Costa Rica: Corporate flat tax re-entered into forced
Costa Rica has been updated the Law N° 9428 which previously declared unconstitutional due to the approval procedure inconsistencies. The Law provides the corporation flat tax which is establishes an applicable progressive rate. Thus, the tax
See MorePoland: Important tax changes for 2017
A number of major tax changes have been introduced as of 1 January 2017. The changes are given below: Personal income tax: Personal income tax has a major change on the tax-free amount that is based on the tax base. In accordance with the new
See MoreOman introduces special tax regime for small businesses
Royal Decree 9 of 26 February 2017 launched a number of key changes to the Income Tax Law issued by way of Royal Decree 28 of 2009, including a special regime for small businesses. The small business will be subject to income tax at a rate of 3%. A
See MoreCosta Rica: Legislative Assembly approves the bill to restore registration flat tax
The Costa Rican Legislative Assembly on 17 March 2017 approved the bill which restores the registration flat tax on companies. The bill, which intends to restore the registration flat tax on companies, had been declared unconstitutional on 28
See MoreSaudi Arabia- Regulations for implementation of Zakat issued
The Tax Authority of Saudi Arabia issued the Regulations for implementation of Zakat under Ministerial Resolution No. 2082 of 28 February 2017 (01/06/1438H) on 9 March 2017, The regulations applies to all commercial activities established for
See MoreUkraine: Amendments to tax code effective from 1 January 2017
The amendments to the Tax Code have been effective, with some exceptions, since 1 January 2017. Below is a summary of the most significant changes in corporate profit tax and transfer pricing. Corporate profit tax: The general tax rate remains
See MoreOman: Key changes to income tax law
On 26 February 2017, the Oman Government has passed a Royal Decree 9/2017 in the Official Gazette with a number of significant changes to Income Tax Law 2010. The major changes passed by the Royal Decree are following: An increase in the
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 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 MoreOman: CIT rate may hike in 2017 Budget
On 1 January 2017, the Ministry of Finance of Oman issued a statement on the State’s General Budget for the Fiscal Year (FY) 2017. The budget sets forth prospects for revenue collection from tax and other similar sources. CIT laws are expected to
See MoreMalaysia: Finance Act 2017 enacted
The Finance Bill 2016 was enacted as Finance Act 2017 on 16 January 2017. The enacted Finance Act 2017 reduces the corporate tax for the year of assessment 2017 and 2018. The reduced tax rate will be between 1 and 4 percentage points for companies
See MoreLuxembourg: 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,
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