Argentina: Deadline extends for providing incentive benefit
Argentina has published Decree 229/2018 of 16 March 2018 in the Official Gazette. It effects from January 1, 2018. Under Decree 379/2001, this decree changes and extends the effective date for providing incentive up to December 31, 2018. This
See MoreCanada: Quebec issues draft budget 2018-2019
The Finance Minister of Quebec, Carlos Leitao, presented the province’s fiscal budget 2018-2019 on March 27, 2018. The main points of this budget is given below: This budget proposes gradual reduction of the Health Services Fund (HSF)
See MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreItaly: launches public consultation regarding implementation measures for transfer pricing provisions
The Italian Ministry of Economy and Finance launched a public consultation on the implementation measures associated with the application of domestic transfer pricing provisions on 21 February 2018. The main purpose of the Draft Decree (supported by
See MoreColombia: New income tax return form for 2017
The Colombian national tax authority (DIAN) published a new income tax return form 110 for tax year 2017. The tax payers are obliged to file their income tax return electronically using form 110. DIAN has also published a revised informative
See MoreSingapore: New transfer pricing rules
Singapore Inland Revenue Authority published transfer pricing documentation rules and transfer pricing guidelines in February 2018. The major expansions of the transfer pricing rules are as follows: The arm’s length principle is aligned with
See MoreBrazil changes R&D tax incentives
Brazil released the National Congress Act No. 8 of 14 March 2018 in the Official Journal. The Act extends by 60 Days of Provisional Measure No. 810 of 8 December 2017. This act changes the tax incentive for IT companies investing in research and
See MoreKorea: Important changes in tax rules
The Korean Ministry of Strategy and Finance released amendments to the tax law on 13 February 2018. Key changes are following: The withholding tax rate will increase from 17% to 19% on the amount of compensation paid to hiring foreign entities.
See MoreDominican Republic: DGII modifies the income tax returns for legal entities
With effect from 21 September 2017, the Dominican Tax Administration (DGII) has requested all companies and entities, such as trusts, mutual funds and similar entities, to identify their respective ultimate beneficial owners pursuant to Law 155-07
See MoreSweden proposes a draft bill regarding corporate income tax changes
On 21 March 2018, the Ministry for Finance presented a proposal regarding new legislation within the corporate sector. The proposal comprises new rules on re interest deductions, financial leasing and a reduced corporate tax rate. The proposal is
See MoreAustralia: Closing tax consolidation loopholes
On 22 March 2018, the Australian Government’s commitment to ensure multinationals pay the right amount of tax in Australia continued with the passage through Parliament of the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill
See MoreBritish Colombia Budget Bill 2-2018 receives Royal Assent
The third reading of Budget Measure Implementation Act, 2018 or Bill 2-2018 for British Colombia (B.C.) was passed on March 14, 2018 in the Craig James, Clerk of the House and received Royal Assent on March 15, 2018. This Bill doesn’t contain any
See MoreSouth Africa updates taxation of foreign dividends guidance
On 22 March 2018, the Government of South Africa released an updated version of its draft interpretation note on the taxation of foreign dividends. The ratios applied in section 10B (3) to calculate the partial exemption applicable to foreign
See MoreIndian APA accepts customs valuation as arm’s length price for transfer pricing
Recently, the Central Board of Direct Taxes (CBDT) has entered into an advance pricing agreement (APA) where the price determined by the Indian Customs authorities was accepted as arm’s length price for import transactions for transfer pricing
See MoreBelgium introduces CFC rules and 100% participation exemption
The Belgian corporate income tax reform decreasing the corporate income tax rate to 25% by 2020 (29.58% in 2018 and 2019), also amended a number of measures to increase the attractiveness of Belgium as a holding jurisdiction. Specifically, the
See MoreJamaica: TAJ extends the deadline for filing income tax returns until 24 March 2018
On 15 March 2018, the Tax Administration of Jamaica (TAJ) announced that the deadline to file final income tax returns for year of assessment 2017 and Estimated Income and Asset Tax Returns for year of assessment 2018 has been extended until
See MoreIndia : Finance Bill 2018 approves by Lower House
On 14 March 2018, the lower house (Lok Sabha) of parliament passed the Finance Bill 2018 with modifications. The modifications agreed by the lower house includes: -The Budget 2018 had introduced tax at 10% on LTCG of more than Rs 1 lakh, arising on
See MoreChina: Tax reforms for 2018
China’s thirteenth National People’s Congress and the Chinese People’s Political Consultative Conference are holding meetings during 3 to 20 March, 2018. A number of regulatory and tax reforms have been announced. The tax reduction for 2018
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