Romania: Up to 10% discount for advance payment of tax
On 26 March 2020, the Ministry of Finance of Romania announced that taxpayers who pay the corporate income tax for the first quarter of 2020 before 25 April 2020 will be entitled for tax reduction. This includes a 5% discount for large enterprises
See MoreAustria: Government publishes a decree to update the information during COVID-9
On 24 March 2020, the Government published a Decree, which replaces the previous Decree published on 14 March 2020. Under the new Decree, the following changes are included: Corporate income tax According to the Decree, a reduction of CIT
See MoreEcuador: President made objections on second tax reform bill
On 14 December 2019, the President, Moreno, made objections on the second tax reform bill approved by the National Assembly. Accordingly, he proposed to limit the application of the thin-capitalization rules to inter-company loans. Accordingly,
See MoreEcuador presents new tax reform Bill
On 21 November 2019, the Ecuadorian National Assembly presented a new draft of the Tax Reform Bill on "Tax Simplicity and Progressiveness" following the rejection of the previous draft law on economic growth reform submitted to Congress on 18
See MoreArgentina: AFIP updates resolution on advance payment of tax
On 12 July 2019, the Federal Administration of Public Revenues (AFIP) of Argentina has published General Resolution No. 4522/2019 amending several provisions of General Resolution 4034 which was issued in 2017. The resolution modifies the
See MoreEcuador: SRI issues decree on advance income tax payments
On 5 July 2019, the Ecuadorian Internal Revenue Service (Servicio de Rentas Internas-SRI) issued Executive Decree No. 806 of 25 June 2019 in its official website. The decree introduces new schedule for advance income tax payments. The payment of
See MoreHungary plans to take several tax measures for maintaining economic growth
On 31 May 2019, the Ministry of Finance announced the Government-approved Action Plan for the Protection of the Economy. To help small businesses, the small business tax rate (KIVA) will be reduced from 13% to 12% from 1 January 2020. The tax cut
See MoreBelgium: Advance payment notice for 2018
Belgium has published a notice from the Federal Public Service (SPF) Finance in the Official Gazette that includes an explanation of the rules on advance income tax payments for the 2018 tax year (2019 assessment year). Advance tax payments are
See MoreEcuador: President signs decree for reduction of advance tax payment
On 20 November 2017, Mr. Lenín Moreno, the President of Ecuador signed Executive Decree No. 210, regarding decrease of income tax advance payments corresponding to the tax year 2017. The Decree provides a 100% reduction for individuals and
See MoreLatvia: Parliament passes new corporate tax law
The Latvian parliament passed a new corporate tax law on 28 July 2017. The law will enter into force on 1 January 2018. Unlike the current corporate income tax (CIT) regime, the proposed CIT regime is based on a cash-flow taxation model, which
See MoreEstonia: key changes to corporate income tax rules enacted
The Estonian Minister of Finance submitted the Bill on Amendments to the Income Tax Act (the bill) for consultation on 17 April 2017, which was approved by the Parliament on 19 June 2017. Significant changes in the Income Tax Act include a reduced
See MorePakistan: FBR issues a law regarding payment of tax collected or deducted
Pakistan’s Federal Board of Revenue Published a Notification No. S.R.O. 255(I)/2017 of 12 April 2017, which introduced a new provision in Rule 43(b) of the Income Tax Rules 2002 regarding payment of tax collected or
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 MoreLatvia: Tax provisions in Budget 2017
The Latvian lawmakers passed Latvia’s 2017 budget on 24 November 2016. The main measures concerning corporate taxation are summarized below. At present, losses incurred in taxable periods from 2008 on wards may be carried forward indefinitely.
See MoreArgentina -new installment plan for settling tax debts
The Tax Authorities of Argentina have introduced a special installment plan regime General Resolution No. 3806/2015 to settle up tax debts, customs and social security debts. The regime initiates payment plans of up to 120 monthly installments at a
See MoreGreece: Income Tax Law Amendments Published in the Official Gazette
Greece published the amended income tax law in the official Gazette on 14 August 2015. Law 4334/2015 makes amendments which have immediate effect. The 2% discount granted in case of lump-sum payment of personal income tax (including business tax
See MoreItaly: Duration of advance payment of income tax extends
The Government of Italy increased the advance income tax payment due for fiscal year 2013 and delayed the deadline for the payment of the second installment via Law Decree 133/2013 dated 30 November 2013. The increase of overall advance payment due
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