Belgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreBelgium: Tax measures announced for 2018
On 26 July 2017, the federal government of Belgium announced various tax measures for the 2018 budget. Corporate income tax rate The rate of corporate income tax would be gradually reduced. Currently, the normal rate is 33.99%, will be reduced to
See MoreItaly: Increase in percentage of taxable capital gains
On 26 May 2017, the Italian Ministry of Economic Affairs and Finance adopted a Decree which establishes a new percentage of capital gains and losses achieved by non-resident taxpayers from the transfer of 'qualifying' shares in Italian companies and
See MorePakistan: FBR proposes budget for 2017/2018
Pakistan’s Federal Board of Revenue (FBR) on 26 May 2017, presented the budget for 2017/2018 to the parliament. The following tax measures are proposed in the Budget: Corporate income tax rate: Corporate tax rate for companies other than banking
See MoreGhana: Proposes the Budget for 2017
The Minister of Finance presented the Budget for 2017 to Parliament on 2 March 2017. The following tax measures are proposed in the Budget: Capital gains tax (CGT): Exemption from CGT on gains realised from the sale of securities listed on the
See MoreVenezuela: Resolution SNAT/2017/0003 about value of tax unit gazetted
The Resolution SNAT/2017/0003 was published on 24th February 2017 in the Official Gazette that implements a 69.5% increase in the value of a tax unit (TU). Some amounts relating to stamp duties, penalties and other aspects of tax are adjusted on a
See MorePakistan: Modifies Income Tax Rules 2002
The Federal Board of Revenue (FBR) has published the Income Tax Rules 2002 as amended up to 10 February 2017. The main changes are summarised below: Capital gains: In cases of portfolio transfers where the ownership of securities does not
See MoreSouth Africa: SARS publishes revised capital gains tax guide
The South African Revenue Service (SARS) has released a revised tax guide regarding capital gains tax (CGT). The tax guide provides guidance on CGT for companies and individuals for the 2017 year of assessment (YA), which covers the period from
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
See MoreSri Lanka: Budget proposal 2017
On 10 November 2016, The Budget 2017 was presented to Parliament by the Minister of Finance Ravi Karunanayake. The main measures concerning corporate taxation are summarized below. Unless stated otherwise, the changes will take effect from 1 April
See MoreNigeria: Draft revised national tax policy
The Federal Inland Revenue Service (FIRS) has published a public notice on 11th November 2016, which was issued by the Finance Ministry on the stakeholders' forum. This forum had been convened from 7th to 8th November 2016 to discuss the draft
See MoreTurkey: Draft General Communiqué on Corporate Tax Law issued
The Revenue Administration of Turkey has issued a draft General Communiqué No. 11 on 6th September 2016 regarding Corporate Tax Law (Law No. 5520) on its website. The draft was published in Official Gazette No. 29796 on 9th August 2016. It results
See MoreSouth Africa: Finance Minister proposes to increase capital gain tax rate in Budget 2016-2017
The Budget for 2016-17 was presented to Parliament by the Minister of Finance on 24 February 2016. The effective rate on capital gains tax for individuals will rise from 13.7% to 16.4%, and for companies from 18.6% to 22.4%. The rate will be
See MoreGhana: New Income Tax Act from January 2016
Ghana's new Income Tax Act (No. 896 of 2015) will come into force on January 1, 2016. It is intended to improve tax compliance and administration and broaden the country's income tax base by rationalizing tax breaks. A number of significant changes
See MoreSingapore publishes e-Tax Guide on tax treatment of gains from the disposal of investments by insurers
Recently, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 27 October 2015, which explains how the rules stated in the case of: Comptroller of Income Tax v. BBO ( SGCA 10) (BBO case) are applied to determine the
See MoreUK: New share valuation rules for CGT
The UK tax authority HMRC has published new valuation rules in respect of the valuation of shares for capital gains tax (CGT), corporation tax and income tax purposes. The rules which apply from 6 April 2015 are in the Market Value of Shares,
See MoreEcuador: Changes to capital gains tax
The tax reform in Ecuador includes measures regarding the taxation of capital gains related to indirect and direct transfers of shares of Ecuadorian corporations with increased rates of corporate tax imposed on shareholders of Ecuadorian
See MoreCanada: Exemption limit on capital gains for 2015
The Economic Action Plan 2013 offers to raise the Lifetime Capital Gains Exemption (LCGE) to CAD800,000 from CAD750,000 for the recognition of the importance of small business owners, farmers and fishermen. With indexing, the LCGE limit for the year
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