Turkey publishes General Communiqué on deferred interest rate
On 25 October 2019, the Revenue Administration of Turkey has published General Communiqué (Series: C, Serial No: 4) in the official gazette reducing the annual deferred interest rate on public receivables. The deferred interest rate for the
See MoreRussia reduces the Interest rate from October 2019
On 25 October 2019, the Russian Central Bank announced the decision to reduce the key rate from 7% to 6.5% with effect from 28 October 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
See MoreIreland: Finance Minister announces Finance bill for the year 2020
On 16 October 2019, the Finance Minister, Paschal Donohoe TD, announced Cabinet approval for the publication of the Finance Bill 2019. It was published on 17 October 2019. The Bill sets out the legislative provisions to bring effect to the tax
See MoreZambia presents the budget for 2020
On 27 September 2019, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2020: Corporate tax
See MoreSouth Africa: SARS publishes comprehensive guide to dividends tax
The South African Revenue Service (SARS) published a comprehensive guide to dividends tax on 12 September 2019. The objective of this guide is to help users in gaining a more in-depth understanding of dividends tax. This guide is not an ‘official
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 MorePakistan: FBR approves the Finance Act 2019 with certain changes
On 30 July 2019, the Federal Board of Revenue (FBR) has issued a Circular No. 9 of 2019. The Circular contains important changes to the Income Taxation Act 2001 through the Finance Act 2019, which was published in the Official Journal on 30 June
See MoreFrance publishes interest rate for shareholder loan for FY ends between June and September 2019
Recently, France has published interest rates for entities whose financial year ended between 30 June 2019 and 29 September 2019 , which are used to determine the deductibility of interest payments to shareholders. The portion of interest payments
See MoreFrance publishes interest rate for shareholder loan for FY ends between March and June 2019
On 17 April 2019, France published interest rates for entities whose financial year ended between 31 March 2019 and 29 June 2019, which are used to determine the deductibility of interest payments to shareholders. The portion of interest payments
See MoreAlgeria: DGI releases circular on interest deduction regarding finance bill 2019
On 20 March 2019, Algerian tax agency Direction Generale des Impots (DGI) published circular N°1 /MF/DGI/DLRF/LF amending the provision of article 141 of the code of direct taxes and assimilated taxes. The objective of the circular is to explain
See MoreGreece: Tax administration issues circulars on CIT and Dividend tax rate cut
On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046 / 2019 and E.2047 / 2019) for reducing corporate tax rates and dividend tax rates. These circulars are summarized below: Circular E.2046: This circular confirms that
See MoreSouth Africa: SARS issues tax interpretation note on lease premiums
On 7 February 2019, South African Revenue Service (SARS) has issued Interpretation Note 109, which clarifies the rules on the tax treatment of lease premiums. The Note explains that, in the earlier year of assessment of receipt or accrual, lessor
See MoreKenya simplifies the taxation of non-tax profits distributed as dividends
On 8 February 2019, the Kenya Revenue Authority (KRA) published a notice clarifying the new measure introduced by the Finance Act, 2018. The Act introduced a new corporate rate on untaxed gains or profits from which dividends are distributed with
See MoreChile: IRS clarifies Taxation of Dividends and Interest
Recently, the Internal Revenue Service (IRS) issued two separate Rulings 59 and 2546 to clarify the taxation of dividends and interest by resident and nonresident taxpayer. The two rulings separately discussed in below: Taxation of dividends Ruling
See MorePoland: Ministry of Finance declares key changes under 2019 tax reform
Poland’s Ministry of Finance announced, significant changes in the tax law are planned in Poland as of 2019. The Ministry announced the following key measures, among others: Stricter conditions for the application of withholding tax exemption
See MoreColombia: Radical Change party submits a tax reform bill to Congress
The Radical Change party, a political party of Colombia submitted a tax reform bill to Congress. The bill contains following proposals: Tax residence The bill would eliminate the requirement to base a company’s tax residence on the company’s
See MorePeru: Ministry of Finance publishes Legislative Decree on deductions for royalties and service fees
Peru's Ministry of Finance published Legislative Decree No. 1369 on 2 August 2018 regarding amendments in relation to deductions for royalties and service fees paid to non-residents. The amendment provides that royalties and service fees paid to
See MoreSpain publishes budget act of year 2018
On 4 July 2018, the Spanish Government published Law 6/2018 (the Budget Law 2018) in the Official Journal. The law implementing the fiscal measures from the fiscal year 2018 entered into force on 5 July 2018. Budget contains changes to the patent
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