Philippines: BIR clarifies certain issues on Tax Amnesty
On 31 May 2019, the Philippines Bureau of Internal Revenue (BIR) has published Revenue Memorandum Circular (RMC) 57-2019 clarifying certain issues on tax amnesty. This circular is issued to address the frequently-asked questions regarding the tax
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 MorePhilippines: DOF submits tax reform bill to Congress
The Philippines Department of Finance (DOF) has announced on 25 April 2019 that the second package (Tax Reform for Attracting Better and High-Quality Opportunities or TRABAHO) of the Duterte administration’s Comprehensive Tax Reform Program
See MoreArgentina implements new rules for withholding tax on dividends
On 9 May 2019, Argentina has published General Resolution 4478/2019 in the official gazette amending the withholding tax rates on dividends. The new rules explain the following measures: Retention Procedures Generally, the withholding tax is
See MoreTaiwan issues a notice on businesses optimized tax regulations
On 15 May 2019, The National Taxation Bureau of the Northern Area (NTBNA) of Taiwan published a notice upon businesses of optimized tax regulations in order to simplify the tax system and comply with international trends (the Income Tax Act was
See MoreBelgium: New law with withholding tax exemption on dividends
On 6 May 2019, Belgium published in the Official Gazette the Law of 28 April 2019 on various tax provisions along with the amendment of Article 264 of the Income Tax Code, which provides for an exemption from withholding tax on dividends
See MoreLuxembourg: Government publishes budget law for the year of 2019
On 26 April 2019, Luxembourg published the Law of 26 April 2019 in the Official Gazette containing the measures for the 2019 budget. The law lowered the standard corporation tax rate from 18% for the financial year 2018 to 17% for the financial
See MoreTaiwan publishes a notice upon income tax filing return for 2019
On 29 March 2019, the National Taxation Bureau of the Southern Area (NTBSA) of Taiwan published a notice upon important information about the new profit-seeking enterprise income tax reform when filing in 2019. According to the newly amended
See MoreEcuador: SRI issues circular regarding income tax law
On 9 April 2019, Ecuador’s Internal Revenue Service (SRI) issued Circular No. NAC-DGECCGC19-00000003. The circular makes a reminder about the application of the legal regulations in force for the determination of income tax for the fiscal year
See MoreItaly plans to reduce tax rates
The Italian Government is considering reducing corporate and individual income tax rate. This would reduce the standard corporate tax rate to 20% from 24%. Individual income tax rate may change from the current five-bracket system with a top rate
See MoreVietnam Proposes to reduce corporate income tax rates for SMEs
On 26 March 2019, Vietnam's Ministry of Finance has released a consultation on a draft resolution for the introduction of reduced corporate tax rates for small- and medium-sized enterprises (SMEs). The draft proposed following reduced rates: 15%
See MoreUganda: Minister of Finance presents tax reform bills to Parliament
On 28 March 2019, Mr. Matia Kasaija, the Minister of Finance, Planning and Economic Development (Minister of Finance) of Uganda presents a number of tax reforms amendment bills to the Ugandan parliament and are currently under consideration. The
See MoreNicaragua publishes tax law for 2019
On 28 February 2019, Nicaragua issued tax amend law No.987 in the Official Gazette including notices of the amendment of applicable withholding tax rates. Major changes are summarized in below: Establishing the changes in the alternative
See MoreAustralia: Federal Budget 2019-20
On 2 April 2019, the Australian Government announced its 2019-20 Budget. The Government is lowering taxes for working Australians and backing small and medium‑size business, while ensuring all taxpayers, including big business and multinationals,
See MoreQatar: GTA issues circular on new income tax law
In April 2019, Qatar's General Tax Authority (GTA) has issued Circular No. 14 of 2019 following previous Law No. 24 of 2018 (the new tax law). The circular provides guidelines to the taxpayers on certain transitional provisions for implementing the
See MoreGreece: Tax administration issues circulars on CIT and Dividend tax rate cut
On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046 / 2019 and E.2047 / 2019) for reducing corporate tax rates and dividend tax rates. These circulars are summarized below: Circular E.2046: This circular confirms that
See MoreZambia publishes Budget for 2019
On 1 January 2019, The Zambian government published budget for 2019 to the National Assembly. Key modifications of tax rules are summarized as follows: Limit the deductibility of interest on debts owed by a taxpayer to 30 % of the
See MoreLuxembourg: Finance Minister presents draft budget law for 2019
On 5 March 2019, the Luxembourg Minister of Finance, Pierre Gramegna, presented to the Chamber of Deputies the draft budget law 2019 together with the draft multi-annual financial planning, for the 2019-2022 period to the Chamber of Deputies. The
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