Taiwan issues a notice on businesses optimized tax regulations
On 15 May 2019, The National Taxation Bureau of the Northern Area (NTBNA) of Taiwan published a notice upon businesses of optimized tax regulations in order to simplify the tax system and comply with international trends (the Income Tax Act was
See MoreVietnam Proposes to reduce corporate income tax rates for SMEs
On 26 March 2019, Vietnam's Ministry of Finance has released a consultation on a draft resolution for the introduction of reduced corporate tax rates for small- and medium-sized enterprises (SMEs). The draft proposed following reduced rates: 15%
See MoreGreece: Tax administration issues circulars on CIT and Dividend tax rate cut
On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046 / 2019 and E.2047 / 2019) for reducing corporate tax rates and dividend tax rates. These circulars are summarized below: Circular E.2046: This circular confirms that
See MorePakistan approves the Finance Supplementary (Second Amendment) Bill, 2019
On 6 March 2019, the National Assembly has approved the Finance Supplementary (Second Amendment) Bill, 2019 aimed at amending tax laws. The major changes introduced to income tax laws are as follow: -For nonbanking sectors, the super tax is
See MoreItaly approves Budget for 2019
On 29 December 2018, the Italian Parliament approved the 2019 Budget Law no. 145 of 2018 published on the Official Gazette of 31 December 2018. The Budget contains a number of measures related to tax incentives, including changes to the research
See MoreThailand implements IBC regime in line with OECD inclusive framework for BEPS
On 28 December 2018, Thailand published a Royal Decree regarding implementation of the International Business Center (IBC) regime in the Official Gazette and became effective as of 29 December 2018, which replaces the International Headquarters
See MoreChile: 2018 tax reform submits to Congress
The Finance Minister, Felipe Larraín, announced on August 23, 2018, that the draft law for the modernization of taxation was submitted to Congress. It includes modification in the tax system to inspire growth, entrepreneurship, investment, savings,
See MoreChina reduces tax rate for advanced technology service enterprises
China's Ministry of Finance has published a Circular 44/2018 for reducing corporate income tax rate of 15% (standard 25%) for advanced technology services enterprises with effect from 1 January 2018. This applies in particular for enterprises
See MoreTanzania: Finance Minister presented 2018-19 Budget
Tanzania: Finance Minister presented 2018-19 Budget 19 June 2018 The Minister of Finance and Planning, Hon. Dr. Philip I. Mpango, presented the 2018/19 Budget on June 14, 2018 to the national assembly. Some key points of the budget are given
See MoreIndia: President approves Finance Act 2018
On 29 March 2018, the Finance Bill 2018 received the approval of the president and now is enacted law, following some changes made by the lower house of parliament on 15 March 2018. This law would apply with effect from 1 April 2018. The main tax
See MoreIndia : Finance Bill 2018 approves by Lower House
On 14 March 2018, the lower house (Lok Sabha) of parliament passed the Finance Bill 2018 with modifications. The modifications agreed by the lower house includes: -The Budget 2018 had introduced tax at 10% on LTCG of more than Rs 1 lakh, arising on
See MoreChina: Tax reforms for 2018
China’s thirteenth National People’s Congress and the Chinese People’s Political Consultative Conference are holding meetings during 3 to 20 March, 2018. A number of regulatory and tax reforms have been announced. The tax reduction for 2018
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 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 MoreBelgian Parliament enacts corporate tax reform
On 22 December 2017, the Belgian Parliament approved the major corporate tax reform that announced in 26 July 2017. The main proposal was related to gradually reduction of corporate income tax rate. Currently, the normal rate is 33.99% and this will
See MoreChina: 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 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
See MoreVietnam: Ministry of Finance proposes to cut taxes for small and medium-sized firms
Recently, the Ministry of Finance (MoF) has proposed a number of changes to the country's tax regime, including a reduced corporate income tax rate. Small and medium-sized firms currently pay 20% in corporate income tax. If the proposal is approved,
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