IMF report comments on Nicaragua’s fiscal position
On 22 June 2017 the Executive Board of the IMF concluded consultations with Nicaragua under Article IV of the IMF’s articles of agreement and a report has been issued. The report notes that Nicaragua’s economic performance in 2016 was robust
See MoreOECD: Meeting of Inclusive Framework on BEPS
On 22 June 2017 the third meeting of the inclusive framework on base erosion and profit shifting (BEPS) took place in the Netherlands with representatives of 83 countries and jurisdictions and 12 international and regional organizations. The
See MoreAustralia: Treasury Laws Amendment Act 2017 received Royal Assent
On 22 June 2017, the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act 2017 received Royal Assent. Amends the Taxation Administration Act 1953 to modify the foreign resident capital gains withholding payments
See MoreIreland: Interaction of PAYE and Self Assessment Procedures
On 12 June 2017 the Irish Revenue published the amended Part 42-04-13 of the Income Tax, Capital Gains Tax and Corporation Tax Manual. The amendments reflect the changes to the income thresholds which are applied in determining whether an
See MoreBangladesh: Budget 2017-18
On 1 June 2017, the Finance Minister Mr. Abul Maal Abdul Muhith presented the annual national budget of an outlay of TK 4 trillion for the fiscal year 2017-18. In the proposed budget, the finance minister has targeted a GDP growth rate of 7.4 per
See MoreGreece: Reform Law 4472/2017 published
The Government published Law 4472 on 19th of May 2017 in the Official Gazette. It includes several reform measures concerning the medium-term fiscal targets for 2018-2021 and tax cuts for legal entities. Therefore, the corporate income tax (CIT)
See MoreSouth Africa: SARS introduces improvements to the dispute management process
On 15 May 2017 the South African Revenue Service (SARS) introduced important changes and improvements to its current dispute management process as part of its ongoing commitment to delivering a better service to taxpayers. The following changes
See MoreGreece: Parliament adopts a draft bill amending Income Tax Code and VAT Code
The Parliament has adopted a draft bill on 11th of April 2017, which contains some amendments on income tax code and VAT code. The Corporate Income Tax payment needs to be completed by six installments instead of eight. Note that, the first
See MorePakistan: FBR publishes a guideline on the mechanism of ADR
Recently, the Federal Board of Revenue (FBR) has issued a guideline on the mechanism of ADR. The FBR has motivated taxpayers to resolve their issues through the Alternate Dispute Resolution (ADR) mechanism, which will help taxpayers from unnecessary
See MoreAustralia: 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
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