Uruguay amends corporate income tax for small companies
On 5 February 2024, the Uruguayan government published Decree No. 25/024 in the Official Gazette, introducing a new amendment to the Corporate Income Tax regulations. Under this new regulatory provision, corporate income taxpayers who have never
See MoreLuxembourg implements tax measures to revive construction and housing sector
On 31 January 2024, the Luxembourg government announced a series of tax measures to revive the construction and housing sector and facilitate access to housing while addressing the cyclical and structural housing problems. The measures also provide
See MoreHong Kong updates guidance on FSIE regime
The Hong Kong Inland Revenue Department updated the guidance on the new Foreign-Sourced Income Exemption (FSIE) regime. The updated guidance is a continuation of previously published draft updates initially released when the Bill was
See MoreOECD: Tax Treatment of Overseas Development Assistance
On 20 January 2022 the OECD announced the launch of a digital hub to bring increased transparency to the taxation of development aid. The Tax Treatment of Official Development Assistance Hub sets out the approaches taken by participating donor
See MoreColombia approves new Tax Reform Bill 2021
On 14 September 2021, Colombia has approved the new Tax Reform Bill 2021 (Law No. 2155 of 2021) which modifies corporate income tax (CIT), value-added tax (VAT), and tax incentives. The main tax measures of the Tax Reform Bill are as
See MoreColombia submits a new Tax Reform Bill to Congress
On 20 July 2021, the Colombian Executive branch has submitted a new tax reform bill (the Social Investment Act) to Congress. The Bill modifies corporate income tax (CIT), value-added tax (VAT), and tax evasion measures. The main tax measures of
See MoreBolivia: Government publishes Budget Law for 2021
On 28 December 2020, the Government Officially published the Budget Law for 2021 and Law No. 1355, which effects from 1 January 2021. Under Law No. 1355, a 5% VAT refund is introduced on sales prices for low-income individuals with monthly income
See MorePuerto Rico: Governor signs amendments to the Tax Reform
On 19 April 2020, the Puerto Rican Office of the Governor has announced that Governor Wanda Vázquez Garced has signed tax reform bill for individuals and businesses. The bill includes the following tax measure: an additional reduction of 3% on
See MoreUS: IRS and treasury issue final regulations on the foreign tax credit
On 2 December 2019, the Internal Revenue Service issued final regulations on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign
See MoreHong Kong: IRD revises practice notes on deduction of foreign taxes
In the middle of August 2019, the Hong Kong Inland Revenue Department (IRD) revised Departmental Interpretation and Practice Notes No. 28 regarding Deduction of Foreign Taxes (“DIPN 28”). The updated version replaced the one issued on 19 July
See MoreDTA between Armenia and Germany entered into force
On 23 November 2017, the income and capital tax treaty between Armenia and German entered into force after the completion of ratification procedures on both sides. The agreement was signed on 29 June 2016. The treaty provides for withholding tax on
See MoreNetherlands: MoF publishes an overview of tax changes for 2018
The Ministry of Finance (MoF) provides an overview of the most important tax changes as of January 1, 2018, which were approved by parliament on 19th December 2017. It concerns changes in the field of income tax, payroll tax, gift and inheritance
See MoreDouble tax treaty between Hungary and Iran enters into force
The double tax treaty between Hungary and Iran came into force on 1 January 2017. The treaty defines the term "resident" as a person that under the laws of either country is liable to tax there by reason of domicile, residence, place of
See MoreVenezuela: Primary sector income tax exemption published
Decree 2,287 that establishes an income tax exemption for income derived from agriculture, forestry, livestock, poultry, fisheries, aquaculture and fish farming activities was published in the Official Gazette and entered into force on 28th March
See MoreUK: Use and Impact of Venture Capital Schemes
On 3 February 2016 HMRC published a research study of the use and impact of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts. The research examined the incentive effects on investors of the two schemes; the impact on the ability of
See MoreECJ Rules in Fiscale Eenheid case
On 9 December 2015 the European Court of Justice (ECJ) issued a decision in the case of Staatssecretaris van Financiën v. Fiscale Eenheid X N.V. Fiscale Eenheid X NV was the name of a fiscal unity in the Netherlands, one of the companies of which
See MoreIndia: A taxpayer is entitled to foreign tax credit against the MAT liability
Recently, the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of: DCIT v. Subex Technology Ltd. [ITA No.913 (B) /2013, the court held that, credit for tax paid in a foreign country would be available under Section 90
See MoreCanada: Impact of FTOs in Brazil for Canadian companies
The tax authority for Brazil verifies how to manage foreign tax offsets (FTO) and how to apply income tax treaty provisions for cross-border payments for services fees and described that under the presumed profit method, companies that are taxed are
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