Italy: Approves budget Law for 2018
The Italian Budget Law for 2018 (Law no. 205 of 27 December 2017) published on 29 December 2017 and entered into force on 1 January 2018. Some of its most significant corporate tax measures are summarized below: Dividends: Dividends from
See MoreTaiwan: MoF increases dividends withholding tax rate
Taiwan's Ministry of Finance (MoF) has stated that, the withholding tax rate on dividends paid to nonresidents is increased from 20% to 21%. The withholding tax rate effects from 1st January 2018. Ministry of Finance further said that this standard
See MoreUkraine: Parliament adopts the amendment to the Tax Code
On 7 December 2017, the Ukrainian Parliament passed the Law of Ukraine "On Amendments to the Tax Code of Ukraine and Certain Laws of Ukraine on Securing Balance of Budget Revenues in 2018” No. 2245-VIII (“Law”). The law came into force on 1
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 MoreUK: Autumn Budget Announcements 2017
The UK’s autumn budget measures were announced on 22 November 2017. Important measures affecting business are as follows: R & D Tax Relief The Research & Development Expenditure Credit (RDEC) rate available to companies claiming under
See MoreMalaysia introduces tax exemption on payment paid for offshore services
The Income Tax (Exemption) (No. 9) Order 2017 (Exemption Order) was published in the Federal Gazette on 24 October 2017. The Exemption Order excludes non-residents from payment of income tax in respect of certain categories of income derived from
See MoreTaiwan: Cabinet approves draft amendments to Income Tax Act
The Executive Yuan (Cabinet) approved draft amendments to the Income Tax Act on 12 October 2017. The draft proposals include the following: Corporate income tax rate increases from 17% to 20%. Standard dividend withholding tax rate raises from
See MoreZambia: Budget for 2018
Finance Minister of Zambia presented the 2018 National Budget for the year 1 January 2018 to 31 December 2018 to the National Assembly on 29th September 2017. Budget for 2018, which lays out the various expenditure and revenue measures aimed at
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 MoreNetherlands: Tax plan for 2018
The Dutch government has presented the tax plan for 2018 on 19th September 2017. If adopted, these proposals will be entered into force on 1st January 2018. 2018 tax plan contains various other amendments on a variety of topic and these are given
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 MoreLatvia: Parliament passes new corporate tax law
The Latvian parliament passed a new corporate tax law on 28 July 2017. The law will enter into force on 1 January 2018. Unlike the current corporate income tax (CIT) regime, the proposed CIT regime is based on a cash-flow taxation model, which
See MoreLuxembourg: Government announces new intellectual property tax regime
Luxembourg has announced a new regime that offers a special tax incentive for certain income from intellectual property rights. On 7 August 2017, a bill of law proposing the introduction of a new Luxembourg intellectual property (IP) tax regime was
See MoreUkraine: SFS clarifies royalty withholding tax received from US
The State Fiscal Service published Guidance Letter No. 722/6/99-99-01-02-02-15/IPK on 19 July 2017 clarifying the royalty withholding tax paid by a US distributor to a Ukrainian software copyright holder. Ukraine's State Fiscal Service ("SFS")
See MoreEstonia: key changes to corporate income tax rules enacted
The Estonian Minister of Finance submitted the Bill on Amendments to the Income Tax Act (the bill) for consultation on 17 April 2017, which was approved by the Parliament on 19 June 2017. Significant changes in the Income Tax Act include a reduced
See MoreSouth Africa issues guidance on VAT on non-executive director fees
The South African Revenue Service issued guidance on the value added tax (VAT) treatment of fees paid to non-executive directors. On 10 February 2017, SARS issued binding general ruling (BGR) 41 which confirms that a non-executive director (NED) who
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 MoreNetherlands: Amendments to dividend withholding tax rule
On May 16, 2017, the Dutch government released a public consultation for the previously announced legislative proposals regarding changes to the DWT (dividend withholding tax) rules for holding cooperatives. The Dutch government expected to have the
See More