China: New CIT rate for TASCs
China is striving to become more inviting to FDI and foreign talent by widening market access and improving the business environment. To make China more appealing to foreign talent, the government will put in place a work permit system for
See MoreTurkey: Commission accepts a proposal of corporate tax hike
A parliamentary commission accepted a proposal on October 13, 2017 to extend a planned corporate tax rise from 20% to 22% for all companies instead of just financial institutions. The increased corporation tax will set for the years 2018 to
See MoreSaudi Arabia: Royal Decree on amendment to the Income tax law issued
The government of Saudi Arabia issued Royal Decree No. M/131 on 20 September 2017 modifying certain articles of the Income Tax Law (ITL). The most important amendments brought by the Royal Decree are as follows: -Shares in domestic corporations held
See MoreLuxembourg: Minister of Finance presents the budget law for 2018 to Parliament
On 11 October 2017, Finance Minister presented the draft 2018 Budget Law to the Luxembourg Parliament. The proposed bill on the budget provides for only a few changes for legal entities. On the proposal of the budget, starting January 1, 2018, the
See MoreCanada: CRA delays implementation of advantage rules
The Canada Revenue Agency (CRA) announced that the proposed implementation date for applying the advantage tax rules to investment management fees will be delayed until January 1, 2019. The rule could tax investment management fees paid outside of
See MoreIreland: Budget for 2018
On 10 October 2017, the Irish government presented details of the Budget 2018. This budget delivers the Government’s long standing target of balancing the books in structural terms next year by reaching the Medium Term Budgetary Objective better
See MoreChina: Draft of tobacco leaf tax law submitted to NPC for review
On 28 August 2017, the Law of the People's Republic of China on Tobacco Leaf Tax (Draft) was submitted to the 29th Session of the 12th Standing Committee of the NPC with the current tax rate of 20% to remain unchanged. According to the Third Plenum
See MoreJersey: Draft Budget 2018 Published
The Government published the Draft Budget 2018 on October 3, 2017. This budget constructs the package of measures agreed in the Medium Term Financial Plan (MTFP), combining savings, efficiencies and revenue raising measures to enable investment in
See MoreFrance: Draft finance bill for 2018 released
The government of France released the draft Finance Bill for 2018 on 27 September 2017. The main changes outlined in the draft Bill are as follows: Decrease of the French corporate income tax rate Elimination of the 3% tax on dividend
See MoreIreland: New Guidance on DWT
On 26 September 2017, Irish Revenue published guidance on dividend withholding tax (DWT) with some exceptions and stated that resident companies must withhold tax on dividend payments and other distributions that they make. Qualifying Irish
See MoreUS: Donald Trump plans to reduce tax burden for corporations and individuals
President Donald Trump proposed on 27 September 2017 the biggest U.S. tax overhaul in three decades. The proposals come in a “framework” for tax reform with the following changes. Individual measures: Seven existing tax brackets collapsed to
See MoreTurkey: Government introduces new tax plan
The Finance Minister, Naci Ağbal, announced significant tax increases on September 27, 2017 during the Medium Term Program meeting (2018-2020). A new legislative proposal increasing corporate income tax from 20% to 22% for financial sector and
See MoreMexico presented budget proposal and tax reform for 2018
The Minister of Finance submitted the budget for 2018 to the Congress for its approval on 8th September 2017. The Proposed Budget includes the Federal Revenue Law (Revenue Law), General Economic Policy Guidelines and the Federal Spending Budget
See MoreAustralia: Eligibility for the lower company tax rate
On 18 September 2017, the Australian Government released draft tax legislation for consultation to clarify that passive investment companies cannot access the lower company tax rate for small businesses. The Minister for Revenue and Financial
See MoreEcuador updates withholding tax rates
On 24 August 2017, the Internal Revenue Service (IRS) of Ecuador issued Resolution No. NAC-DGERCGC17-00000440 to amend previous Regulation N° NAC-DGERCGC14-00000787 for establishing the income tax withholding rates with effect from 22 August
See MoreTaiwan: MOF announces tax reform proposals
Taiwan’s Ministry of Finance (MOF) announced tax reform proposals on 1st September 2017 that would rebuild the income tax system. The proposals include the following: Corporate income tax rate increases from 17% to 20%; Standard dividend
See MoreSwitzerland: Federal Council initiates consultation on tax proposal 17
The Federal Council initiated the consultation on tax proposal 17 (TP17) on 6th September 2017. The proposal will make a significant contribution to having an appealing location and thus to added value, jobs and tax receipts. The reform will
See MoreSri Lanka: New income tax law 2017
On 7 September 2017, the Parliament of Sri Lanka has passed the new income tax law. Minister of Finance said all the provisions of the new income tax law will be implemented from the 1st of April 2018. Corporate Tax Rate: Beginning from 1 April
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