Malaysia publishes tax audit frameworks including petroleum, finance and insurance
On 1 May 2022, the Malaysian Inland Revenue Board (“MIRB”) published three tax audit frameworks including tax audit framework for petroleum and finance-insurance. Audit Framework for tax and petroleum replacing the previous versions which
See MoreSouth Africa: SARS updates interest rate tables
The South African Revenue Service (SARS) has recently released updated interest rate tables updated on 14 March 2022. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, i.e. – Table 1:
See MoreSouth Africa: SARS updates interest rate tables
On 18 January 2022, the South African Revenue Service (SARS) published updated interest tables. The South African Reserve Bank changed the “repo rate” on 27 January 2022. For ease of reference, the tables of interest rates are given below in
See MoreIndonesia: Finance Minister declares tax reform plan
On 3 September 2019, the Minister of Finance, Sri Mulyani Indrawati, announced Government’s tax reform plan through a draft bill. The draft bill proposed following measures: Gradual decrease in corporate rate from 25% to 20% starting from
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 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 MoreJersey: Tax disclosure opportunity for the year 2017 announces
The Treasury and Resources Department offers and runs a tax disclosure opportunity from 3rd April 2017 up to the end of 2017. This describes Islanders will be able to tell the tax office if they’ve made a mistake or failed to declare accurate
See MoreMalaysia: Corporate tax proposals under the finance act 2016
The Finance Act 2016, which was gazetted on 16 January 2017, introduces new corporate tax proposals to the Malaysian Income Tax Act (MITA). The highlighted area of the proposals is as given below; Special classes of income are subject to withholding
See MoreBulgaria: Amendments to Corporate Income Tax Act has been published
The amendments to the Corporate Income Tax (CIT) Act has been published in the State Gazette on 6th December 2016. The parliament voted on the adoption of amendments to the corporate income tax reporting rules on 23rd November 2016. The most
See MoreColombian Tax Court rules on statute of limitations for penalties
In a recent court decision the Tax Court ruled on determining the statute of limitations for the tax authority to impose penalties. Article 638 of the Tax Code presents the statute of limitations for imposing penalties as a result of tax filing
See MoreHungary: Tax amendments approved by parliament
The parliament of Hungary approved a bill on 17 November 2015 establishing some additional amendments to the country's current tax system. According to the approved bill a classification system will be introduced and companies will be classified as
See More