India: President approves the tax amendment bill 2019
On 11 December 2019, the President of India passed the Taxation Laws (Amendment) Bill, 2019 which significantly reduced the corporate income tax rate for certain Indian companies. The main measures of the bill; Currently, domestic companies
See MoreOECD: Working Paper looks at tax autonomy of local government
An OECD Working Paper entitled Twenty years of tax autonomy across levels of government: measurement and applications was released on 4 December 2019. The paper notes that if a local or regional government can set its own tax bases, tax rates or
See MoreNetherlands approves Tax Plan 2020
The Dutch Ministry of Finance has announced that the Senate has approved the 2020 Tax Plan on 17 December 2019; however the Dutch Government published the 2020 budget proposals on 17 September 2019. Some of the key changes from 1 January 2020
See MoreThailand: 15% withholding tax on interest payment
On 6 December 2019, Thailand has published Ministerial Regulation No. 353 in the Official Gazette regarding withholding tax (WHT) on interest payments to a resident mutual fund that required deducting 15% WHT. The WHT amount should remit to the
See MoreColombia: Congress approves new tax reform bill in first debate
On 3 December 2019, the Colombia Congress has approved new tax reform bill 2019 (Law No. 1943 of 2018) in first debate. The Colombian Government submitted the new tax reform bill to Congress on 22 October 2019 due to procedural flaws as stated
See MoreGreece: Parliament adopts tax reform measures
On 6th December 2019, Greek Parliament approved tax reform bill (Law 4646/2019), which contains several measures regarding corporate income tax, personal income tax, withholding tax rates, the participation exemption for capital gains
See MoreNigeria: House of Representatives passes Finance Bill 2019
On 28 November 2019, the House of Representatives passed the Finance Bill 2019. It was passed its third reading by the National Assembly on 21 November 2019. Major proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate
See MoreLithuania: Parliament adopts draft bill to increase tax rate and threshold for corporate
In October 2019, the Lithuanian parliament adopted two draft bills that would increase the threshold for cash accounting and increase the corporate tax rate. The bill no. XIIIP-4115 which contains amendments to increase threshold for using cash
See MoreIndia: Parliament passes Taxation Laws (Amendment) Bill, 2019
On 5 December 2019, the upper house of parliament passed the Taxation Laws (Amendment) Bill, 2019. The bill was passed by the Lok Sabha (Lower house) on 2 December 2019. The bill repeals The Taxation Laws (Amendment) Ordinance, 2019. The bill also
See MoreIreland: Revenue publishes eBrief No. 203/19 on dividend withholding tax
On 5 December 2019, Revenue published eBrief No. 203/19 regarding the public consultation reminder of Dividend Withholding Tax (DWT). On 8 October 2019, the Finance Minister, announced a new process for applying and collecting Dividend
See MoreUkraine: SFS issues guidance letter on taxation of freight forwarding services
On 20 November 2019, the State Financial Service (SFS) of Ukraine has issued guidance letter no. 1237/6/99-00-07-02-02-15/IPK regarding taxation of freight forwarding services. The letter clarified that the amount of freight paid by a resident
See MoreLithuania proposes amendments to the CITL
On 31 October 2019, the parliament proposed a Bill (No. XIIIP-4116) to amend the Corporate Income Tax Law (CITL). The proposal includes the following measures: The taxable profit of a Lithuanian entities and a Lithuanian permanent
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 MoreFrance: National Assembly adopts first reading of Finance Bill for 2020
On 19 November 2019, the National Assembly adopted the first reading of the PLF (Finance Bill) for the year 2020. The Minister of Economy and Finance and the Minister of Action and Public Accounts presented the draft budget law for 2020 on 27
See MoreGreece: Government sent tax reform bill to the Parliament
On 26 November 2019, the government submitted its second tax bill to Parliament, paving the way for income, corporate and dividends tax to be reduced, giving new democracy some relief from a public sector hirings controversy. On 12 September 2019,
See MoreIndia: Finance Minister introduces Taxation Law (Amendment) Bill, 2019
On 25 November 2019, the Finance minister Nirmala Sitharaman introduced the Taxation Laws (Amendment) Bill, 2019 in the lower house of Parliament (Lok Sabha). The Amendment Bill will replace Taxation Laws (Amendment) Ordinance, 2019, which aims to
See MoreGermany reduces the solidarity surcharge from 2021
On 14 November 2019, the lower house of the parliament adopted the draft bill on the reduction of the solidarity surcharge. The aim of the draft bill is the reduction of the 5.5% solidarity surcharge on corporate income tax liabilities that was
See MoreNigeria: Senate passes third reading of Finance bill 2019
On 21 November 2019, the Senate passed the Finance Bill 2019, which seeks an amendment of Nigeria’s tax laws and make them more responsive to the tax policies of the Federal Government, among other things. The President stated that the amendment
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