Kenya simplifies the taxation of non-tax profits distributed as dividends
On 8 February 2019, the Kenya Revenue Authority (KRA) published a notice clarifying the new measure introduced by the Finance Act, 2018. The Act introduced a new corporate rate on untaxed gains or profits from which dividends are distributed with
See MorePortugal legislates the Budget Law for 2019
On December 31, 2018, Portugal published 2019 budget law (No.71/2018) in the official gazette and generally applies as from 1 January 2019. The budget law includes changes to income tax law and other taxes. The budget law include the following
See MoreSpain introduces law on digital service tax
On January 25, 2019, a bill on the digital service tax was published in the law sheet of the Spanish legislature. If adopted, it is expected that the bill will be applied in the second half of 2019. The digital services tax would apply to taxpayers
See MoreWorld Tax Brief: February 2019
Colombia Main corporate tax rate: On 28 December 2018, Colombia enacted the Tax reform bill for 2019. The Tax Reform reduces the corporate income tax (CIT) rate from 33% in 2018 to 32% for 2020, 31% for 2021 and 30% for 2022 and onwards. The 4%
See MoreBelgium: Parliament approves new restriction on interest deduction
On 31 January 2019, the parliament of Belgium approved legislation implementing the 30% of Earnings before interest, tax, depreciation and amortization (EBITDA) restriction on interest deduction to 1 January 2019. The restriction is according to the
See MoreUK: Use of new technology in tax administration
On 17 January 2019 the Office of Tax Simplification (OTS) issued a paper entitled “Technology Review: A vision for tax simplicity”. This looks at the role of new technology in improving taxpayer experience and taxpayer interaction with the tax
See MoreItaly: Tax authority releases new corporate tax return forms
On 30 January 2019, Italy’s tax authority issued protocols (No.23599/2019 and No. 23568/2019) approving the new electronic corporate income tax return form and regional tax on productive activities return form to be used for tax year 2018. Forms
See MoreBulgaria: NRA publishes corporate income tax return form for 2018 with barcode
On 4 February 2019, the National Revenue Agency (NRA) published the annual tax return under Art. 92 of the CITA for 2018 with BARCODE on the website of NRA. Detailed instructions for downloading, completing and submitting the statement are added to
See MoreSerbia: Parliament adopts the law on amendments to the corporate income tax law
On 7 December 2018, the parliament of Serbia adopted the Law on Amendments to the Corporate Income Tax Law (the Law) which was published in the Official Gazette of RS number 95/2018 dated 8 December 2018. The Law came into force on 9 December
See MoreKazakhstan introduces new corporate tax return form
On 1 January 2019, the Ministry of Finance issued Order No. 1095 and the Order introduces amendments to the corporate income tax on extra profits return (form 150.00). The updated form is used for the preparing of tax returns for the reporting year
See MoreArgentina releases decree regarding tax reform measures for corporations
On 27 December 2018, Argentina published a Regulatory Decree 1170/2018 in the Official Journal, which entered into force on 28 December 2018. The decree prescribes policy changes to Law 27,430 of 2017, which introduced tax reform measures for 2018.
See MoreFrance: Parliament legislates the Finance Act for 2019
The French Finance Act passed its constitutional review for 2019 on 28 December 2018. This follows the approval of the law by Parliament on 20 December 2018. The main measures of the law are summarized as follows: Corporate Income tax rate:
See MoreChile: IRS clarifies Taxation of Dividends and Interest
Recently, the Internal Revenue Service (IRS) issued two separate Rulings 59 and 2546 to clarify the taxation of dividends and interest by resident and nonresident taxpayer. The two rulings separately discussed in below: Taxation of dividends Ruling
See MoreQatar legislates new Income Tax Law
On 17 January 2019, Qatar's new Income Tax Law (Law 24 of 2018) was published in the Official Gazette and replaced the previous Law 21 of 2009, and is effective from 13 December 2018. The main features of the new law are summarized in below: The
See MorePakistan: Finance Supplementary (Second Amendment) Bill submits in Parliament
On 23 January 2019, Pakistan’s draft Finance Supplementary (Second Amendment) Bill, 2019 was submitted to the National Assembly. The finance minister clarified that, "This is not a budget, this is a corrective package aimed at addressing various
See MorePeru publishes Resolution on filing Tax Return for 2018
The Peru tax authority (SUNAT) has issued Resolution No. 015-2019/SUNAT, concerning the filing of both individual and corporate tax returns for the 2018 tax year, including the filing deadlines. The deadlines are set from 25 March to 5 April 2019,
See MoreTurkey legislates Omnibus Law including corporate tax measures
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures: As from 18 January 2019, existing rules on reduced rates for investment
See MoreSpain publishes national budget for 2019
The state budget bill (the Budget Bill) for fiscal year 2019 was published on 16 January 2019 in the Spanish Parliament Official Gazette. The Budget Bill, which was adopted by the Spanish Council of Ministers on 11 January 2019, will now follow the
See More