Chile: Tax authority publishes list of Jurisdictions with preferential tax regime
The Internal Revenue Service (Servicio de Impuestos Internos - SII) of Chile published a Resolution No. 124 of December 19, 2017 regarding list of jurisdictions that are considered to have a preferential tax regime or zero or low taxation. The list
See MoreRussia: Approves profit-based oil tax regime
On 23 November 2017, the Government approved a plan to introduce a profit-based tax on the oil industry, expected to come into force on January 1, 2019, later than previously thought. Currently, the tax regime for the oil industry stipulates that
See MoreTurkey: Govt. publishes new Law 7601 to increase revenues
The Turkish Government published a new Law No. 7601 on 5 December 2017, in the Official Gazette. This Law amends different tax laws for increasing tax revenues, stipulating procedural rules and eliminating some tax or fee applications. According to
See MoreFrance: Constitutional Court confirmed its judgment on temporary surcharge on large companies
The French Constitutional Court declared its judgment on the recently approved temporary surcharge on large companies on the 29 November 2017. More than sixty Senators and more than sixty MPs criticized the procedure for passing the law. The
See MoreUK: Autumn Budget Announcements 2017
The UK’s autumn budget measures were announced on 22 November 2017. Important measures affecting business are as follows: R & D Tax Relief The Research & Development Expenditure Credit (RDEC) rate available to companies claiming under
See MorePoland: MoF publishes a statement regarding exemption for dividends
The Polish Ministry of Finance (the MoF) released a statement that identified cases of abuse of tax exemption for dividends by making their payments using intermediaries on 3rd November 2017. As of 1 January 2016, the Polish dividend withholding tax
See MorePoland publishes corporate income tax reform bill for 2018
On 27 November 2017, the Budget Bill for 2018 was approved by the parliament. The bill particularly amending the Polish Corporate Tax Act which published in the Official Journal. According to the bill the changes will enter into force on 1st
See MoreFrance: “exceptional surcharges” proposed for corporate tax of large companies
On 2 November 2017, the French government announced details of proposed “exceptional surcharges” which will be 15% and will be imposed on corporate income tax due by companies with gross revenue exceeding EUR 1 billion for financial years ending
See MoreChina publishes a circular to support technology industry
On 2 November 2017, China's State Administration of Taxation has issued Circular 79 of 2017 to expand tax incentives for advanced technology service enterprises. A 15% special corporate tax rate has been offered in 21 cities since 2014 on a pilot
See MoreUS: Tax reform bill published
The long awaited US tax reform bill was released by House Republicans on 3 November 2017. The impact on the deficit is estimated at $1.5tn over 10 years. The corporate tax rate would be reduced from the current 35% down to just 20% starting in 2018.
See MoreArgentina: Treasury Minister announces tax reform plan
The Treasury Minister, Nicolas Dujovne, on October 31, 2017, announced a tax reform plan. This proposed tax reform includes tax procedure law, corporate income tax reduction, criminal law, individual income tax, social security contributions,
See MoreGhana: Government plans to cut corporate income tax in 2018
Recently, the Minister of Finance and Economic Planning, Mr. Ken Ofori-Atta announced that the Government is working to reduce corporate income tax by 5% next year. This means businesses would pay 20% of their profits as corporate income tax as
See MoreGhana: Government proposes to abolish 25% corporate tax on private universities
On 28 October 2017, the Vice President of Ghana, Dr. Mahamudu Bawumia has announced that government is working hard towards the abolishment of the 25% corporate tax on Private Universities as part of government’s support to the private Tertiary
See MoreMorocco: Draft Budget for 2018
The draft budget 2018 was presented to the Parliament on October 20, 2017. This draft Law is available in French language. The Economic and Finance Minister, Mr. Mohamed Boussaid, held a press conference regarding the Finance Bill 2018 on October
See MoreNorway: Government publishes tax proposal in Budget 2018
On 12 October 2017, the Norwegian Government published its proposal for the 2018 Fiscal Budget. The following tax measures are proposed in the Budget. The government has proposed to reduce the general corporate tax rate from 24% to 23% with
See MoreMalaysia introduces tax exemption on payment paid for offshore services
The Income Tax (Exemption) (No. 9) Order 2017 (Exemption Order) was published in the Federal Gazette on 24 October 2017. The Exemption Order excludes non-residents from payment of income tax in respect of certain categories of income derived from
See MoreTaiwan: Cabinet approves draft amendments to Income Tax Act
The Executive Yuan (Cabinet) approved draft amendments to the Income Tax Act on 12 October 2017. The draft proposals include the following: Corporate income tax rate increases from 17% to 20%. Standard dividend withholding tax rate raises from
See MoreBelgium: Corporate tax reform
On 27 October 2017, according to a press release, on the proposal of the Minister of Finance, the government approved the corporate tax reform. The corporate tax reform process would take place in two phases, 2018 and 2020. Under the tax reform,
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