Australia: Foreign resident capital gains withholding payments
On 9 May 2017, the Australian Government announced proposed changes to the foreign resident capital gains withholding (FRCGW) rate and threshold. The changes will apply to contracts entered into on or after 1 July 2017, for real property
See MoreMalaysia: Government releases income tax exemption order for 2017-2018
The government released an Exemption Order (the Order) on 10 April 2017 providing a temporarily reduction in corporate income tax rates based on incremental taxable income compared to the preceding year of assessment. The “Income Tax (Exemption)
See MoreUS: Trump planning dramatic cut to corporate tax rate
President Trump is planning to cut the corporate tax rate to 15 percent even though that means a loss of revenue. Trump told his staff during a meeting in the Oval Office that he wants a massive tax cut for the American public. The 15 percent rate
See MoreUK: Major tax changes coming into effect in April 2017
Millions of businesses across the UK will benefit from new tax measures coming into effect in April 2017, including a £9 billion cut in business rates, a further reduction in corporation tax to 19% and a continued fuel duty freeze. “We’re
See MoreChina plans to cut tax rates
The government of China plans new tax cuts to reduce the burden on businesses, support innovation and stabilize growth. On April 19, tax cuts were approved at a State Council executive meeting presided over by Premier Li Keqiang, after the
See MoreUruguay- Fiscal Transparency Law issued
Uruguay has issued Decree 77/2017 as a guide to Law No 19.484 which sets out the provisions on compliance with international standards for fiscal transparency. The Decree clarifies which companies are required to provide the tax authorities with
See MoreCosta Rica: Corporate flat tax re-entered into forced
Costa Rica has been updated the Law N° 9428 which previously declared unconstitutional due to the approval procedure inconsistencies. The Law provides the corporation flat tax which is establishes an applicable progressive rate. Thus, the tax
See MorePoland: Important tax changes for 2017
A number of major tax changes have been introduced as of 1 January 2017. The changes are given below: Personal income tax: Personal income tax has a major change on the tax-free amount that is based on the tax base. In accordance with the new
See MorePakistan: FBR publishes the guideline on withholding taxes
Recently, the Federal Board of Revenue (FBR) has published the guideline on withholding taxes updated up to 22 March 2017. The guideline covers all requirements for both final and non-final withholding taxes under the territory of Pakistani tax
See MoreOman introduces special tax regime for small businesses
Royal Decree 9 of 26 February 2017 launched a number of key changes to the Income Tax Law issued by way of Royal Decree 28 of 2009, including a special regime for small businesses. The small business will be subject to income tax at a rate of 3%. A
See MoreOman: Treatment of withholding tax on dividends
On 20 March 2017, the Capital Market Authority of Oman issued Circular E/3/2017 clarifying the application of withholding tax on dividends recently introduced by way of Royal Decree 9 of 26 February 2017. The circular clarifies that the withholding
See MoreCanada: The Province Budget 2017-18 for Saskatchewan issued
The Minister of Finance has presented the province’s fiscal 2017–18 budget for Saskatchewan on 22nd March 2017. This budget meets the challenge the Government of Saskatchewan is facing by controlling and reducing spending, modernizing and
See MoreColombia: DIAN pronounces withholding tax on pensions
According to a ruling 2140 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the cases where pensions are subject to withholding tax. Article 17 of Law 1819 of 2016 amended article 383 of the Tax Code that provides the withholding
See MoreUK: Withholding tax exemption on interest for debt traded on a MTF
At Spring Budget 2017, the government of United Kingdom announced its intention to introduce an exemption from withholding tax on interest for debt traded on Multilateral Trading Facilities (MTF), in order to make UK wholesale debt markets (that
See MoreCosta Rica: Legislative Assembly approves the bill to restore registration flat tax
The Costa Rican Legislative Assembly on 17 March 2017 approved the bill which restores the registration flat tax on companies. The bill, which intends to restore the registration flat tax on companies, had been declared unconstitutional on 28
See MoreNetherlands: Decree establishing market interest rates for interest-free liabilities
Decree No. 2017-22042 of 7 March 2017 establishing the market interest rates for interest-free liabilities have been published in official gazette No. 15371 on 17 March 2017. The Decree updates and replaces the Decree No. BLKB2015/1650M of 10
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MoreSaudi Arabia- Regulations for implementation of Zakat issued
The Tax Authority of Saudi Arabia issued the Regulations for implementation of Zakat under Ministerial Resolution No. 2082 of 28 February 2017 (01/06/1438H) on 9 March 2017, The regulations applies to all commercial activities established for
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