Cyprus: Tax authority publishes ten-year government bond’s yield rates
On 14 February 2018, tax department published ten-year government bond’s yield rates by an announcement for the countries of Cyprus, Czech Republic, Germany, India, Latvia, Poland, Romania, Russia, Ukraine, United Arab Emirates and United Kingdom
See MoreCanada: Finance Minister presents the Federal Budget 2018
The Finance Minister, Bill Morneau, presented a federal budget, on February 27, 2018, that plans a clear course for the Liberals to the 2019 election, an aspirational road map designed to ensure that no woman, scientist or national wildlife area
See MoreCzech Republic: Proposed amendments to income tax for 2019
Recently, Finance Ministry has published the first draft copy of the amendment to the Income Tax Act for comments. These amendments are supposed to be started from year 2019. The proposed personal income tax rate of 19% is 1.1% less than the present
See MoreUK: HMRC wins case on employment status
HMRC has won a case concerning employment status and the IR35 rules. The IR35 legislation aims to ensure that in defined circumstances individuals working for an intermediary such as a personal service companies pay the same tax as an employee
See MoreSlovak Republic: MoF issues new income tax returns formats for 2017
The Finance Ministry has issued new forms of tax returns for income tax for 2017. For submitting the income tax return for 2017, the pattern of the income tax return form (Form DPFO B) for natural person, and the model of corporate income tax return
See MoreCroatia: Tax reforms effect from 1 January 2018
With effects from January 1, 2018, some tax law amendments have occurred in Croatia. These amendments contain tax laws, excise duties, reliefs etc.. The Minister of Finance issued the Ordinance on Amendments to the Ordinance on Profit Tax, which
See MoreItaly: Publication of Income Tax Return Form
An approval was undergone by the ITA on the individual income tax return form and related instructions for the fiscal year 2017 through the issuance of Protocol No. 10793/2018 on 15th January 2018, and the form is available on ITA’s
See MoreTaiwan approves the third income tax optimization plan for 2018
Taiwan's legislative Yuan approved the third income tax optimization plan regarding changes for both corporate and individual taxpayers on 18 January 2018. Corporate taxation: The corporate tax rate is raised from 17% to 20% in 2018; Where a
See MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See MoreUS: The Nation’s tax season will begin 29 January 2018
On January 4, 2018, the Internal Revenue Service announced that tax collection will begin on Monday, January 29, 2018, and taxpayers are reminded of certain tax credits that the refunds will not be available until the end of February. The IRS will
See MoreUK: Statistics on venture capital trusts
On 14 December 2017 the UK published statistics relating to venture capital trusts (VCTs) for tax years up to 2015/16. The data was collected from self-assessment tax returns and does not therefore cover investors claiming income tax relief through
See MoreLatvia changes taxable base for social security contributions in 2018
The Cabinet of Ministers of Latvia has adopted a regulation amending the ceiling of the taxable base cap for social security contributions. Under this Regulation, the annual taxable base (income) cap per employee for social security contributions is
See MoreKorea passed the budget for 2018
The Government passed the 2018 budget on 6 December 2017. Under the budget, the threshold of the new highest corporate income tax rate of 25% has been increased from KRW 200 billion to KRW 300 billion. A 10% local income tax surcharge is also
See MoreUK: Research on impact of entrepreneurs’ relief
On 4 December 2017 HMRC published the results of a survey carried out in May 2017 into the impact of the availability of capital gains tax (CGT) entrepreneur’s relief on the behavior and motivation of individuals in the UK who could be eligible
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
See MoreHungary: Parliament approves new tax measures
On 14 November 2017, the Hungarian Parliament approved a package of tax which includes measures related to the tax procedural rules and also some other provisions that will affect corporate and individual taxpayers. The new tax legislative package
See MoreFrance: Government publishes draft second Amendment Financing Act for 2017
On 15 November 2017, a second draft amending Finance Bill for 2017 was submitted to the French Council of Ministers and was submitted to the French Parliament. The draft law emphasized the following tax measures for the coming year. Anti-Evasion
See MoreGermany: Capital gains 100% tax-exempt for foreign corporate shareholders
On 25 October 2017, the German Federal Tax Court (decision dated 31 May 2017) ruled in favor of foreign shareholders selling shares in a German corporation. Capital gains realized upon sale of shares in a German resident corporation by non-resident
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