Iceland: The Directorate of Internal Revenue publishes tax rates and allowances for 2017
The Directorate of Internal Revenue has published some information on 29th of December 2016 regarding the applicable rates and amounts for corporate and individual taxation. A 20% corporate tax rate is pertinent for public and private limited
See MoreArgentina: Tax modifications and VAT collection system enacted
Law No. 27,346 was enacted on 27th December 2016 by Argentina through publication in the Official Gazette. The Law makes several amendments to the Argentine tax regulations. The law adds a new VAT payment mechanism on services provided in Argentina
See MoreArgentina: Income tax deduction allowance increased
An executive Branch's Decree 1,253/2016 establishes a one-off ARS 15,000 increase in the individual income tax deduction allowance. It was published in the Official Gazette on 14th December 2016 and effective from that date. According to the Labor
See MoreTaiwan: Individual income tax rates for 2017
The Ministry of Finance declared the allowances, normal inferences, the particular deduction for salary and wages, as well as the individual income tax rates for 2017, on 12 December 2016. Personal exemption will amount to TWD 88,000 for an
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreNetherlands: Additional amendments presents to the parliament for Tax Plan 2017
The State Secretary for Finance submitted additional amendments to the Tax Plan 2017 No. 34 522 to the lower house of the parliament on 3 November 2016. The major amendments are summarized below: Business operating cost Business expenses acquired
See MoreUK: First year allowance for low emission cars extended for three years
The UK government has announced its intention to introduce legislation as part of the Finance Bill 2017 to extend the period of application of the First Year Allowance (FYA) for companies purchasing low emission cars. The 100% FYA was originally
See MoreUK: Statistics on funds raised through the EIS and SEIS
The schemes known as the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts for
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreUK: Statistics released on Venture Capital Trusts
On 20 October 2016 HMRC released statistics on Venture Capital Trusts. The tax regime for venture capital trusts (VCTs) provides that a VCT if correctly structured can obtain tax relief for the trust itself and for its investors. The VCT regime is
See MoreUK: Statistics on patent box tax relief
On 14 September 2016 HMRC released statistics on the uptake of the patent box legislation during the first year it was in force. The legislation went into effect in relation to profits earned after 1 April 2013 and is being phased in gradually with
See MoreUK: Update on advance assurance for R&D tax relief
On 24 August 2016 HMRC held a webinar to provide an update on the advance assurance scheme for research and development (R&D) tax relief. The scheme which is aimed at small companies was launched in November 2015 and there have so far been more
See MoreUK: Consultation on changes to Gift Aid scheme
Under the Gift Aid scheme the UK government effectively supplements a charitable donation by adding basic rate tax to the amount donated. The scheme is very valuable for UK charities as the government has added more than GBP 5 billion to charitable
See MoreKenya presents budget for 2016-17
The Cabinet Secretary presented the budget for 2016-17 to the National Assembly on 8 June 2016. Some of the proposed measures as regards direct taxation are given below: Corporate taxation: Corporate tax rate decrease from 30% to 20% for developers
See MoreUK: Enterprise Investment Scheme statistics
The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two important tax advantaged venture capital schemes in the UK. In addition to these two schemes there are other tax advantaged schemes such as the tax
See MoreUK: Consultation on draft regulations for Innovative Finance ISA
The UK government has published in draft form the Individual Savings Account (Amendment No 2) Regulations 2016 introducing a new type of Individual Savings Account (ISA) called the Innovative Finance ISA. Comments on the draft legislation may be
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 MoreKazakhstan: Amendment to the deductibility of charitable donations
The Senate has passed a bill on 22nd October 2015 that changes the deductibility of charitable donations. In accordance with the bill, the deduction of charitable donation by companies and individual entrepreneurs will be limited to the following
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