Brazil modifies fines applicable for companies under special regime and exempt entities
Normative Instruction 1,821/2018, published in the Official Gazette of 31 July 2018, modifies the fines applicable to companies taxed under the presumed or determined profit regime and exempt entities as follows: 5% of the gross income in case
See MoreEgypt reduces late payment interest, penalties and additional taxes if taxes are settled
On 15 August 2018, the Egyptian Government has issued new Law no. 174 of 2018 (the Law) that reduces late payment interest and penalties by a certain percentage based on the payment day of the taxes due. The law introduces 90% reduction on interest
See MoreColombia updates late payment interest rate for July 2018
According to Administrative Regulation 0820 of 2018, the effective monthly interest rate for late payment of taxes has been set at 28.05% and valid from 1 to 31 July
See MoreNorway: MoF sets a late payment interest rate for July to December 2018
The Ministry of Finance (Mof) has published a regulation to set the late interest rate for the second half of 2018 (from 1st July 2018 to 31st December 2018). The interest rate is set at 8.50% from 1st July 2018 to 31st December 2018, which is
See MoreLithuania increases the penalties for tax evasion
On 17 May 2018, the Parliament passed amendments to the tax law, which increase the penalties for tax evasion. Under the amendments, if the tax authorities identify income that the taxpayer cannot justify at the time of inspection, the taxpayer will
See MoreUS: IRS publishes interest rate for the third quarter of 2018
On 8 June 2018, The Internal Revenue Service announced interest rate for the third quarter of 2018 that will remain as they were in the quarter that began on 1 April 2018. The rates that will begin from 1 July 2018 are as follows: 5 percent for
See MoreBelgium: Notification for corporate tax compliance
As the first half of 2018 almost ends, it is time to look forward to the coming second installment of prepayments. Income tax returns The income tax authorities confirmed the deadline of the filing of corporate income tax returns with a financial
See MoreGermany: Federal Fiscal Court doubts the constitutionality of additional payment interest
On 14 May 2018, the Federal Finance Court (BFH) issued a decision suspending the additional default interest of 0.5% per month for unpaid taxes. The additional interest is considered unconstitutional. The simple penalty of 0.5% applies to every full
See MoreSerbia: Parliament adopts law on tax procedure and tax administration
On April 19, 2018, the Serbian parliament passed the Law on Amendments to the Law on Tax Procedures and Tax Administration. The law was published in the Official Gazette of the Republic of Serbia No. 30 of April 20, 2018. The submission of a tax
See MoreThe Indian Finance Act amends the procedure for failure to comply with the income tax return
The 2018 Indian Finance Act amended the litigation procedure (Section 276CC of the Income Tax Act) for a willful failure to file an income tax return by the due date, effective for tax returns for taxable years beginning on or after 1 April
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 MoreSouth Africa: SARS releases a guide to understatement penalties
On 18 April 2018, South African Revenue Service (SARS) published a tax administration guide to understatement penalties under Chapter 16 of the Tax Administration Act 28 of 2011. The guide was first issued on 29 March 2018. The purpose of this guide
See MoreUkraine issues a letter on refund of overpayment of income tax by non-resident entity
Recently State Fiscal Service released a personal tax consultation letter regarding the refund of tax incorrectly withheld on income derived from Ukraine sources by a non-resident entity. Generally a 15% standard withholding tax rate is applicable
See MorePuerto Rico: Treasury Department issues Administrative Determination regarding tax returns for 2017
The Puerto Rico Treasury Department has issued Administrative Determination No. 18-07, which determines to grant all taxpayers who file a request for automatic extension to return file for 2017, a total term of 6 months, instead of the term of 3
See MoreNigeria: President accepts VAIDS deadline extension until 30 June
The President, Muhammadu Buhari, has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018 from March 31, 2018. Note that, no further extension of time will be approved after June 30, 2018. The VAIDS
See MoreCosta Rica: MOF increases the interest rate for late payments and refunds
On 16 March 2018, the Ministry of Finance (MoF) has increased the interest rate for late payments and refunds of overpayments from 12.8% to 13.73%. The rate is effective from 1 April
See MoreKorea: Important changes in tax rules
The Korean Ministry of Strategy and Finance released amendments to the tax law on 13 February 2018. Key changes are following: The withholding tax rate will increase from 17% to 19% on the amount of compensation paid to hiring foreign entities.
See MoreUS: IRS publishes interest rate for the second quarter of 2018
On 7 March 2018, The Internal Revenue Service announced that interest rates for overpaid and underpaid increased for the calendar quarter beginning April 1, 2018. The rates are 5% for both overpayments and underpayments by individuals, and 4% and 5%
See More