Greece: Prime Minister announces some amendments in tax legislation
The Prime Minister, Alexis Tsipras, announced on September 8, 2018, plans for tax cuts and pledged spending to heal years of painful strictness, less than a month after Greece emerged from a bailout program financed by its European Union partners
See MoreIreland announces corporation tax roadmap
On 5 September 2018, the Minister for Finance and Public Expenditure & Reform, Paschal Donohoe T.D., has published Ireland’s Corporation Tax Roadmap. The Roadmap takes stock of the changing international tax environment, outlines the actions
See MoreUS: Appeal Court Overturns Altera decision on stock based compensation in CSAs
On 24 July 2018 the US Court of Appeals overturned the decision of the Tax Court in the case of Altera Corp, a case that concerned the inclusion of stock based compensation costs in cost sharing agreements (CSAs). The Appeal Court has determined
See MoreWorld Tax Brief: September 2018
Chile Business income taxation: On 21 August 2018, the Chilean president announced that a bill on tax reform would be submitted to Congress. The tax reform laws would propose a single integrated corporate tax system that would eliminate the
See MoreColombia updates late payment interest rate for September 2018
According to an Administrative Regulation 1112 of 2018, the effective monthly interest rate for late payment of taxes has been set at 27.72% and valid from 1 to 30 September
See MoreAustralia: Eligibility changes for the lower corporate tax rate
Changes to the lower corporate tax rate are now law. This means the definition of a base rate entity has changed by replacing the 'carrying on a business' requirement with a passive income test. From the 2017–18 income year, a corporation will be
See MoreChile: 2018 tax reform submits to Congress
The Finance Minister, Felipe Larraín, announced on August 23, 2018, that the draft law for the modernization of taxation was submitted to Congress. It includes modification in the tax system to inspire growth, entrepreneurship, investment, savings,
See MoreFinland: Ministry of Finance issues a draft bill proposing amendments to the CFC rules.
On 6 August 2018, the Finnish MoF published a draft consultation on a draft law that proposed changes to the Finnish CFC rules. The draft law aims to implement the CFC provisions contained in the EU ATAD. The bill would introduce changes to the CFC
See MorePoland: Ministry of Finance declares key changes under 2019 tax reform
Poland’s Ministry of Finance announced, significant changes in the tax law are planned in Poland as of 2019. The Ministry announced the following key measures, among others: Stricter conditions for the application of withholding tax exemption
See MoreColombia: Radical Change party submits a tax reform bill to Congress
The Radical Change party, a political party of Colombia submitted a tax reform bill to Congress. The bill contains following proposals: Tax residence The bill would eliminate the requirement to base a company’s tax residence on the company’s
See MoreBrazil modifies fines applicable for companies under special regime and exempt entities
Normative Instruction 1,821/2018, published in the Official Gazette of 31 July 2018, modifies the fines applicable to companies taxed under the presumed or determined profit regime and exempt entities as follows: 5% of the gross income in case
See MoreBrazil: Mixed commission approves Provisional Measure 836/2018
The mixed commission of the Senate and Chamber of Deputies approved the conversion into law of Provisional Measure 836/2018 on 14 August 2018, which will effects from 1st September 2018. The measure still needs to be approved by the plenary of both
See MoreCroatia: MoF publishes a draft bill covering various sectors
The Finance Minister, Zdravko Marić, on August 16, 2018, published draft bill on amendments to the Law on administrative cooperation in tax matters. This Act shall enter into force on the eighth day after its publication in the Official Gazette
See MoreEgypt reduces late payment interest, penalties and additional taxes if taxes are settled
On 15 August 2018, the Egyptian Government has issued new Law no. 174 of 2018 (the Law) that reduces late payment interest and penalties by a certain percentage based on the payment day of the taxes due. The law introduces 90% reduction on interest
See MoreDominican Republic: DGI publishes guide on simplified tax procedure
On 19 June 2018, the Directorate General of Internal Revenue (DGII) issued Guide No. 24 for individuals and legal entities wishing to qualify for the simplified tax procedure (PST). The Simplified Tax Procedure (PST) is a special regime that
See MoreRussia modifies transfer pricing rules
On 3 August 2018, the President of the Russian Federation signed Law No. 302-FZ About changes to Part One and Two of the Tax Code of the Russian Federation" Once the new law enters into force, only transactions between Russian companies that apply
See MoreFinland: Ministry of Finance officially submits its budget proposal for the year 2019
On 9 August 2018, the Ministry of Finance officially submitted its budget proposal for next year 2019. The budget introduced changes to the CFC definition and applicable exemptions, including reducing the control threshold for a company that
See MoreUK: Statistics on transfer pricing and diverted profits tax
On 1 August 2018 HMRC released a document showing the latest statistics relating to transfer pricing and the diverted profits tax (DPT). The transfer pricing rules and the DPT are seen by HMRC as an important part of the range of measures in place
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