US: IRS issues guidance on transfer of foreign partnership interests
On 2 April 2018, the Treasury Department and the Internal Revenue Service issued guidance regarding the withholding on the transfer of non-publicly traded partnership interests under the recently enacted Tax Cuts and Jobs Act. In general, the new
See MoreSaudi Arabia: Ministerial Resolution amends important articles of the Tax By-law
The Ministerial Resolution No. 1727 provides amendments to Articles 1, 5, 7, 8, 9 and 58 of the Tax By-law. General provisions: The amendment says that shares owned by non-Saudis for speculation purpose in capital companies listed on the KSA stock
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 MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreIndia : Finance Bill 2018 approves by Lower House
On 14 March 2018, the lower house (Lok Sabha) of parliament passed the Finance Bill 2018 with modifications. The modifications agreed by the lower house includes: -The Budget 2018 had introduced tax at 10% on LTCG of more than Rs 1 lakh, arising on
See MoreCosta Rica: Government proposes new tax measures
On 28 February 2018, the Budget bill 2018 was sent to the Assembly proposing to replace the existing sales tax with a value added tax (VAT). It also amends the Income Tax Act by introducing a new capital gains tax, tax neutrality for certain
See MoreSweden: Special rules apply to the taxation of certain shares and interests
Recently, the Swedish Tax Agency published a Guidance (No. 202 466593-17/111) provides that dividends and capital gains on unlisted shares in a foreign legal person are taxed at a reduced rate only if the taxpayer is a tax resident. Special rules
See MoreIndia: CBDT Issues FAQs on the Introduction of a 10% Tax on LTCG
On 4 February 2018, the Central Board of Direct Taxes (CBDT) has published Frequently Asked Questions (FAQs) on the introduction of a 10% tax on long-term capital gains (LTCG). The CBDT has issued a detailed FAQ and it addressed numerous questions
See MoreIndia: Finance Minister presents Budget for the year 2018-19
Indian Finance Minister Arun Jaitley today disclosed its budget 2018-2019 for the fiscal year starting from 1 April 2018. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in
See MoreAngola: Parliament approves 2018 State Budget
On 18 January 2018, the Parliament approved the State Budget for 2018. As part of the budget proposal, introducing a mechanism for the settlement of, by means of withholding, on purchases of goods from small businesses by companies that have
See MoreArgentina: AFIP publishes a Resolution to amend rules on capital gains tax of nonresidents
The Argentine Tax Authorities (“AFIP”) published General Resolution No 4190/2018 (“GR 4190”) on January 12, 2018 in the Official Gazette and issued it on January 11, 2018. As a result of the recent tax reform enacted through Law 27,430, a
See MoreBelgian Parliament enacts corporate tax reform
On 22 December 2017, the Belgian Parliament approved the major corporate tax reform that announced in 26 July 2017. The main proposal was related to gradually reduction of corporate income tax rate. Currently, the normal rate is 33.99% and this will
See MoreGreece: Capital gains tax on immovable property suspends for another year
The government on December 20, 2017, announced that it was adding an amendment to a tabled draft justice ministry bill to extend the suspension of the tax measure. Previously, it had been announced that it would take effect in 2018. The current
See MoreIceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
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 MoreItaly: Proposes changes to capital gains on ‘qualifying shares’
Recently, the draft budget law 2018 proposed an increase in taxes applicable to gains realized on the disposal of “qualifying shares” of Italian companies. According to the proposed budget law those which will be representing more than 20% of
See MoreBelgium: Government approves draft law on corporate tax reform with fully participation exemption
On 27 October 2017, according to a press release, on the proposal of the Minister of Finance, the government has approved the corporate tax reform. The corporate tax reform process would take place in two phases, 2018 and 2020. Belgium will grant
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