Spain introduces law on digital service tax
On January 25, 2019, a bill on the digital service tax was published in the law sheet of the Spanish legislature. If adopted, it is expected that the bill will be applied in the second half of 2019. The digital services tax would apply to taxpayers
See MoreSpain publishes national budget for 2019
The state budget bill (the Budget Bill) for fiscal year 2019 was published on 16 January 2019 in the Spanish Parliament Official Gazette. The Budget Bill, which was adopted by the Spanish Council of Ministers on 11 January 2019, will now follow the
See MoreNorway: Finance Minister presents National Budget 2019
The Minister of Finance, Siv Jensen, presented the draft National Budget 2019 on October 8, 2018 to the Parliament. The presentation of the budget will be followed by a cycle of parliamentary hearings and debates on the budget, which will last until
See MoreBangladesh: Parliament passes budget for FY 2018-19
On 28 June 2018, the Parliament of Bangladesh has passed the Tk 464,573 crore national budget for 2018-19 fiscal year. Finance Minister AMA Muhith moved the Appropriations Bill, 2018 seeking a budgetary allocation of Taka 571833,82,92,000 which was
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 MoreBelgium issues a draft bill to introduce some tax measures
On 11 June 2018, a draft bill was submitted to the parliament to complete and amend the corporate income tax reform of 2017. The bill contains a new anti-abuse provision for notional interest deduction (NID) and clarifies that the reduction of
See MorePakistan: Finance Minister presents the budget for 2017/2018
On 27 April 2018, the newly-appointed Finance Minister Miftah Ismail presented the 2018/2019 Budget to parliament. The following corporate tax measures are proposed in the Budget: Reduction in corporate tax rates: Reduce the corporate tax rates
See MoreJersey: Ministry of Treasury presents 2018 Budget to the States Assembly
The Minister for Treasury and Resources, Alan Maclean, has presented the Finance Budget Law 2018 and it will be effective from May 4, 2018. The Government had published the Draft Budget 2018 on October 3, 2017. The measures generally applicable as
See MoreIreland updates rates of Corporation Tax
On 12 February 2018, the Revenue department of Ireland has published an eBrief No. 019/18, amendment to Revenue Tax and Duty Manual Part 02-02-02 - The charge to and rates of Corporation Tax - has been amended as follows: To provide guidance
See MoreNigeria: House of Representatives passes Petroleum Industry Governance Bill
The House of Representatives of Nigeria has passed the Petroleum Industry Governance Bill (PIGB) 2017 on January 17, 2018. The PIGB now awaits harmonization by the two Legislative Houses and the assent of the President before it is signed into law.
See MoreRussia: Approves profit-based oil tax regime
On 23 November 2017, the Government approved a plan to introduce a profit-based tax on the oil industry, expected to come into force on January 1, 2019, later than previously thought. Currently, the tax regime for the oil industry stipulates that
See MoreChina publishes a circular to support technology industry
On 2 November 2017, China's State Administration of Taxation has issued Circular 79 of 2017 to expand tax incentives for advanced technology service enterprises. A 15% special corporate tax rate has been offered in 21 cities since 2014 on a pilot
See MoreGhana: Government proposes to abolish 25% corporate tax on private universities
On 28 October 2017, the Vice President of Ghana, Dr. Mahamudu Bawumia has announced that government is working hard towards the abolishment of the 25% corporate tax on Private Universities as part of government’s support to the private Tertiary
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 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 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 MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
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