US: IRS offers guidance on ‘blended’ tax rates for corporations under the new tax reform law
On 16 April 2018, the Internal Revenue Service issued a notice that many U.S. corporations elect to use a fiscal year end instead of a calendar year end for federal income tax reporting purposes. Due to a provision in the recently enacted Tax Cuts
See MoreIndia: CBDT releases new Income tax return Forms for the Assessment Year 2018-19
On 3 April 2018, The Central Board of Direct Taxes (CBDT) has released the new income tax return forms for filing returns for the financial year 2017-18 (Assessment Year 2018-19). The new forms -Sahaj (ITR1) , Form ITR-2, Form ITR-3, Form Sugam
See MorePuerto Rico establishes the procedure for e-filing of the corporate tax return for 2017
The Treasury Department of Puerto Rico has issued guidance (Circular Letter (CL) 18-03) for the electronic filing (e-filing) of corporate income tax returns for tax year 2017. Procedure for electronically file required evidence with the corporation
See MoreColombia: New income tax return form for 2017
The Colombian national tax authority (DIAN) published a new income tax return form 110 for tax year 2017. The tax payers are obliged to file their income tax return electronically using form 110. DIAN has also published a revised informative
See MoreDominican Republic: DGII modifies the income tax returns for legal entities
With effect from 21 September 2017, the Dominican Tax Administration (DGII) has requested all companies and entities, such as trusts, mutual funds and similar entities, to identify their respective ultimate beneficial owners pursuant to Law 155-07
See MoreJamaica: TAJ extends the deadline for filing income tax returns until 24 March 2018
On 15 March 2018, the Tax Administration of Jamaica (TAJ) announced that the deadline to file final income tax returns for year of assessment 2017 and Estimated Income and Asset Tax Returns for year of assessment 2018 has been extended until
See MoreSouth Africa: Revenue services announces for temporary use of old filing rules
The South African Revenue Service will temporarily permit taxpayers to report information on controlled foreign corporations (CFCs) under the old filing rules replaced in February. SARS replaced the old reporting schedule in February, which was
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 MoreSaudi Arabia: Tax Authority set deadline for filing an appeal against final assessment order
In a recent assessment order, the GAZT indicated that the deadline for filing an appeal will be determined from the date that the assessment order is notified to the taxpayer through the ERAD system. Saudi Arabia’s General Authority of Zakat and
See MoreSouth Africa: SARS announces to change the income tax return for companies
In February 2018, South African Revenue Service (SARS) announced enhancements to the income tax return for companies (ITR14), with an effective date of 26 February 2018. Changes to the ITR14 Form A new IT10 schedule will be made available for
See MoreEcuador publishes coefficients for presumptive assessment
On 26 January 2018, the Internal Revenue Service (SRI) of Ecuador has published a Resolution No. NAC-DGERCGC18-00000018 to commence the coefficients for presumptive tax assessments for the tax year 2017. The coefficients for 2017, which vary by
See MoreSlovak Republic: MoF issues new income tax returns formats for 2017
The Finance Ministry has issued new forms of tax returns for income tax for 2017. For submitting the income tax return for 2017, the pattern of the income tax return form (Form DPFO B) for natural person, and the model of corporate income tax return
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 MoreUS: The Nation’s tax season will begin 29 January 2018
On January 4, 2018, the Internal Revenue Service announced that tax collection will begin on Monday, January 29, 2018, and taxpayers are reminded of certain tax credits that the refunds will not be available until the end of February. The IRS will
See MoreCanada: Deadline extends for the access of Voluntary Disclosures program
The Canada Revenue Agency (CRA) has extended the deadline for taxpayers to access the current Voluntary Disclosures Program (VDP). In order for a taxpayer to be eligible for the VDP relief outlined in Information Circular IC00-1R5, unintentional
See MoreUK: New guidance on amending corporate income tax returns
HMRC have published a new guidance on amending certain corporate income tax return for accounting periods ending between 8 March and 16 November 2017 that were filed before 16 November 2017. This means some Company Tax Returns that included
See MoreArgentina: General Resolution 4157-E publishes for updating Compliance requirement
The General Resolution 4157-E of the Federal Tax Administration was published on November 17, 2017 in the official gazette for updating the requirements and formalities listed in General Resolution 2681 to be complied by tax-exempt entities. These
See MoreSaudi Arabia: Circular issued on implementation of recent tax law amendments relating to tax appeal procedures
General Authority for Zakat and Taxes (GAZT) of Saudi Arabia has clarified in its Circular No. 7258/16/1439 of 14 November 2017 that the appeal procedure under Articles 66 and 67 of the Income Tax Act is applicable until new Appeals Committees are
See More