Israel: BEPS updates
The Ministry of Finance on 1st of May 2017, signed tax regulations for implementing the OECD’s nexus approach. This approach is mainly a BEPS requirement in case of intellectual property (IP) preferential tax regimes. The proposed regulations are
See MoreQatar: Cabinet approves draft law on income tax and VAT
On 3 May 2017 the Prime Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al-Thani chaired the Cabinet's ordinary meeting. During its ordinary meeting, the Cabinet approved a draft law on income tax and some of its draft executive regulations. A
See MoreGreece: Guidance for company re-organizations
Guidance regarding tax rules through Circular POL 1057/2017 have been issued by the Public Revenue Authority. The guidelines clarify the rules on restructuring in relation to the different types of company at a domestic or EU cross-border level,
See MoreWorld Tax Brief: April 2017
UK Corporate income tax rate: The corporate income tax rate in the UK has been reduced to 19% from the current 20% rate starting from 1st April 2017, in order to support investment, growth and job creation. Further, the main rate of corporation
See MoreMalaysia: Government releases income tax exemption order for 2017-2018
The government released an Exemption Order (the Order) on 10 April 2017 providing a temporarily reduction in corporate income tax rates based on incremental taxable income compared to the preceding year of assessment. The “Income Tax (Exemption)
See MoreSingapore: Budget for 2017 released
The government of Singapore released Budget 2017 on 20 February 2017, for the financial year 1 April 2017 to 31 March 2018. The Budget bill raised the existing corporate income tax (CIT) rebate cap from SGD 20,000 to SGD 25,000 for the assessment
See MoreThailand- new tax on e-commerce to be introduced in April 2017
The Revenue Department of Thailand is planning to enforce a new law to tax cross-border e-commerce transactions by April 2017. Currently, a foreign operator which carries on e-commerce business but does not enter Thailand or does not have any
See MoreUS: Trump planning dramatic cut to corporate tax rate
President Trump is planning to cut the corporate tax rate to 15 percent even though that means a loss of revenue. Trump told his staff during a meeting in the Oval Office that he wants a massive tax cut for the American public. The 15 percent rate
See MoreUK: Major tax changes coming into effect in April 2017
Millions of businesses across the UK will benefit from new tax measures coming into effect in April 2017, including a £9 billion cut in business rates, a further reduction in corporation tax to 19% and a continued fuel duty freeze. “We’re
See MoreTurkey: Law No. 6824 introduces income tax and VAT relief
On 8th March 2017 Law No. 6824 on the restructuring of certain public claims and the amendment of certain laws and cabinet regulations was published in the official gazette. The Law changes both the Income Tax and VAT Laws, introducing a new income
See MoreCzech Republic: MoF issues a paper on anti-tax avoidance rules
The Finance Ministry published on its website a discussion paper regarding the implementation of EU Anti-Tax Avoidance Directive on 12th of July 2016. The directive mainly states new rules for interest deduction restrictions and similar expenses
See MoreDominican Republic: DGII extends fiscal support to the agricultural sector
The Directorate General of Internal Taxes (DGII) on 6 April 2017, declared the extension of fiscal support for the agricultural sector that frees them from the payment of advances on Income Tax, the payment of the Tax on Assets and the Withholding
See MoreChina plans to cut tax rates
The government of China plans new tax cuts to reduce the burden on businesses, support innovation and stabilize growth. On April 19, tax cuts were approved at a State Council executive meeting presided over by Premier Li Keqiang, after the
See MoreHong Kong: Major Changes in 2016/17 Profits Tax Return Form
The Inland Revenue Department of Hong Kong recently published a list of major changes in profit tax return form for the year of 2016/17. Four items are added in the Profits Tax Return this year. Firstly, qualifying corporate treasury centre
See MoreNigeria: Electronic tax clearance certificate expected to be introduced soon
The Federal Inland Revenue Service (FIRS) declares it will soon announce electronic Tax Clearance Certificate (TCC) system to assist reduce fraudulent certificates. The implementation of the e-TCC verification system had reached an advanced stage,
See MoreCanada: MoF tables the fiscal budget 2017-18 for Manitoba
The Fiscal Budget 2017-18 of province Manitoba has been presented on 11th April 2017 by the Ministry of Finance. There are no increases to personal or business taxes. The corporate tax rate for small business and their taxable limit remains
See MoreAustralia: Diverted profits tax begins from first July 2017
The diverted profits tax (DPT) is one of many new measures introduced to tackle multinational tax avoidance. The DPT aims to ensure multinationals do not avoid their Australian tax obligations by entering into schemes to divert their Australian
See MoreUS: IRS reminds United States citizens and resident aliens to check U.S. tax liability
The Internal Revenue Service on 13 April 2017 reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. IRS also informed that anyone with a foreign bank
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