Egypt Proposes Reduction in Standard Income Tax Rates
The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is
See MoreJapan: Tax Reform Plan 2015 Submitted to the Diet
The bills for the proposed changes to the tax law as announced on 30 December 2014 were submitted to the Diet on 17 February 2015. The main Proposal for changes is summarized below: Corporation taxation: The corporate tax rate is reduced for
See MoreEcuador: Changes to corporate income tax
Generally Ecuadorian companies are subject to a 22% rate of corporate income tax. In accordance with the new law, if more than 50% of the company is owned by non-resident shareholders that are resident in “tax haven” jurisdictions, the
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
See MoreJapan Seeks Corporate Tax Cut In 2015
Japan's Minister of Economy, Trade and Industry has stated that his objective is to reduce the country's corporate income tax rate by at least 2.5% next year. Earlier this year it was agreed that a preliminary corporate tax rate cut will be included
See MoreRomania: Prime Minister Confirms To Keep Flat Tax Regime
Prime Minister, Victor Ponta has reconfirmed that the country’s flat corporate and personal income tax rate of 16 percent will remain in place at least until the next government elections in 2016. Ponta gave the assurances at an awards ceremony
See MorePhilippines: Reduces the corporate income tax rate
The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate
See MoreEgypt: Increased tax rate and others
Egyptian corporate tax rate is temporarily increased from 25% to 30% for a three-year period with respect to income exceeding a threshold amount. Other tax changes in Egypt concerning: Capital gains on dispositions of securities; Dividends and
See MoreChile: Amendments in tax bill propose new corporate tax system
The Government has published a bill to adjust the proposals in the original tax reform legislation. The amendments to the tax reform bill are given below: A new corporate income tax system would build under which taxpayers could be able to choose
See MoreFrance-Amended Finance Bill for 2014
The national assembly of France adopted the Amended Finance Law and the Amended Finance Law on Social Security for 2014 on 23 July 2014.The Constitutional Court will now review the law and after signing by the president the law will enter into
See MoreIreland – Corporate Tax Rate Effectively Below 11 Percent
A recent technical note issued by the Department of Finance indicates that Ireland has maintained an effective corporate tax rate of about 11 percent since 2003. Enterprises operating in Ireland are liable to corporation tax at 12.5 percent on
See MoreChile proposes tax reform
Chile is embarking on a tax reform that will affect both direct and indirect taxes. A Bill is under discussion in the National Congress and this covers important changes to the existing tax laws. The Bill aims to raise the corporate tax rate from
See MoreUkraine Increases Tax and Slashes Spending
Ukraine has approved tax reforms that will allow the country to access increased financial aid from the IMF. Ukraine requires the IMF funding to ensure the stability of its finances. For this reason some planned tax cuts will not be implemented and
See MoreTaiwan increases business tax rate for financial services
Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and
See MoreSpanish SMEs Ask for VAT and Income Tax Support
The President of Spain's small business association CEPYME, has called on the Government to lower the rate of corporation tax levied on small- and medium-sized enterprises (SMEs) in Spain, as part of its plans to reform taxation. He also recommended
See MoreIreland: opportunities for US firms
The Irish Prime Minister has described the 12.5 percent corporate tax rate as a "cornerstone of the offering of attractiveness that Ireland has," telling the US Chamber of Commerce that his country is open for business. Although a few years ago
See MoreUkraine: Reduces corporate income tax and Value Added Tax (VAT) rates
Ukraine has reduced corporate income tax and VAT rates from 1 January 2014. The reduced rates are: For corporate income tax: 18% from 1 January 2014 to 31 December 2014; 17% from 1 January 2015 to 31 December 2015; 16% from 1 January 2016. VAT
See MoreSlovakia – Reduced corporate income tax rate
Slovakia’s Parliament has reduced the corporate income tax rate from 23% to 22% with effect from 1 January 2014. The reduced corporate income tax rate is effective for tax periods beginning after 31 December 2013. This change affects both the
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