Indonesia updates Form DGT-1 for non-resident taxpayers
Indonesian tax authority issued a Regulation PER-10/PJ/2017 that commences a new “certificate of domicile” standard for non-resident taxpayers and it is effective from 1 August 2017. According to the new Regulation, there are 2 types of
See MoreIMF report and selected issues paper looks at tax issues in China
On 15 August 2017 the IMF issued a report and selected issues paper following consultations with China under Article IV of the IMF’s articles of agreement. The report notes that China is continuing its transition to more sustainable growth with
See MoreUK: HMRC reveals details of employment remuneration tax avoidance schemes
HMRC has published details of tax avoidance schemes that are being used by employers, agencies and other intermediaries to avoid payment of income tax and national insurance contributions. These and other types of tax avoidance scheme are published
See MoreMalta amendments fringe benefits rules
On 8 August 2017, the Minister for Finance (MoF) made amendments to Fringe Benefits Rules and Inland Revenue Department published a guide to provide explanations and instructions on the application of the Fringe Benefits Rules (SL 123.55). It
See MoreBelgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreMalawi: New tax measures effective from July 2017
On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the
See MoreSaudi Arabia: Decree amending appeal procedure
Saudi Arabia issued Royal Decree No. M/113 of 25 July 2017 amending the country's income tax law with regard to penalties and appeals procedures. According to the Decree, the General Authority of Zakat and Tax is expressly given the power to impose
See MoreKorea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreLuxembourg: Government announces new intellectual property tax regime
Luxembourg has announced a new regime that offers a special tax incentive for certain income from intellectual property rights. On 7 August 2017, a bill of law proposing the introduction of a new Luxembourg intellectual property (IP) tax regime was
See MoreItaly: Deadline for 2016 Tax Return extended
The Decree of 26 July 2017 from the President of the Italian Council of Ministers was published in the Official Gazette on 28 July 2017. According to the Decree, the deadline to submit the annual tax return (corporate income tax (IRES), regional tax
See MoreChina plans to boost up foreign investment
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. On 28 July 2017, the decision was made at a State Council executive meeting presided over by Premier Li
See MoreRussia: New GAAR provisions in the Tax Code
The Russian parliament on 5 July 2017 approved a draft law (no. 529775-6) introducing a new general anti-avoidance rule (GAAR) into the Tax Code. The new law introduces a new Article 54.1 containing a definition of the limitations on the rights
See MoreRomania: Ordinance on mandatory electronic tax return filing published
Romania has published in the Official Journal of 2 August 2017- Regulation No 2326/2017, according to which tax returns will have to be submitted electronically to the National Agency for Fiscal Administration. Tax returns to be submitted
See MoreNigeria: Government clarifies 27 new industries and products to enjoy tax holiday under pioneer status
The Federal Government gave clarifications on August 9, 2017 regarding businesses that would qualify to enjoy pioneer status under the extra 27 new industries and products for inclusion in the list of “pioneer industries” and “pioneer
See MoreIndia: Tribunal decision on foreign exchange fluctuation gain or loss and arm’s length pricing
The Income-tax Appellate Tribunal in the case of ACIT v. Rajratna Metal Industries Ltd. held that a foreign exchange fluctuation gain/loss is an operating item and is not to be excluded for the purpose of computing the arm’s length price
See MoreUK: Draft guidance on corporate tax loss relief rules
On 31 July 2017 HMRC issued for public consultation draft guidance in relation to the reform to corporate tax loss relief rules. An amended draft of the relevant legislation on corporation tax loss relief was published on 13 July 2017 and this is to
See MoreUkraine: SFS clarifies royalty withholding tax received from US
The State Fiscal Service published Guidance Letter No. 722/6/99-99-01-02-02-15/IPK on 19 July 2017 clarifying the royalty withholding tax paid by a US distributor to a Ukrainian software copyright holder. Ukraine's State Fiscal Service ("SFS")
See MoreArgentina: Decree No. 593/2017 on incentives published in Official Gazette
Decree No. 593/2017 regarding capital goods was published on July 28, 2017 in the Official Gazette. The Decree is effective from July 1, 2017. This decree modifies incentives under some articles of both Decree No. 379/2001 and Decree No. 594/2004.
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