Brazil 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
See MoreSouth Africa: Revenue services announces for temporary use of old filing rules
The South African Revenue Service will temporarily permit taxpayers to report information on controlled foreign corporations (CFCs) under the old filing rules replaced in February. SARS replaced the old reporting schedule in February, which was
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreHong Kong: Finance Secretary of SARS presents the Budget for 2018/19
On 28 February 2018, the Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po presented the Budget proposal for the country’s tax year beginning 1 April 2018. Major proposals with respect to tax and business
See MoreSouth Africa: The tax incentive for R & D is expected soon
On 2 March 2018, the Department of Science and Technology (“DST”) attended a meeting with the newly appointed Minister of Science and Technology (Ms Mmamoloko Kubayi-Ngubane) to discuss the tax incentives for research and development. A task
See MoreUS: IRS publishes interest rate for the second quarter of 2018
On 7 March 2018, The Internal Revenue Service announced that interest rates for overpaid and underpaid increased for the calendar quarter beginning April 1, 2018. The rates are 5% for both overpayments and underpayments by individuals, and 4% and 5%
See MoreBulgaria: E-filing is mandatory from 2018
The Bulgarian National Revenue Agency has declared that all declarations under the Corporate Income Tax Act (CITA), for which the filing obligation arises after December 31, 2017, are only submitted electronically. This is also applicable for annual
See More