US: Central bank increases interest rates
On 13 June 2018, the Federal Reserve raised interest rates by 0.25% to new interest rates of 1.75% -2%. Two additional interest rises are expected by the end of 2018. Forecasts released after the US Federal Reserve's two-day meeting in Washington
See MoreArgentina: Decree 279/2018 was published in the official gazette
The Decree 279/2018 was published on April 9, 2018 in the Official Gazette. The provisions of this decree effects from April 10, 2018. This Decree regulates the scope of the Income Tax of the financial income in order to achieve a correct
See MoreSweden proposes a draft bill regarding corporate income tax changes
On 21 March 2018, the Ministry for Finance presented a proposal regarding new legislation within the corporate sector. The proposal comprises new rules on re interest deductions, financial leasing and a reduced corporate tax rate. The proposal is
See MoreCyprus: Tax authority publishes ten-year government bond’s yield rates
On 14 February 2018, tax department published ten-year government bond’s yield rates by an announcement for the countries of Cyprus, Czech Republic, Germany, India, Latvia, Poland, Romania, Russia, Ukraine, United Arab Emirates and United Kingdom
See MoreIceland: Parliament adopts increased withholding tax rates for 2018
The parliament has approved the Budget for 2018 and it has implemented an overall increase in withholding tax rates effective 1 January 2018 as follows: the standard rate of withholding tax on Icelandic interest, capital gains and dividend income
See MoreIceland: Parliament approves budget for 2018
On 29th December 2017, The Icelandic Parliament has approved a number of tax changes under the 2018 budget. The budget increase tax on investment income, environmental and sin taxes, and it also extended the value-added tax break on supplies of
See MoreArgentina: Comprehensive tax reform enacts
The Law No. 27430 or comprehensive tax reform was published on December 29, 2017 in the Official Gazette and it generally applies from January 1, 2018. This comprehensive tax reform bill has sent to Congress on December 14, 2017. The Ministry of the
See MoreFrance: Draft finance bill for 2018 released
The government of France released the draft Finance Bill for 2018 on 27 September 2017. The main changes outlined in the draft Bill are as follows: Decrease of the French corporate income tax rate Elimination of the 3% tax on dividend
See MoreKenya approves Finance Act 2017
The Finance Act 2017, has been gazetted on 23rd June 2017. The Finance Act seeks to amend the law relating to various taxes and duties. Corporate tax related reforms: New motor vehicle assemblers in Kenya will now enjoy a decreased corporate
See MoreGreece: Reform Law 4472/2017 published
The Government published Law 4472 on 19th of May 2017 in the Official Gazette. It includes several reform measures concerning the medium-term fiscal targets for 2018-2021 and tax cuts for legal entities. Therefore, the corporate income tax (CIT)
See MoreArgentina: DJAS and DAPE systems eliminated
The General Resolution No. 4008-E was published on 6th March 2017 in the Argentine Official Gazette. According to that resolution, Argentina has abolished the Early Declaration System for Services (DJAS) and the Early Declaration for Payments Abroad
See MoreUkraine: Amendments to tax code effective from 1 January 2017
The amendments to the Tax Code have been effective, with some exceptions, since 1 January 2017. Below is a summary of the most significant changes in corporate profit tax and transfer pricing. Corporate profit tax: The general tax rate remains
See MoreSwitzerland: Tax Administration announces safe harbor inter-company interest rates for 2017
The Swiss Federal Tax Administration (SFTA) published safe harbor interest rates on intra-group loans in Swiss Franc as well as in foreign currencies. On 13 February 2017, SFTA released a circular in relation to safe haven interest rates. According
See MoreTaiwan: National Tax Office clarifies withholding tax on debt-claim income
The National Tax Office of the Central Region issued an announcement on 7 February 2017 regarding withholding tax on interest from short-term commercial papers. According to the announcement, a 10% withholding tax is applies on the gross amount paid
See MoreItaly: Detail corporate tax measures mentioned in Budget Law for 2017
The Italian Budget Law for 2017 entered into force on 1 January 2017. From 2017 financial year, the Italian corporate income tax ("CIT") standard rate is reduced from 27.5% to 24 %. However, Banks, parent companies of banking groups, individual
See MoreChile: Tax treatment of bonds issued
The Finance Ministry has announced the adjustments declared by Law 20,956 on 30th January 2017 to the tax treatment of bonds that was issued by both the Central Bank and Treasury. Note that, the Central Bank and Treasury are obliged to withhold 4%
See MoreDTA between UAE and UK entered into force
The Income Tax Agreement between the United Arab Emirates (UAE) and the United Kingdom (UK) has been come into force on 25th December 2016 for avoiding double taxation and it was signed on 12th April 2016. In accordance with article 26, the
See MoreArgentina: DTA with Mexico expected to enter into force
The Income Tax Treaty of 2015 between Argentina and Mexico was expected to enter into force on 23 August 2017, after completing the ratification procedure. The provisions of the treaty generally follow the OECD Model Tax Convention. The treaty was
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