Luxembourg: Parliament adopts 2017 tax reform
The Luxembourg Parliament adopted the 2017 tax reform (parliamentary document n°7020) on 14 December 2016 which introduces new tax measures affecting both individual and corporate taxpayers. The publication of the law is expected to be made in the
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreUK: New tax measures announced in autumn statement
The autumn statement delivered by the Chancellor on 23 November 2016 provided for new tax measures, many of which will be included in the Finance Bill 2017. The measures include the following: Restriction on tax deduction for interest The UK has
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
See MoreIsrael: Announcement of corporate tax rate cut
On 19th of July 2016, the government and finance minister of Israel declared that the corporate income tax rate will be reduced by 2% in the next two years. Currently, the corporate income tax rate is 25%. As per declaration, the rate will be 24% in
See MoreLuxembourg: Corporate income tax rate proposed by reducing 3%
On 3 June 2016, the Ministry of Finance of Luxembourg published its Stability and Growth Program for 2016-2020. To further economic development, a reduction of the corporate income tax rate from 21% to 18% and an increase of the investment credits
See MoreSri Lanka: Proposals on corporate and individual tax rates in Budget 2016
Recently the Sri Lankan Inland Revenue Department (IRD) announced that the proposals made in Budget 2016 regarding corporate and individual tax rates. Main corporate income tax rate: As per the proposed revised Budget for 2016, a 28% tax rate will
See MoreLiechtenstein: Government plans to increase minimum corporate income tax
Recently the Liechtenstein government approved a report providing an increase in the minimum corporate income tax from the current CHF 1,200 to CHF 1,800. The report has been submitted to parliament
See MoreAustralia: Reducing the corporate income tax rate
On 3 May 2016, the government of Australia announced in the 2016–17 Budget that it will reduce the corporate tax rate progressively from 30 per cent to 25 per cent. Currently, there is a small business corporate tax rate which is less than the
See MoreHong Kong: Tax measures in Budget for 2016/17
The Budget for 2016/17 was presented to the Legislative Council by the Financial Secretary on 24 February 2016. The Financial Secretary proposed a one-off reduction of profits tax for the year of assessment 2015/16 by 75%, subject to a ceiling of
See MoreNorway: Fiscal Budget for 2016 Approved with Tax Measures
The Norwegian Government has approved its 2016 Fiscal Budget on 14 December 2015. The corporate income tax rate has been reduced from 27% to 25%. The current limit of NOK15 million increases to NOK20 million for in-house research and development
See MoreItaly: Published the Stability Law for 2016 in the Official Gazette
The Stability Law of Italy for 2016 was published in the Official Gazette No. 302 the measures of which are applicable from 1 January 2016. The depreciable base of certain plants, machinery and equipment, purchased between 15 October 2015 and 31
See MoreIsrael: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
See MoreCanada: Tax rates for 2015-2016 enacted as of 31 December 2016
Under the provisions of the 2015 federal budget and the 2015 provincial budgets, changes to the federal and provincial corporate tax rates for active business income earned by a Canadian-controlled private corporation (CCPC) which is eligible for
See MoreVenezuela: Amendment to Income Tax Law published in official gazette
Under the Presidential Decree No. 2.163, an amendment to the Income Tax Law (ITL) was published in the Official Gazette on 30th December 2015 which circulated on 4 January 2016. The amendment contains an increase in the corporate income tax rate
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