000 of 1999. The new decree compiles provisions related to personal income tax, corporate income tax and
See MoreSingapore: Reminder on due date for submitting CIT returns for YA 2018
The Inland Revenue Authority of Singapore has issued a reminder to companies that the corporate income tax return filing deadline for Year of Assessment (YA) 2018 is: Paper Filing: 30 Nov 2018; and E-Filing: 15 Dec 2018. E-filing of tax
See MoreDenmark: The Ministry of Finance releases the new tax limits for 2019
On 14 November 2018, the Danish Ministry of Taxation has published a tax amount limits table for 2019. The table includes various amount limits for tax purposes in relation to individual income tax, although certain other amounts are included for
See MoreBulgaria: Parliament approves budget 2019 at first reading
On 7 November 2018, the National Assembly passed the 2019 Budget Act at first reading with 115 MPs in favor and 85 opposed. The budget proposal containing amendments to the corporate tax laws. The proposed corporate income tax amendments are
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