Taiwan: The Ministry of Finance publishes the CFC implementation rules
The Ministry of Finance has announced the implementation of CFC (controlled foreign company) rules on September 20, 2017. The main features of the CFC rules are summarized below: CFC definitions: Under the rules, a foreign company located in a
See MoreBrazil: Government changes tax rules on the oil and gas tax industry
Brazil has published the National Congress Act 53 of 10th October 2017 in the Official Gazette for extending the Provisional Measure (PM) 795/2017 of 18th August 2017. Provisional Measure (PM) 795/2017 provided for the tax treatment of oil
See MorePakistan: FBR extends last date for filing tax returns up to November 15
The Federal Board of Revenue (FBR) has issued Circular No. 08 for extension in date of filing of income tax returns to 15 November 2017 from 31 October 2017 for salary persons and business individuals. Similarly, the date of filing of income tax
See MoreNorway: Government publishes tax proposal in Budget 2018
On 12 October 2017, the Norwegian Government published its proposal for the 2018 Fiscal Budget. The following tax measures are proposed in the Budget. The government has proposed to reduce the general corporate tax rate from 24% to 23% with
See MoreUS: IRS reminds tax preparers to renew PTIN
The Internal Revenue Service, on 26 October 2017, reminded the nation’s more than 727,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2018. All current PTINs will expire Dec. 31,
See MoreMalaysia introduces tax exemption on payment paid for offshore services
The Income Tax (Exemption) (No. 9) Order 2017 (Exemption Order) was published in the Federal Gazette on 24 October 2017. The Exemption Order excludes non-residents from payment of income tax in respect of certain categories of income derived from
See MoreGreece: VAT compliant receipts to fight fraud
The Government has announced a monthly lottery on the basis of VAT compliant receipts issued to consumers for trying to reduce VAT fraud. From the last of October, every single VAT receipt issued in the country will display a unique number, which
See MoreEl Salvador: Tax authority issues tax havens list for 2018
The Tax Administration of El Salvador issued an annual guide (Resolution No. DG-001/2017) on 28 September 2017. The guidelines set out a revised list of countries, states or territories that are considered to be preferential tax regimes, low or
See MoreTaiwan: Cabinet approves draft amendments to Income Tax Act
The Executive Yuan (Cabinet) approved draft amendments to the Income Tax Act on 12 October 2017. The draft proposals include the following: Corporate income tax rate increases from 17% to 20%. Standard dividend withholding tax rate raises from
See MoreIndia: Clarification guidelines for establishing place of effective management
The Central Board of Direct Taxes recently issued a circular (No. 25 of 2017) on 23 October 2017. This circular clarifies that, as long as the regional headquarter operates for subsidiaries/group companies in a region, within the general and
See MoreBelgium: Corporate tax reform
On 27 October 2017, according to a press release, on the proposal of the Minister of Finance, the government approved the corporate tax reform. The corporate tax reform process would take place in two phases, 2018 and 2020. Under the tax reform,
See MoreItaly: Cabinet approves 2018 budget bill
The Council of Ministers of Italy approved the draft Budget Law for 2018 on 16 October 2017. The main tax measures according to the approved Budget law are as follows: -incentives specifically on the temporary accelerated depreciation regime, the
See MoreNetherlands: The new Dutch Government publishes Policy Paper
The new Dutch government published its Policy Paper on 10th October 2017. The paper highlights the policy of the new Dutch government for the next four years. The new four-party coalition government was formed after extensive negotiations after the
See MorePortugal: Budget for 2018 presented to the Parliament
The Portuguese Budget Bill for 2018 was presented to the Parliament on 13 October 2017. The most important features of the Budget Bill are as follows: -Gains derived from the transfer of shares or rights of non-Portuguese entities, with more than
See MoreDenmark: Planning to launch a pilot scheme to support SMEs on compliance matters
The Danish tax agency will launch a pilot scheme to support small- and medium-sized enterprises on value-added tax and direct tax compliance matters from 1 January 2018. The Government said, the new "VAT and tax check" will allow companies to
See MoreCanada: Government intends to reduce small business tax rate
The Government is working to build a fairer and more efficient tax system that benefits all Canadians. As one of its first actions, the Government raised taxes on the wealthiest one per cent in order to cut taxes for the middle class. The Government
See MoreCosta Rica: The income tax on foreigners investing in securities market is 8%
Foreign investors in Costa Rica will now have the same percentage as the revenue tax for local people. The Attorney General's office in Costa Rica confirmed that the withholding tax rate of 8% laid down in Article 23 of the Costa Rican Income Tax
See MoreCosta Rica updates the income tax clauses for tax year 2018
On 27 September 2017, Costa Rican government published the income tax brackets for tax year 2018. Tax brackets are adjusted yearly, effective 1 October to 30 September of the following year due to changes of consumer price index. For corporate
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