Luxembourg: Parliament adopts 2017 tax reform
The Luxembourg Parliament adopted the 2017 tax reform (parliamentary document n°7020) on 14 December 2016 which introduces new tax measures affecting both individual and corporate taxpayers. The publication of the law is expected to be made in the
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 MoreIreland imposed surcharge for late returns
On 14 April 2016, the Irish Revenue published eBrief on the surcharge for late submission of returns. Section 1084 TCA 1997 imposes a surcharge on any taxpayer, individual or corporate, for the late filing of a tax return. If a return is not
See MoreIsrael: Implementing surcharge for high-income earners
The tax authorities of Israel have released instructions on the levying of a 2% surcharge on income over NIS 803,520 (NIS 810,720 before 2016). The instructions address a number of specific issues and complications that have arisen since the
See MoreArgentina: Income tax and net worth tax surcharges abolished
In Argentina General Resolution 3819 was published in the Official Gazette on 17 December 2015. The Resolution abolishes the Income Tax and Net Worth Tax surcharges (Percepción) enacted by General Resolution 3450 and General Resolution 3583. This
See MoreSri Lanka: Tax proposals in National Budget 2016
The Finance Minister of Sri Lanka has presented the national budget 2016 on 20 November 2015. The Budget includes some changes related to the corporate income tax rate structure, several tax incentives for selected industries, the Economic Service
See MoreHungary-Proposed bill on reduction to the current bank surtax
The government of Hungary presented to the parliament on 24 November 2015, a bill proposing amendment to the special bank surtax applicable to financial institutions which was introduced in 2010 as a temporary measure and became permanent in
See MoreCanada: Ontario surtax relief
The Canada Revenue Agency (CRA) has suggested to the Investment Funds Institute of Canada (IFIC) that its systems will not be updated until 10th August 2015 to enable it to calculate the tax relief due from a mismatch of a mutual fund
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 MoreFrance: Adopted Amending Finance Bill for 2014
The Council of Ministers of France adopted the Amending Finance Bill for 2014 on 11 June 2014. According to the adopted bill the temporary surtax on the corporate income tax for large companies will be eliminated on 30 December 2016. The thresholds
See MoreGerman States Agree Tougher Tax Regularization Rules
German federal state finance ministers have discussed improvements to the tax system and have decided on action to strengthen the “declaration of non-compliance” that permits residents to regularize their tax affairs without the possibility of
See MoreJapan- Main corporate income tax rate
A reconstruction surcharge of 2.55% applied in 2013 but does not apply after 1 April 2014.The effective corporate tax rate taking into account the local enterprise tax and local inhabitant tax will therefore be reduced to 35.64% (previously 38.01%)
See MoreFrance: New 1% tax on EBITDA repealed
The French Minister of Economy officially announced on 6 October 2013 that the new 1% tax on Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) will be repealed and a new temporary surtax on the corporate income tax will be
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
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