UK: consultation on the taxation of trusts
On 7 November 2018 HMRC issued a consultation document outlining the principles for taxing trusts and asking for comments and evidence on the reform of trust taxation in line with those principles. Comments may be submitted to HMRC by 30 January
See MoreNorway: Finance Minister presents National Budget 2019
The Minister of Finance, Siv Jensen, presented the draft National Budget 2019 on October 8, 2018 to the Parliament. The presentation of the budget will be followed by a cycle of parliamentary hearings and debates on the budget, which will last until
See MoreGreece: Prime Minister announces some amendments in tax legislation
The Prime Minister, Alexis Tsipras, announced on September 8, 2018, plans for tax cuts and pledged spending to heal years of painful strictness, less than a month after Greece emerged from a bailout program financed by its European Union partners
See MoreUK: Proposed Cut to National Insurance Contributions Scrapped
On 6 September 2018 the UK government announced that the planned abolition of Class 2 national insurance contributions would no longer be carried out in this parliament. The UK government had previously announced that Class 2 national insurance
See MoreDominican Republic: DGI publishes guide on simplified tax procedure
On 19 June 2018, the Directorate General of Internal Revenue (DGII) issued Guide No. 24 for individuals and legal entities wishing to qualify for the simplified tax procedure (PST). The Simplified Tax Procedure (PST) is a special regime that
See MorePakistan: FBR extends tax amnesty scheme period to 31 July 2018
On 7 July 2018, the Federal Board of Revenue (FBR) approved an extension in tax amnesty scheme till 31 July 2018. Previously an ordinance was sent to the president of Pakistan for approval of the extension. The deadline for filing amnesty
See MoreBangladesh: Income Tax Proposal in Fiscal Budget 2018-2019
Finance Minister Mr. AMA Muhith presented the FY2018-19 national budget to parliament on 7th June 2018. Except for a minor downward tweaking of the corporate tax rate, and some small increases in tobacco taxation and supplementary import duties, no
See MoreKenya publishes draft income tax bill for 2018
National Treasury of Kenya has published the Draft Income Tax Bill 2018 for public comment. The draft Bill is intended to replace the current Income Tax Act with some certain provisions. Some of the main points are condensed as follows: Corporate
See MoreSerbia: Parliament adopts law on tax procedure and tax administration
On April 19, 2018, the Serbian parliament passed the Law on Amendments to the Law on Tax Procedures and Tax Administration. The law was published in the Official Gazette of the Republic of Serbia No. 30 of April 20, 2018. The submission of a tax
See MoreSouth Africa: SARS publishes new interest rate table charged on tax compliance
On 7 May 2018, the South African Revenue Service has published an updated rate table for interest charged on outstanding taxes, duties, and levies, and interest rates payable in respect of refunds of tax on successful appeals and certain delayed
See MoreAustralia: Federal Budget 2018
On 8 May 2018, the Commonwealth Treasurer, Mr. Scott Morrison, announced the Federal Budget 2018-19. Mr. Morrison said “in this year's Budget there are five things we must do to further strengthen our economy to guarantee the essentials
See MoreUK: Consultation discusses the use of cash in tax evasion and financial crime
On 13 March 2018 the government issued a call for evidence entitled “Cash and digital payments in the new economy”. HMRC notes that the use of cash can present problems with tax compliance because people dealing in cash may have problems
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreCyprus: 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
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