Puerto 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 MoreBulgaria: E-filing is mandatory from 2018
The Bulgarian National Revenue Agency has declared that all declarations under the Corporate Income Tax Act (CITA), for which the filing obligation arises after December 31, 2017, are only submitted electronically. This is also applicable for annual
See MoreCanada: CRA tightens its GST/HST Voluntary Disclosure Program
The Government is committed to cracking down on tax evasion and aggressive tax avoidance to ensure a system that is responsive and fair for all Canadians. A revised Voluntary Disclosures Program (VDP) came into effect form March 1, 2018, to narrow
See MoreCanada: British Columbia issues draft budget 2018-19
The Finance Minister of British Columbia, Carole James, presented the province’s fiscal budget 2018-2019 on February 20, 2018. The summary of this budget is given below: A new child care program that makes care effectively free for some
See MoreCanada: CRA announces prescribed interest rates for 2018
The Canada Revenue Agency (CRA) has announced the recommended annual interest rates for the first quarter (Q1) on December 15, 2017. It will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. The
See MoreAustralia: ATO releases draft PCG on diverted profits tax
On 7 February 2018, the Australian Taxation Office (ATO) publicly released a draft practical compliance guide PCG 2018/D2 concerning Diverted Profits Tax (DPT). The draft PCG has been released for public consultation and submissions close on
See MoreSouth Africa: SARS issues draft guide on understatement penalties for public comment
On the 22 January 2018, the South African Revenue Service (SARS) released a draft guide on understatement penalties for public comment by 12 February 2018. The aim of the guide is to provide taxpayers with an understanding of understatement
See MoreUS: IRS issues guidance on penalties for understatement of income tax
On 29 January 2018, the US Internal Revenue Service (IRS) has issued the Revenue Procedure 2018-11 to recognize circumstances under which the disclosure on a taxpayer’s income tax return with respect to an item or position is adequate for the
See MoreItaly: Manual for Tackling Tax Evasion and Fraud
The Italian Tax Police updated its practical instructions regarding performance of tax audits by releasing the Circular n. 1/2018 i.e. the operational manual for tackling tax evasion and fraud, which was later on updated on 1st December, 2017 and
See MoreGreece: Government announces tax penalty relief
The Laws naming Law 4509/2017 and Law 4512/2018 have already been officially gazetted. Government offered relief from penalty after enacting these Laws. Greece has provided penalty relief with the enactment of Laws 4509/2017 and 4512/2018. Law
See MoreGhana: Government passed the Tax Amnesty Bill 2017
On 22 December 2017, the Parliament has passed the Tax Amnesty Bill 2017 for a period of eight months. The Bill, passed under a certificate of urgency has eight clauses, among which are amnesty for taxes, penalties and interests, and prohibits the
See MoreMalaysia enacts Finance (No. 2) Act 2017
The Finance (No. 2) Act 2017 has been published in the Gazette on 29 December 2017, effective as of 1 January 2018. The Act includes certain measures of the 2018 Budget. The law introduces new rules requiring companies to inform the tax authority of
See MoreJamaica: TAJ revised the income tax return forms and due date
Tax Administration Jamaica wishes to advise that the deadline to file Final Income Tax Returns forms for the year of assessment 2017 has been extended until 15 March 2018. TAJ also stated that the revisions are improvements which will allow the
See MoreGreece: Tax Authority publishes a Circular POL.1209/2017 on tax evasion
The Independent Public Revenue Authority has issued the Circular POL.1209/2017 on December 20, 2017. With the help of POL 1209/2017, the Authority gives supplementary instructions on the submission of complaints about tax evasion fraud in income
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