Hong Kong: New tax rules for aircraft leasing
The Government introduced in March this year tax concessions for the aircraft leasing industry to foster the proposed development of Hong Kong as an aircraft leasing centre. On March 10 2017, the Hong Kong government gazetted the Inland Revenue
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 MoreLatvia: Amendments law on Micro-Enterprise tax enters into force
Latvia’s President Raimonds Vejonis has promulgated two legal amendments that the country’s legislature, the Saeima, adopted on December 20, 2016; the changes came into effect on January 1, 2017. The changed laws cover the taxation of
See MorePakistan: FBR publishes proposed criteria for listed companies to take advantage of reduced rate
The Federal Board of Revenue (FBR) on 27 December 2016, published proposed criteria for listed Shari'ah-compliant companies to be eligible for a reduction of 2% of the income tax rate. These criteria provided in sub-clause (a) of clause (18B) of the
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreHungary-Government announces reduction of corporate income tax rate
The Hungarian Ministry of Economy announced on 17 November 2016, a reduction of corporate income tax rates from 2017. The current progressive rate of 10% and 19% will be reduced to a flat rate of 9%. This proposal has been submitted for the approval
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreNorway: Plans to cut corporate income tax from 26% this year to 24% in 2017
The Norwegian Government plans to cut corporate income tax and increase the tax contribution of the finance industry as part of its 2017 Budget. In line with a governmental agreement on tax reform, the Government announced on 6 October 2016 that,
See MoreFrance: Announces draft Finance Bill for 2017
The French Ministry of Finance presented, during a press conference on 28 September 2016, the main tax provisions of what will be the draft Finance Bill for 2017, prior to the bill being submitted to the French Parliament. Among the provisions that
See MoreLatvia: Amending tax law on Micro-Enterprise entered into force
The amendment tax law regarding Micro-Enterprise has entered into force on January 1, 2016. Under the amendments, with effect from 1 January 2017, Micro-enterprise whose annual turnover- EUR 0 – 7,000 the rate is 5%; EUR 7,000.01 – 100,000,
See MoreGhana: New Income Tax Act from January 2016
Ghana's new Income Tax Act (No. 896 of 2015) will come into force on January 1, 2016. It is intended to improve tax compliance and administration and broaden the country's income tax base by rationalizing tax breaks. A number of significant changes
See MoreUK: Finance (No 2) Act 2015 Receives Royal Assent
The Finance (No. 2) Act 2015 received the Royal Assent on 18 November 2015. The Act provides that the basic, higher and additional rates of income tax will not increase above their present levels in this parliament (i.e. until the next general
See MoreUK: Corporate tax rate in Northern Ireland to be reduced
As part of a political agreement reached on 17 November 2015 the corporation tax rate in Northern Ireland is to be reduced to 12.5% on trading profits by 2018. The power to set the corporation tax rate has been devolved to Northern Ireland by the
See MoreEgypt- Reduced Tax Rates published in the Official Gazette
Decree Law No. 96 for 2015 amending Income Tax Law No. 91 for 2005 was published in the Official Gazette No. 24.bis for 2015 on 20 August 2015. The main changes are summarized below: 1) The standard corporate tax rate is reduced from 25% to 22.5%
See MoreThailand: Tax incentives for international headquarters
To promote the location of headquarters in Thailand the Board of Investment has introduced a new program. According to the program there will be relief from corporate income tax (0% on non-Thai source income from services, royalties, and dividends,
See MoreUK: Main Rate of Corporation Tax Falls to 20% and is Unified
The main rate of Corporation Tax for 2015 is 20% (With the exception of oil and gas companies with ring fence profits) from 1 April 2015. The Corporation Tax will be charged at a single rate known as the main rate. The small profits rate was
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
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
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