Russia publishes clarification regarding the simplified tax system
On 20 November 2017 the Federal Tax Service (FTS) published a clarification regarding the procedure for switching legal entities to a simplified tax system from 2018 onwards. As from 2018, in order to switch to the simplified tax regime, legal
See MoreAustralia: New guidance on DPT
On 18 December 2017, the Australian Taxation Office (ATO) published a draft law companion guideline (LCG) 2017/D7 on Diverted profits tax (DPT) for public consultation. The draft Guideline addresses Schedule 1 to the Treasury Laws Amendment Act 2017
See MoreNetherlands: MoF publishes an overview of tax changes for 2018
The Ministry of Finance (MoF) provides an overview of the most important tax changes as of January 1, 2018, which were approved by parliament on 19th December 2017. It concerns changes in the field of income tax, payroll tax, gift and inheritance
See MoreGreece: Capital gains tax on immovable property suspends for another year
The government on December 20, 2017, announced that it was adding an amendment to a tabled draft justice ministry bill to extend the suspension of the tax measure. Previously, it had been announced that it would take effect in 2018. The current
See MoreChile: Tax authority publishes list of Jurisdictions with preferential tax regime
The Internal Revenue Service (Servicio de Impuestos Internos - SII) of Chile published a Resolution No. 124 of December 19, 2017 regarding list of jurisdictions that are considered to have a preferential tax regime or zero or low taxation. The list
See MoreJapan issues tax reform plan for 2018
The ruling Liberal Democratic Party of Japan accepted a tax reform package on 14 December 2017. Based on the draft, a tax reform bill (The Bill) will be drafted. The bill will be submitted to Parliament and is expected to enter into force by the end
See MoreDenmark publishes updated threshold tables for corporate tax purposes for 2018
Rrecently, the Danish Ministry of Taxation has published updated threshold tables for corporate tax purposes for 2018. For corporate tax purposes, the only change is an increase in the carried forward loss offset limit from DKK 8.025 million to DKK
See MoreIceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MoreNew Zealand: A tax bill to counter tax avoidance introduces into Parliament
On 6 December 2017, a tax bill to counter tax avoidance has been introduced into New Zealand’s Parliament by multinational companies and Minister of Revenue also published its commentary on the bill. Most provisions would enter into effect July
See MoreItaly: Updates definition of permanent establishment
The Italian Senate approved the draft Budget Law for 2018 on 30 November 2017. The draft illustrated the definition of the domestic permanent establishment (PE) as per the definition proposed by the OECD in the BEPS Action 7 Final Report. The draft
See MoreUK: Consultation on conditionality measures to combat hidden economy
On 8 December 2017 HMRC published a consultation document entitled Tackling the hidden economy: public sector licensing. The document looks at measures that make compliance with tax obligations a condition of obtaining certain licenses and introduce
See MoreMorocco: Parliament adopts draft Budget for 2018
The Ministry of Economy and Finance of Morocco was announced on December 13, 2017 that the parliament adopted the draft Finance Law for 2018. The draft budget 2018 was presented to the Parliament on October 20, 2017. So, the draft measures will
See MoreRussia: Approves profit-based oil tax regime
On 23 November 2017, the Government approved a plan to introduce a profit-based tax on the oil industry, expected to come into force on January 1, 2019, later than previously thought. Currently, the tax regime for the oil industry stipulates that
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
See MoreTurkey: Govt. publishes new Law 7601 to increase revenues
The Turkish Government published a new Law No. 7601 on 5 December 2017, in the Official Gazette. This Law amends different tax laws for increasing tax revenues, stipulating procedural rules and eliminating some tax or fee applications. According to
See MoreWorld Tax Brief: November 2017
Argentina Main corporate income tax rate: On 31 October 2017, Argentina's Minister of the Treasury, announced a tax reform plan that would gradually reduce the corporate income tax rate for reinvested earnings. The rate would be gradually reduced
See MoreFrance: Constitutional Court confirmed its judgment on temporary surcharge on large companies
The French Constitutional Court declared its judgment on the recently approved temporary surcharge on large companies on the 29 November 2017. More than sixty Senators and more than sixty MPs criticized the procedure for passing the law. The
See MoreUK: Autumn Budget Announcements 2017
The UK’s autumn budget measures were announced on 22 November 2017. Important measures affecting business are as follows: R & D Tax Relief The Research & Development Expenditure Credit (RDEC) rate available to companies claiming under
See More