Belgium: Key changes of individual taxation for tax year 2017
The Ministry of Finance (MoF) of Belgium issued the indexed amounts regarding the individual income tax for tax year 2017 and assessment year 2018, on 23 January 2017. Key changes are following: Tax rates Taxable Amount (EUR) Rate (%) Up to
See MoreUS: IRS launches tax filing season for 2017
The US Internal Revenue Service (IRS) launched the 2017 tax filing season on 23 January 2017. Taxpayers have until April 18, 2017, to file their 2016 tax year returns and pay any taxes due. The deadline is later this year than the usual April 15,
See MoreIndia: CBDT extends deadline for the dispute resolution scheme
The Central Board of Direct Taxes (CBDT) has issued a Notification (No. 124/2016 of 29 December 2016) in order to extend the deadline for the Direct Tax Dispute Resolution Scheme, 2016 to 31 January 2017. The Dispute Resolution Scheme, 2016 was
See MoreAustria: Announces social security rates for 2017
The Social Security act of Austria has been amended and published in the Official Gazette on 18 January 2017. The amendment provides that the total social security rate is set at 14.12% for employees not earning more than EUR 425.70 per
See MoreItaly-Individual Income Tax return form published
The Italian tax authority published the individual income tax return for the 2016 financial year on 16 January 2017. The form can be found along with the instructions on the ITA
See MoreEcuador publishes individual income tax rates for 2017
On 29 December 2016, a resolution published in Official Gazette No. 912, established the individual income tax rates applicable to income derived in 2017. The new income tax rates are as follows: Taxable income (USD) Tax due on lower limit
See MorePuerto Rico issued guidelines on electronic filing requirements
The Treasury Department issued guidelines regarding electronic filing requirements on 13th January 2017.This filing requirements related to the employee withholding statements for the tax year (2016). According to the guidelines, a new digital form
See MoreDTA between UAE and UK entered into force
The Income Tax Agreement between the United Arab Emirates (UAE) and the United Kingdom (UK) has been come into force on 25th December 2016 for avoiding double taxation and it was signed on 12th April 2016. In accordance with article 26, the
See MoreColombia introduces special self-withholdings
According to Decree 2201-2016, Colombia has introduced additional special self-withholdings which are applicable as of first January 2017. It will replace the CREE self-withholdings that were abrogated under the most recent tax reform. In article 2
See MoreCosta Rica: Supreme Court issues base salary for 2017
The Supreme Court of Justice released Circular No.230-2016 on 10 January 2017 regarding base salary for 2017. According to the Circular, with effect from 1 January 2017 the base salary is CRC 426,200. The base salary is applicable to compute certain
See MoreColombia introduced dividend tax
According to law 1819 of 2016, Colombia introduced a dividend tax on profits derived as of 1 January 2017, summary as follows: (i) Taxable dividends are subject to 35% final withholding tax and 5% final withholding tax may apply on non-taxable
See MoreIceland: 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 MorePhilippines: New tax reform packages presented
The Department of Finance submitted tax reform packages to the Congress on 29th of September 2016. Under the tax reform packages the personal income tax rate decreased from 32% to 25% for taxpayers earning between PHP 500,001 to PHP 800,00; Excise
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 MoreUK signs mutual agreement with Netherlands
According to Decree 2016-0000232006, the competent authority agreement between the UK and the Netherlands signed on 22 December 2016 for the dealing of UK pension regulations carried out by insurance companies based on Article 25(3) of the Double
See MorePeru: Amendments to income tax rates
In Peru, Law Decrees Nos. 1258 and 1261 establishing certain amendments to the Income Tax Law were published in the Official Gazette on 8 and 10 December 2016 respectively. According to the amendments the general corporate income tax rate has been
See MoreTaiwan: Ministry of Finance amends withholding tax on income of non-resident workers
The Tax Bureau of the Ministry of Finance has announced that withholding tax on income derived from a non-resident worker will be adjusted in 2017. Accordingly, if monthly income is less than TWD 31,513 this will be subject to withholding tax at a
See MoreGreece: Bill amending Income Tax Code and VAT Code on electronic payments gazetted
The Bill amending the Income Tax Code, Procedural Tax Code and VAT Code on electronic payments and voluntary disclosure of undeclared income has been gazetted in the Official Government Gazette on 22nd December 2016. This draft bill regarding
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