Philippines: Draft corporate tax reform bill submits in the House of Representatives
Corporate tax reform bill (the Bill) was presented to the Philippine House of Representatives on 21st March 2018, which provides for graduated cuts in the corporate income tax (CIT) rate and the modernization of investment incentives, would level
See MoreLuxembourg: Parliament adopts the new IP regime
On 17 April 2018, the Bill on a new IP regime adopted was by the parliament. This will enter into force with retroactive effect as from 1 January 2018. The IP regime introduces a new article 50 ter into the Income Tax Law (ITL) that provides for an
See MoreNew Zealand: Government releases R&D tax incentive discussion document
Government has announced its intention to introduce a research and development tax incentive in April 2019 to help more businesses undertake a greater amount of R&D on 19th April 2018. The Ministry of Business, Innovation and Employment, Inland
See MoreIndia: DIPP publishes notification on the procedure for startups to avail tax benefits
On 11 April 2018, the Department of Industrial Policy and Promotion (DIPP) has issued Notification to outline the procedure of application and criteria for a startup to be eligible to apply for tax relief. The Notification has come into effect from
See MoreHong Kong: IRD publishes a bill on increasing tax deduction for R & D activities
On 20 April 2018, IRD gazetted the Inland Revenue (Amendment) (No. 3) Bill 2018 to provide for enhanced tax deduction for expenditure incurred by enterprises on qualifying research and development (R&D) activities, in order to encourage more
See MoreSouth Africa: SARS releases a guide to understatement penalties
On 18 April 2018, South African Revenue Service (SARS) published a tax administration guide to understatement penalties under Chapter 16 of the Tax Administration Act 28 of 2011. The guide was first issued on 29 March 2018. The purpose of this guide
See MoreUS: IRS publishes guidance on exhaustion of administrative remedies for foreign tax credit
On 17 April 2018, IRS published a practice unit on Exhaustion of Administrative Remedies in relation to claims for a foreign tax credit. In order for a foreign tax to be creditable under Section 901, it must be compulsory. A payment is compulsory
See MoreUkraine issues a letter on refund of overpayment of income tax by non-resident entity
Recently State Fiscal Service released a personal tax consultation letter regarding the refund of tax incorrectly withheld on income derived from Ukraine sources by a non-resident entity. Generally a 15% standard withholding tax rate is applicable
See MoreZambia: Government publishes new transfer pricing regulations
Zambia published the income tax (transfer pricing) (Amendment) regulations under Statutory Instrument No. 24 of 2018 in the official gazette on 6th April 2018. The 2018 regulations conduct transfer pricing transactions between related entities as
See MorePuerto Rico: Treasury Department issues Administrative Determination regarding tax returns for 2017
The Puerto Rico Treasury Department has issued Administrative Determination No. 18-07, which determines to grant all taxpayers who file a request for automatic extension to return file for 2017, a total term of 6 months, instead of the term of 3
See MoreMalaysia: IRB issues practice note on tax treatment of digital advertising for non-resident
On 16 March 2018, the Malaysian Inland Revenue Board (IRB) published Practice Note No. 1/2018, which describes the tax implications of income received by a non-Malaysian taxpayer from the provision of digital advertising. The Notice briefly
See MoreAustralia: Deadline for R&D Registration
The Research and Development (R&D) Tax Incentive registration deadline for those companies with a 30 June 2017 year end is rapidly approaching. The statutory deadline for lodging an application is 10 months after the end of the income year; for
See MoreColombia issues ruling of CFC exemption
The tax authority of Colombia (DIAN) published a ruling regarding whether the exemption for controlled foreign company (CFC) dividend income paid out of profits from real economic activities will apply if the dividends are paid by a subsidiary of a
See MoreUS: IRS issues guidance on transfer of foreign partnership interests
On 2 April 2018, the Treasury Department and the Internal Revenue Service issued guidance regarding the withholding on the transfer of non-publicly traded partnership interests under the recently enacted Tax Cuts and Jobs Act. In general, the new
See MoreUS: IRS offers guidance on ‘blended’ tax rates for corporations under the new tax reform law
On 16 April 2018, the Internal Revenue Service issued a notice that many U.S. corporations elect to use a fiscal year end instead of a calendar year end for federal income tax reporting purposes. Due to a provision in the recently enacted Tax Cuts
See MoreSaudi Arabia: Ministerial Resolution amends important articles of the Tax By-law
The Ministerial Resolution No. 1727 provides amendments to Articles 1, 5, 7, 8, 9 and 58 of the Tax By-law. General provisions: The amendment says that shares owned by non-Saudis for speculation purpose in capital companies listed on the KSA stock
See MoreArgentina: Decree 279/2018 was published in the official gazette
The Decree 279/2018 was published on April 9, 2018 in the Official Gazette. The provisions of this decree effects from April 10, 2018. This Decree regulates the scope of the Income Tax of the financial income in order to achieve a correct
See MoreChina announces incentives for integrated circuit production companies
China's Ministry of Finance and Ministry of Industry and Information Technology have issued a notice introducing new tax incentives for qualified integrated circuit (IC) production enterprises. For new IC production enterprises or projects
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