Australia: Federal Budget 2017-18
On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the
See MoreCanada: Government offers tax relief for farmers and fishers supplying cooperatives
The Budget 2017 makes the tax system unbiased by making existing tax relief for individuals and families more actual and accessible, by removing ineffective and inefficient tax measures. It also ensures that no taxpayer is getting an extra benefit
See MoreCyprus extends deadline for the submission of personal tax returns for 2016
The tax department of Cyprus has approved an extension of the deadline for filing tax returns for the tax on personal income for the year 2016 (Form TD 1) in paper and electronic formats. In paper form, deadline for submission of tax returns
See MoreUK: Major tax changes coming into effect in April 2017
Millions of businesses across the UK will benefit from new tax measures coming into effect in April 2017, including a £9 billion cut in business rates, a further reduction in corporation tax to 19% and a continued fuel duty freeze. “We’re
See MoreUK: Tax-Free Childcare launches
From 21 April 2017, working parents in UK can start applying for 2 new childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. Hence working parents of children,
See MoreIndia: Prime Minister suggests January-December fiscal year
On 23 April 2017, at the Niti Aayog’s governing council meeting, Prime Minister proposed changing to a January-December fiscal year, saying it would to help prepare budgets once agricultural income is determined. Most countries follow the January
See MorePakistan: Proposes 5% rebate for timely filing of annual income tax returns
Recently, the Federal Board of Revenue (FBR) has been advised to give the rebate of 5% as an incentive to taxpayers in timely filing of annual income tax returns. As this incentive will significantly improve the number of tax filers and will provide
See MorePakistan: Instigated the alternative dispute resolution committee
On 29 March 2017, the Federal Board of Revenue (FBR) has started the Alternative Dispute Resolution (ADRC) service. The FBR has decided to provide the service in view of the fact that 27,000 complaints are pending before Appellate Tribunal Inland
See MoreIndia: Launches E-filing facility for select Income Tax Returns
The Income Tax department On 1 April 2017, launched the e-filing facility for select Income Tax Returns (ITRs) for the assessment year 2017-18. The two ITRs that are now available for filing on the e-portal of the government. The forms are the ITR-1
See MoreJersey: Inviting comments for proposed new tax penalties
A public consultation has been announced on 27th March 2017 by the Treasury and Resources department to request comments on proposed new tax penalties. The Taxes Office is asking for public views on proposed new financial penalties. This would be
See MoreIndia: Introduces new simplified ITR form for assessment Year 2017-18
The government on 31 March 2017 announced that the new Income Tax Return form for Assessment Year 2017-18, has been simplified for filing returns. It will come into effect from 1 April 2017. The new ITR form will have need of the fewer number of
See MoreCanada: The Province Budget 2017-18 for Saskatchewan issued
The Minister of Finance has presented the province’s fiscal 2017–18 budget for Saskatchewan on 22nd March 2017. This budget meets the challenge the Government of Saskatchewan is facing by controlling and reducing spending, modernizing and
See MoreBelgium publishes investment allowance rates for 2017
According to Official Gazette of 14 March 2017, the rates of the investment allowance for the tax year 2017 (assessment year 2018) are following: Type of investment Rate of allowance (%) Companies Individuals Patents; environmentally friendly
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MoreBrazil publishes Normative Instruction 1,700/2017 in the Official Gazette
Decree No 2017-22042 of 7 March 2017 fixing the market interest rates for interest-free liabilities have been published in Official Journal No 15371 on 17 March 2017. The Decree upgrades and replaces Decree no. BLKB2015 / 1650M of 10 December 2015
See MoreUK: Capital Gains Tax (Annual Exempt Amount) Order 2017
On 13 March 2017, the Capital Gains Tax (Annual Exempt Amount) Order 2017 (S.I. 2017/377) was made and for tax year 2017-18, the annual capital gains tax exemption is GBP 11,300 for
See MoreIrish Revenue publishes Guidance for 2016 Pay and File self-assessment returns
On 15 March 2017, Irish Revenue published the Guide to Completing 2016 Pay & File Self-Assessment Returns which aims to assist individuals taxed under the self-assessment system in filing their 2016
See MoreAustralia: Fringe benefits change and tax offsets
The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted
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