France: Publishes new corporate taxation measures
The Ministry of the Economy and Finances published a summary of the main measures introduced by the Finance Law 2018 and the Social Security Finance Law 2018 regarding corporate taxation on 19 February 2018. These measures generally apply from 1
See MoreSouth Africa: Finance Minister presents the Budget for 2018
On 21 February 2018, South Africa’s Minister of Finance, Malusi Gigaba, delivered the Budget for the year of 2018. The budget includes the following tax proposals: VAT rate to increase from 14% to 15%. This change is effective from 1 April
See MoreNetherlands: Dutch Council of Ministers approves fiscal policy agenda
The Council of Ministers approved the fiscal policy agenda on a package to combat tax avoidance and tax evasion. The most important changes are summarized below: Corporate Income Tax (CIT) rate: According to the Agenda, the current standard Dutch
See MoreCanada: British Columbia issues draft budget 2018-19
The Finance Minister of British Columbia, Carole James, presented the province’s fiscal budget 2018-2019 on February 20, 2018. The summary of this budget is given below: A new child care program that makes care effectively free for some
See MoreIreland updates rates of Corporation Tax
On 12 February 2018, the Revenue department of Ireland has published an eBrief No. 019/18, amendment to Revenue Tax and Duty Manual Part 02-02-02 - The charge to and rates of Corporation Tax - has been amended as follows: To provide guidance
See MoreSwitzerland: Federal Council set the parameters for the dispatch on tax proposal 17
The Swiss Federal Council announced that it has set the parameters for the dispatch on the country's tax reform proposal (tax proposal 17) on 31st January 2018. The Federal Council's parameters that will be contained in the dispatch on tax proposal
See MoreNigeria: House of Representatives passes Petroleum Industry Governance Bill
The House of Representatives of Nigeria has passed the Petroleum Industry Governance Bill (PIGB) 2017 on January 17, 2018. The PIGB now awaits harmonization by the two Legislative Houses and the assent of the President before it is signed into law.
See MoreUS: President signs Tax Cuts and Jobs Act
Congress has passed the Tax Cuts and Jobs Act(the Act), and the President signed it on December 22, 2017. The most important changes in the area of corporate taxation are: Main corporate tax rate: Under the new Act, the corporate tax rate
See MoreIceland: Parliament adopts increased withholding tax rates for 2018
The parliament has approved the Budget for 2018 and it has implemented an overall increase in withholding tax rates effective 1 January 2018 as follows: the standard rate of withholding tax on Icelandic interest, capital gains and dividend income
See MoreTaiwan: Parliament enacts tax reform bill
The Legislative Yuan has approved amendment to the tax reform bill that were announced on 1st September 2017. The measures applies retroactively for taxable years beginning as from 1 January 2018. Key features of the tax reform include: •
See MoreTaiwan approves the third income tax optimization plan for 2018
Taiwan's legislative Yuan approved the third income tax optimization plan regarding changes for both corporate and individual taxpayers on 18 January 2018. Corporate taxation: The corporate tax rate is raised from 17% to 20% in 2018; Where a
See MoreIceland: Parliament approves budget for 2018
On 29th December 2017, The Icelandic Parliament has approved a number of tax changes under the 2018 budget. The budget increase tax on investment income, environmental and sin taxes, and it also extended the value-added tax break on supplies of
See MoreKorea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreBelgium: Corporate tax reform beginning from 2020
On 29 December 2017, The Belgian corporate tax reform law was published in the official gazette contains measures that will be effective as from tax periods beginning from 1 January 2020. Corporate income tax rate reduction The corporate income tax
See MoreIndia: CBDT relaxed minimum alternative tax provisions for companies
The Central Board of Direct Taxes (CBDT) issued a press release stating that with effect from Assessment Year (AY) 2018-19, in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the
See MoreEcuador reforms tax law for 2018
On 29 November 2017, Ecuador has enacted a new law published in Official Gazette-150 that reforms tax laws, effective as of 1 January 2018. Corporate income tax The new law increases the corporate income tax rate from 22% to 25% and withholding
See MorePhilippines: DoF releases the second package of the tax reform bill
The Philippines Department of Finance (DOF) released the second package of the tax reform on 9 January 2018, as part of the country's broader Comprehensive Tax Reform Program (CTRP). Under the Package Two, the DOF aims to lower the CIT rate from 30%
See MoreFrance : Temporary Exceptional Surcharge on Large Companies
The French Constitutional Court finalized the “exceptional surcharges” to levy on corporate income of the French largest companies. This exceptional surcharges apply to French companies or branches that are subject to corporate tax, and have
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