South Africa: SARS issues rulings on employees’ tax and VAT treatment of non-executive directors
The South African Revenue Service (SARS) issued Binding General Ruling (Income Tax) 40 and Binding General Ruling (VAT) 41 on 10 February 2017. Binding General Ruling (Income Tax) 40 clarifies the employees’ tax consequences of income earned by
See MoreSouth Africa: SARS publishes revised capital gains tax guide
The South African Revenue Service (SARS) has released a revised tax guide regarding capital gains tax (CGT). The tax guide provides guidance on CGT for companies and individuals for the 2017 year of assessment (YA), which covers the period from
See MoreColombia introduces new incentives for small enterprises
According to law 1819 of 2016, adopting the structural tax reform bill introduces amendments to the corporate income tax incentives applicable to small enterprises benefiting from Law 1429 of 2010, as follows: Years of incorporation Current
See MoreSlovenia publishes procedures on monthly corporate income tax advance payments
The tax authority issued guidelines on 3 February 2017 clarifying monthly advance payments of corporate income tax resulting from the increase in the corporate income tax rate from 17% to 19% as from 1 January 2017. In Slovenia, the advance payments
See MoreTaiwan: National Tax Office clarifies withholding tax on debt-claim income
The National Tax Office of the Central Region issued an announcement on 7 February 2017 regarding withholding tax on interest from short-term commercial papers. According to the announcement, a 10% withholding tax is applies on the gross amount paid
See MoreColombia: Taxpayers can adjust the value of their fixed assets to 7.08%
On 30 December 2016, the Colombian National Tax Authority (DIAN) published a Decree 2202 of 2016 that regulates articles 70 and 73 of the Tax Code (TC) related to fixed asset value adjustments and the determination of taxable income or capital gains
See MoreBotswana: Tax proposals in 2017-2018 Budget
The Minister of Finance and Economic Development presented the Budget for 2017-18 to the National Assembly on 6 February 2017. To improve administration efficiency and optimise revenue collection, the income tax act and the value added tax act will
See MoreDouble tax treaty between Hungary and Iran enters into force
The double tax treaty between Hungary and Iran came into force on 1 January 2017. The treaty defines the term "resident" as a person that under the laws of either country is liable to tax there by reason of domicile, residence, place of
See MoreCanada: New Brunswick Budget 2017 presented
The New Brunswick Province Budget 2017 was delivered on 7th February 2017 by the Finance Minister. The budget decreases the small business income tax rate from 3.5% to 3% that will be effective from 1st April
See MoreItaly: Detail corporate tax measures mentioned in Budget Law for 2017
The Italian Budget Law for 2017 entered into force on 1 January 2017. From 2017 financial year, the Italian corporate income tax ("CIT") standard rate is reduced from 27.5% to 24 %. However, Banks, parent companies of banking groups, individual
See MoreThailand- Royal Decree on deduction for depreciable assets
The government of Thailand approved the amendment of Royal Decree No. 604 on 24 January 2017, which was gazetted on 21 April 2016. The amendment permits a 50% additional corporate tax deduction on the expenditure acquired on additions, alterations,
See MoreCyprus: Parliament approves a bill for the payment of overdue taxes by monthly instalments
The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments
See MoreMauritius: Introduced Alternative Dispute Resolution mechanism
The Minister of Finance and Economic Development of Mauritius in his 2016-2017 Budget Speech, announced the establishment of an Alternative Tax Dispute Resolution (ATDR) mechanism to expedite cases where the amount of tax payable under dispute
See MoreIndia: Proposes amendments to the transfer pricing regulations
Indian Finance Minister published India’s 2017-18 budget on 1 February 2017. Along with other measures, the budget has proposed following important amendments to the provisions of transfer pricing (TP) regulations of India: –A major proposal in
See MoreEl Salvador: Publishes late payment interest rates
Recently, the Government of El Salvador gazetted the late payment interest rates for 2017 tax year. The applicable rates are: 6.37% - applies for late payments of taxes from 1 February to 31 July 2017; and 10.37% if the late payments are
See MoreIrish Revenue publishes Finance Act 2016
Irish Revenue published Finance Act 2016 that contains multiple additions in relation to Finance Bill 2016, on 12 January 2017. The key changes are following: Directors' fees: An exemption is available on certain emoluments not more than EUR 5,000
See MoreWorld Tax Brief: January 2017
Argentina Special corporate tax rate: Argentina has introduced a new special corporate income tax rate for gambling. According to the Law 27,346 that amends article 69 of the Income Tax Law (LIAG), a 41.5% corporate income tax rate applies to
See MoreChile: Tax treatment of bonds issued
The Finance Ministry has announced the adjustments declared by Law 20,956 on 30th January 2017 to the tax treatment of bonds that was issued by both the Central Bank and Treasury. Note that, the Central Bank and Treasury are obliged to withhold 4%
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