Colombia legislates the tax reform Bill for 2019
Colombia enacted tax reform (Law 1943-Tax Reform) on 28 December 2018. The Tax Reform makes numerous changes to the Colombian tax rules that generally apply from 1 January 2019. The tax reform includes following changes: Corporate tax: The Tax
See MoreFrance: Parliament adopts Finance Bill for 2019
On 20 December 2018, the French Parliament approved the Finance Bill for 2019. Tax measures taken under the Finance Bill 2019: The finance bill approves interest deductibility limitation rules in effort to comply with the European Union (EU)
See MoreItaly approves Budget for 2019
On 29 December 2018, the Italian Parliament approved the 2019 Budget Law no. 145 of 2018 published on the Official Gazette of 31 December 2018. The Budget contains a number of measures related to tax incentives, including changes to the research
See MoreThailand implements IBC regime in line with OECD inclusive framework for BEPS
On 28 December 2018, Thailand published a Royal Decree regarding implementation of the International Business Center (IBC) regime in the Official Gazette and became effective as of 29 December 2018, which replaces the International Headquarters
See MoreMalaysia: Parliament passes Finance bill 2018 (Budget 2019)
On 10 December 2018, the House of Representatives passed the Finance Bill 2018 which was published in the Federal Gazette on 27 December 2018. The key changes of Finance Bill 2018 are summarized below: Corporate Tax Changes The limitation
See MoreGreece plans to cut corporate tax in 2020
On 14 December 2018, the Greek parliament approved the gradual reduction of the corporate income tax (CIT) rate over the next four years, under proposals announced in September. The property tax will be reduced by 30% to 50%. Under the changes, the
See MoreBrazil: Tax Authority describes tax treatment of international charter leasing payments
The Federal Brazilian Tax Authorities (RFB) published Solução de Consulta – Cosit 166/2018 on September 28, 2018 regarding the application of the reduced rate of 0% income withholding tax for international charter leasing payments. It states
See MorePhilippines: House of Representatives approves corporate tax reform bill
On 10 September 2018, the House of Representatives approved the Tax Reform for Attracting Better and Higher Quality Opportunities (Trabaho) bill 8083 (the Bill). Under the bill, the corporate tax rate will be gradually reduced by 2% every 2 years
See MoreNorway: Finance Minister presents National Budget 2019
The Minister of Finance, Siv Jensen, presented the draft National Budget 2019 on October 8, 2018 to the Parliament. The presentation of the budget will be followed by a cycle of parliamentary hearings and debates on the budget, which will last until
See MoreNetherlands: Budget Proposals 2019
On 18 September 2018, the government of Netherlands presented the 2019 budget proposals to the House of Representatives. Implementation of ATAD measures The Proposals put forward legislation that introduces various EU Anti-Tax Avoidance Directive
See MoreGreece: Prime Minister announces some amendments in tax legislation
The Prime Minister, Alexis Tsipras, announced on September 8, 2018, plans for tax cuts and pledged spending to heal years of painful strictness, less than a month after Greece emerged from a bailout program financed by its European Union partners
See MoreAustralia: Eligibility changes for the lower corporate tax rate
Changes to the lower corporate tax rate are now law. This means the definition of a base rate entity has changed by replacing the 'carrying on a business' requirement with a passive income test. From the 2017–18 income year, a corporation will be
See MoreChile: 2018 tax reform submits to Congress
The Finance Minister, Felipe Larraín, announced on August 23, 2018, that the draft law for the modernization of taxation was submitted to Congress. It includes modification in the tax system to inspire growth, entrepreneurship, investment, savings,
See MoreColombia: Radical Change party submits a tax reform bill to Congress
The Radical Change party, a political party of Colombia submitted a tax reform bill to Congress. The bill contains following proposals: Tax residence The bill would eliminate the requirement to base a company’s tax residence on the company’s
See MoreUkraine: President submits draft law on withdrawn capital tax to Parliament
On 4 July 2018, the President of Ukraine presented to Parliament the draft law "On amendments to the Tax Code of Ukraine concerning the tax on the withdrawn capital". The draft law amends the tax law to replace the current corporate income tax
See MoreBangladesh: Parliament passes budget for FY 2018-19
On 28 June 2018, the Parliament of Bangladesh has passed the Tk 464,573 crore national budget for 2018-19 fiscal year. Finance Minister AMA Muhith moved the Appropriations Bill, 2018 seeking a budgetary allocation of Taka 571833,82,92,000 which was
See MoreChina reduces tax rate for advanced technology service enterprises
China's Ministry of Finance has published a Circular 44/2018 for reducing corporate income tax rate of 15% (standard 25%) for advanced technology services enterprises with effect from 1 January 2018. This applies in particular for enterprises
See MoreGreece: Law 4549/2018 publishes in official gazette
The Law 4549/2018, Provisions for the Completion of the Agreement on Budgetary Targets and Structural Reforms - Medium Term Financial Framework 2019-2022 and other provisions, was published in the Government Gazette with the prerequisites of the
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