India cuts corporate tax rate for domestic companies
On 20 September 2019, the Government of India introduced the Taxation Laws (Amendment) Ordinance, 2019. According to the Ordinance, the government makes certain changes to the Income Tax Act of 1961 and the Finance Act (No 2) of 2019. The main
See MoreArgentina: AFIP issues new General Resolution 4579/2019 for surcharge on import of goods
On 17 September 2019, the General Resolution 4579 was published in the Official Gazette, amending General Resolution 2281 in order to eliminate the different perception income tax rate on the definitive importation targets for consumption. This
See MoreGermany presents Budget for 2020
On 10 September 2019, the Finance Minister presented the Government's draft Budget for 2020 to the lower house of parliament (the Bundestag). The draft budget includes following measures: Currently, the solidarity tax is a 5.5% surtax on
See MoreColombia legislates the tax reform Bill for 2019
Colombia enacted tax reform (Law 1943-Tax Reform) on 28 December 2018. The Tax Reform makes numerous changes to the Colombian tax rules that generally apply from 1 January 2019. The tax reform includes following changes: Corporate tax: The Tax
See MoreBelgium: Advance payment notice for 2018
Belgium has published a notice from the Federal Public Service (SPF) Finance in the Official Gazette that includes an explanation of the rules on advance income tax payments for the 2018 tax year (2019 assessment year). Advance tax payments are
See MoreTaiwan: Parliament enacts tax reform bill
The Legislative Yuan has approved amendment to the tax reform bill that were announced on 1st September 2017. The measures applies retroactively for taxable years beginning as from 1 January 2018. Key features of the tax reform include: •
See MoreFrance : Temporary Exceptional Surcharge on Large Companies
The French Constitutional Court finalized the “exceptional surcharges” to levy on corporate income of the French largest companies. This exceptional surcharges apply to French companies or branches that are subject to corporate tax, and have
See MoreFrance: Constitutional Court confirmed its judgment on temporary surcharge on large companies
The French Constitutional Court declared its judgment on the recently approved temporary surcharge on large companies on the 29 November 2017. More than sixty Senators and more than sixty MPs criticized the procedure for passing the law. The
See MoreFrance: “exceptional surcharges” proposed for corporate tax of large companies
On 2 November 2017, the French government announced details of proposed “exceptional surcharges” which will be 15% and will be imposed on corporate income tax due by companies with gross revenue exceeding EUR 1 billion for financial years ending
See MoreTaiwan: Cabinet approves draft amendments to Income Tax Act
The Executive Yuan (Cabinet) approved draft amendments to the Income Tax Act on 12 October 2017. The draft proposals include the following: Corporate income tax rate increases from 17% to 20%. Standard dividend withholding tax rate raises from
See MoreMexico presented budget proposal and tax reform for 2018
The Minister of Finance submitted the budget for 2018 to the Congress for its approval on 8th September 2017. The Proposed Budget includes the Federal Revenue Law (Revenue Law), General Economic Policy Guidelines and the Federal Spending Budget
See MoreUK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreBelgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreIreland: Surcharge on certain undistributed income of close companies
On 8 June 2017, Irish Revenue published the Tax and Duty Manual Part 13-02-05 which deals with the close company surcharge under section 440 TCA 1997, has been updated. The Manual explains that capital allowances are not deductible against estate
See MoreGuatemala: Tax fines and surcharges terminated
Public Finance Ministry of Guatemala published Governmental Agreement No. 82-2017 on 4 May 2017, which terminated tax fines, penalties and surcharges for three months starting from 20 May 2017. According to the agreement tax fines, penalties and
See MoreItaly: Detail corporate tax measures mentioned in Budget Law for 2017
The Italian Budget Law for 2017 entered into force on 1 January 2017. From 2017 financial year, the Italian corporate income tax ("CIT") standard rate is reduced from 27.5% to 24 %. However, Banks, parent companies of banking groups, individual
See MoreLuxembourg: 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
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