Nigeria: Notice for taxation of investment income gained by pioneer companies
The Federal Inland Revenue Services (FIRS) in Nigeria has issued a clarification notice regarding the taxation of investment income in the nature of dividends, interest, royalties, and rent earned by pioneer companies is subject to 10% withholding
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreChile: Law No. 20.780 has enacted with different aspects
A tax reform entitled “Law No. 20.780” related to foreign investor has published on 29 September 2014 which is effective from 1st October 2014. This creates different regimes subject to Corporate Income Tax (CIT) from 1st January 2017. The CIT
See MoreTax reduction in Greece’s 2015 Budget
Greece releases its 2015 budget on October 6, 2014. The budget reduces the solidarity tax on earners and a 30 percent cut on the tax on heating oil. The budget cut the "solidarity tax" paid by those on incomes over EUR12,000 (USD15,178) and would
See MoreSpain: Budget Minister Presents 2015 Budget
Budget Minister Cristobal Montoro presents the Spain’s budget 2015, on September 31, 2014. There are a number of measures containing in this budget that aimed at stimulating economic growth, including reduction in the corporate and personal income
See MoreThailand: Reduces tax rate for 2015
The cabinet of Thailand has approved a royal decree reducing corporate and personal income tax for the year 2015. The reduced tax rate for companies having net profit over THB1m (USD31,000) will be 20% for the year 2015 which was 23% in the tax year
See MorePhilippines: Reduces the corporate income tax rate
The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate
See MoreBrazil: Reduced income tax rate on manufacturing industries
The Ministry of Finance has declared that, reduced income tax rate from 34% to 25% will impose on foreign income from resident manufacturing industries, on 15 September 2014.This tax benefit already exists for food and construction industries but
See MoreEgypt: Increased tax rate and others
Egyptian corporate tax rate is temporarily increased from 25% to 30% for a three-year period with respect to income exceeding a threshold amount. Other tax changes in Egypt concerning: Capital gains on dispositions of securities; Dividends and
See MoreChile: Amendments in tax bill propose new corporate tax system
The Government has published a bill to adjust the proposals in the original tax reform legislation. The amendments to the tax reform bill are given below: A new corporate income tax system would build under which taxpayers could be able to choose
See MoreCanada: Interest rates of prescribed income tax unchanged for Q4 2014
The Canada Revenue Agency has declared that the interest rates of prescribed income tax for taxable benefits overpaid and underpaid taxes for the fourth quarter (Q4) of 2014 i.e. from October 1, 2014 to December 31, 2014 will stay
See MoreFrance-Amended Finance Bill for 2014
The national assembly of France adopted the Amended Finance Law and the Amended Finance Law on Social Security for 2014 on 23 July 2014.The Constitutional Court will now review the law and after signing by the president the law will enter into
See MoreChile: The Senate endorses tax reform bill
According to a statement from the Ministry of Finance, the Chilean Senate has approved tax reform bill from the President on July 15, 2014. An agreement between the government and the Senate's Finance Committee has taken place earlier this month for
See MoreVietnam: Issues new Circular on Corporate Income Tax
The Ministry of Finance published Circular No. 78/2014/T-BTC (Circular No. 78) on 18 June 2014, which provides additional execution guidance in respect of Decree No. 218/2013/ND-CP (Decree No. 218) which was issued on 26 December 2013. Decree 218,
See MoreJapan: Government approved the plan to cut corporate tax rate
Japans government approved the plan to cut corporate tax rate on June 24 which was among the highest in the world at above 35% to less than 30% over several years. Although decisions on how to offset revenue losses and other details were deferred,
See MoreJapan: Corporate tax rate will be lowered below 30%
Japan’s Prime Minister announced on 24 th June 2014, that the government will lower Japan's corporate tax rate from 35% to below 30 %. The Government targets to return to a principal fiscal balance in 2020. However the final corporate tax rate
See MoreSpain: Cabinet approves reduction to income tax rates
The Spanish Cabinet on June 20, 2014, approved the downsizing the corporate and individual income tax rates to encourage investment and employment. Under the revised plans, the corporate tax rate will fall from 30% to 28% in 2015 and to 25 percent
See MorePakistan: Budget for 2014-2015 has been presented to the parliament
The Pakistan Government has presented to parliament the nation's 2014-2015 Budget, which includes proposals aimed increasing tax compliance rates, increasing progressive direct taxes, and lowering the burden of indirect taxes. The 2014 budget set
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