Croatia: Government publishes tax reform effective as from 1 January 2020
On December 11, 2019, the Croatian Government published Law in the Official Gazette to require taxpayers/ intermediaries to report information on certain tax arrangements. Some of the changes are given below: Corporate income tax/Profit
See MoreAustria: Government publishes Program for 2020-2024 regarding tax measures
The Government released its Program for 2020-2024 regarding several tax reform measures. Corporate tax The Program proposed to increase the threshold of corporate income tax from EUR 30,000 to EUR 100,000 and reduce the corporate income tax
See MoreGreece: Government publishes Law 4646/2019 in the Government Gazette
On 12 December 2019, the President announced that Law 4646/2019 was published in Government Gazette. Corporate tax According to Law, as from 1 January 2020, corporate tax rate will be reduced from 28% to 24% for all legal entities for the
See MoreUkraine: National Bank reduces the interest rate from December 2019
On 12 December 2019, the National Bank of Ukraine decided to reduce its key policy rate from 15.5% to 13.5% per annum with effect from 13 December 2019. The interest rate has a tax effect on the late tax payment interest and
See MoreOECD: Fiscal challenges of ageing populations for central and local government
On 4 December 2019 the OECD released a Working Paper entitled Population ageing and sub-central governments: long-term fiscal challenges and tax policy reform options. This looks at the taxation policy options for central and local governments in
See MoreGreece: Parliament adopts tax reform measures
On 6th December 2019, Greek Parliament approved tax reform bill (Law 4646/2019), which contains several measures regarding corporate income tax, personal income tax, withholding tax rates, the participation exemption for capital gains
See MoreGermany: Federal Parliament approves Annual Tax Act 2019
On 7 November 2019, the German Federal Parliament passed the Annual Tax Act 2019. The German Federal Council is expected to approve the Annual Tax Act on 28 November 2019. The changes shall generally come into effect as of 1 January
See MoreUkraine: National Bank reduces the interest rate from October 2019
On 24 October 2019, the National Bank of Ukraine decided to lower its key policy rate from 16.5% to 15.5% per annum with effect from 25 October 2019. The interest rate has a tax effect on the late tax payment interest and
See MoreGreece: Deadline expires for 2019 annual declaration of assets & financial interests
The deadline for electronic submission of the 2019 annual statement of assets & financial interests for natural persons expire on 31 October 2019 based on 2018 income and interest & assets as of 31 December 2018. From 1 November 2019, the
See MorePeru: SUNAT issues report on deductibility of interest paid to non-residents
On 9 October 2019, the Peruvian Tax Administration (SUNAT) has published Report No. 130-2019-SUNAT/7T0000 (guiedeline) on its website regarding deductibility of interest paid to non-residents. The deduction of interest on debts provided is
See MoreRussia publishes amendments related to corporation tax
On 29 September 2019, the Russian Government signed a Law no. 325-FZ (Amendments to the Tax Code of the Russian Federation) and published in the Official Gazette. The main amendments relating to corporate income tax are as follows: Limitation
See MoreGreece: Finance Minister presents draft budget for the year 2020
The Finance Minister, Christos Staikouras, presented draft Budget for the year 2020 to the Parliament on 7 October 2019. It proposes discretionary tax measures declared by the Prime Minister such as reduction in corporate tax rate, reduction in the
See MoreIceland: Government announces fiscal budget proposal for 2020
On 6 September 2019, Mr. Bjarni Benediktsson, the honorable Minister of Finance and Economic Affairs of Iceland introduced the fiscal budget proposal for 2020 that would be presented before Parliament on Tuesday 10 September 2019. Among the salient
See MoreGreece: Prime Minister announces tax cuts and promised reform
On 12 September 2019, the Prime Minister has made an announcement of their confirmation to introduce tax rate cuts and other planned tax measures at the opening of the annual International Trade Fair of Thessaloniki. According to plan, corporate
See MoreSweden: Government submits the Budget for 2020
On 18 September 2019, the budget for 2020 was submitted to the Parliament by the Swedish Government. The draft budget provides for the following tax reform: -The most important reform is the abolition of the austerity measures introduced in 1995
See MoreIndia: CBDT issues FAQs on filling of ITR forms for AY 2019-20
On 8 August 2019, the Central Board of Direct Taxes (CBDT) has issued Circular No. 18, which includes frequently asked questions (FAQs) on the completion of income tax return (ITR) forms for Assessment Year (AY) 2019-20. The FAQs are aimed
See MoreColombia: DIAN issues ruling on tax treatment of stock dividends
Recently, the Colombian National Tax Authority (DIAN) published Ruling 014495 of 6 June 2019, which sets out tax of profits in shares or stock dividend. The ruling includes the following points: Article 30 of the Tax Code (TC) provide the
See MoreGreece: Government announces a wide range of Tax Cuts
Following the recent victory in the countries general election, the new Greek Prime Minister has announced that the government wants to introduce a wide range of tax cuts in order to boost the economy after several years of lack of funding and
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