Indonesia: Issued regulations on tax rates for Small and Medium Enterprises
The government of Indonesia issued Regulation No. 46/2013 on 12 June 2013 named as The Regulation for Taxation of Small and Medium Enterprises. This will be effective from 1 July 2013. As per the regulation issued a final tax rate of 1% will be
See MoreIsrael: Budget for the FY 2013-2014
Israeli cabinet has approved the Budget for fiscal year 2013-2014. The VAT rate has been raised to 18% as from June 1, 2013 (previously 17%). The corporate income tax rate has been increased to 26% from 25% and the personal income tax rate will be
See MoreRomania: Corporate tax rate remain unchanged
The Prime Minister of Romania has confirmed that the country’s 16 percent flat rate of corporation tax will be kept until 2016. The rate is being kept the same to provide investors with more stability and certainty in taking investment decisions
See MoreSlovenia: Modified Corporate Income Tax Law proposed
The Ministry of Finance on 20 May 2013 published a draft law on modifications to the taxation of companies. The proposal does not implement the previous plan of a further reduction in tax rates to 15 percent and instead proposes that the 17 percent
See MoreVietnam: Corporate tax reduced to 22% from 2014
The Ministry of Finance planning to cut corporate income tax rate 22% from the current 25% with effect from 1 January 2014 next year and the government wants to bring the rate down further to 20 percent in the 2016-2020 period. However, the new
See MoreNorway : Tax Cut Plan for 2014
The Norwegian Prime Minister announced plans on 5 May 2013 for a modest tax cut for mainland businesses and for increasing taxes on oil companies and multinationals. This plan includes a reduction in the general corporate tax to 27% from 28%
See MoreColombia: Introduces Corporate Tax Reforms
The Colombian Government has introduced measures relating to corporate tax changes. For the purposes of corporate tax, it redefined the concept of permanent establishment. Corporate income tax rate for companies and for non-resident companies
See MoreFinland Plans to Cut Corporate Tax Rate in 2014
On 21 March 2013, the government of Finland announced that it had reached an agreement on its tax plans for the tax years from 2014 to 2017. Finland plans to further cut its corporate tax rate to 20% from the current 24.5% rate, as of the beginning
See MoreSingapore: Budget for 2013
The Budget for 2013 was presented to Parliament by the Finance Minister on 25 February 2012. The Budget aims at increasing productivity and growth. Major changes include income tax rebates and restructuring of the Progressive Property Tax Regime
See MoreDanish Government plans to reduce corporate income tax rate
On 26 February 2013, the government published a document stating that it plans to reduce the corporate income tax rate to 22% (currently 25%). The reduction would be implemented gradually by reducing the tax rate by 1 percentage point between the
See MoreIndia: Budget for 2013
According to the Indian Budget 2013, the Government is considering for following major tax initiatives: the introduction of a Direct Tax Code (DTC), a goods and services tax (GST) and General Anti-Avoidance Rules (GAAR). The main changes are
See MoreSlovakia: Amendments to the Income Tax Act
Slovakia's Parliament has passed legislation raising corporate and personal taxes from the beginning of 2013. The rate of corporate income tax would increase to 23% from 19%. Dividends paid out of profits generated before 1 January 2004 are subject
See MoreImportant tax amendments in Greece in 2013
A very important tax amendment has been passed by Greece’s Parliament regarding income and corporate tax. In the new tax bill the corporate income tax rate has been increased from 20% to 26% in 2013. But the good news is the reduction of the
See MoreNew Tax Breaks for SMEs in Thailand
The government of Thailand has reduced the corporate tax rate from 23% to 20% this year. No further help will be provided to SMEs with revenues up to THB 50 million. The Cabinet of Thailand has approved a package of tax measures proposed by the
See MoreColombian Tax Reform
The Colombian tax system is reformed by the Law No. 1607 of 2012 and it took effect from 2013. The major changes are as below: The reform introduces a new minimum tax (IMAN) that is a progressive flat tax based on the amount of income derived. The
See MoreVietnam: to cut CIT rate in 2014
The Ministry of Finance of Vietnam allotted a draft revision to the Law on Corporate Income Taxation on 12 December 2012. The proposed draft revision emphasized on the corporate income tax rates which will decrease from 25% to 23 % in 2014 also the
See MoreMexico: Budget for 2013 has been approved
Congress has approved the Budget for 2013 and published in the Official Gazette on 13 December 2012. In new budget some changes has approved: The corporate income tax rate it will reduce to 29% as from 2014 but 4.9% income tax withholding rate will
See MoreColombian Congress Approves Tax Reform
New Colombian tax rules have come into effect from 1 January 2013. Purpose behind this tax reform was to decrease the country’s unemployment rate and address society’s high wealth differences. The reforms have decreased the corporate income tax
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