Australia revises corporate tax transparency income threshold
On 17 Aug 2022, the Australian Taxation Office (ATO) announced a reduction in the corporate tax transparency income threshold for Australian-owned resident private companies from AUD 200 million to AUD 100 million from the 2023 income
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Ghana issues Mid-year fiscal policy review of 2022
Ghana issues Mid-year fiscal policy review of 2022 10 Aug 2022 On 25 July 2022, Mr. Ken Ofori-Atta, the Minister for Finance and Economic Planning of Ghana presented the 2022 Mid-year Budget Review Statement to Parliament. This is in
See MorePortugal: Tax Agency extends certain payment deadlines
On 10 November 2021, the Portuguese Tax and Customs Authority issued Order No. 351/2021-XXII, announcing payment deadline changes for 2021 and 2022, due to the coronavirus pandemic. The order includes: The filing of form-10 for personal income
See MoreEcuador: SRI issues provisions on automatic application of tax benefits
On 12 November 2020, the Internal Revenue Service (SRI) Officially published Resolution No. NAC-DGERCGC20-00000067 of 12 November 2020, amending the Resolution No. NAC-DGERCGC18-00000433 that establishes the maximum amounts and requirements for the
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 MoreRussia: Announces the timeline for implementation of IFRS
The Ministry of Finance has announced the timeline for the implementation of the International Financial Reporting Standards (IFRS) documentation on 16 March 2017. Presently, the process of adoption and entry into force of the documents is under
See MoreMauritius: Introduced Alternative Dispute Resolution mechanism
The Minister of Finance and Economic Development of Mauritius in his 2016-2017 Budget Speech, announced the establishment of an Alternative Tax Dispute Resolution (ATDR) mechanism to expedite cases where the amount of tax payable under dispute
See MoreMauritius: Budget for 2016-2017 with respect to tax management
The Minister of Finance delivered the Budget speech for 2016-17 to the parliament on 29 July 2016. The most important measures with respect to tax management are summarized below. –The Mauritius Revenue Authority (MRA) Act will be amended so that
See MoreVietnam: Releases Decree on Tax administration
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015. The main changes regarding tax administration are summarized below: Supporting documents
See MoreUK: Proposes new measures to tackle tax evaders
The UK has announced new measures to deal with tax evasion. The proposed measures are outlined in a policy paper issued on 19 March 2015 entitled “Tackling tax evasion and avoidance”. The UK government is introducing measures including publicly
See MoreKazakhstan: Law No. 269 has signed for tax code amendments
The President of Kazakhstan has signed Law No. 269 on 29th December 2014 for announcing the following Tax Code amendments that became effective from 1st January 2015. Corporate income tax Costs of deductible training paid by a company for an
See MorePhilippines: BIR strengthens control over large taxpayers
The Bureau of Internal Revenue (BIR) has strengthened its monitoring of the country’s large taxpayers, particularly on the value-added tax (VAT). BIR’s collections of first half of this year reached PHP643.2bn (USD14.8bn), which is more than
See MoreVietnam releases circular on treaty benefit application
Recently, Vietnam issued Circular 205 providing rules on the applicability of tax treaty benefits and general anti-abuse provisions (GAAR) which will become effective 6 February 2014. The main changes in Circular 205 from the previous circular are
See MoreNetherlands: New Decree on substance requirements enters into force
From 1 January 2014, a new Decree entered into force which codifies the existing administrative guidance on substance requirements for companies engaged in inter company financing and/or licensing activities. Now, Dutch companies that claim the
See MoreIndonesia-temporary tax payment relief
A new regulation providing a temporary cash flow relief for some taxpayers has been issued by The Ministry of Finance of Indonesia. The regulation is intended to sustain the positive cash flow of certain taxpayers for creating stable macro economy,
See MoreBrazil: Procedure to file requests for tax consultations
Brazil issued Normative Instruction 1,396/2013 on 30 September 2013.This Instruction regulates the administrative procedure to consult the federal tax authority on the interpretation of the tax and customs legislation concerning taxes administered
See MoreBrazil: Tax authority has issued ruling on tax treatment
The Federal Tax Authority issued Ruling No. 58/2013 on 27 August 2013, published in the Official Gazette on 30 August 2013, concerning the tax treatment of amounts deposited into escrow accounts associated with specific conditioned
See MoreHong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
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