Jersey: Inviting comments for proposed new tax penalties
A public consultation has been announced on 27th March 2017 by the Treasury and Resources department to request comments on proposed new tax penalties. The Taxes Office is asking for public views on proposed new financial penalties. This would be
See MoreIndia: Introduces new simplified ITR form for assessment Year 2017-18
The government on 31 March 2017 announced that the new Income Tax Return form for Assessment Year 2017-18, has been simplified for filing returns. It will come into effect from 1 April 2017. The new ITR form will have need of the fewer number of
See MoreCanada: The Province Budget 2017-18 for Saskatchewan issued
The Minister of Finance has presented the province’s fiscal 2017–18 budget for Saskatchewan on 22nd March 2017. This budget meets the challenge the Government of Saskatchewan is facing by controlling and reducing spending, modernizing and
See MoreBelgium publishes investment allowance rates for 2017
According to Official Gazette of 14 March 2017, the rates of the investment allowance for the tax year 2017 (assessment year 2018) are following: Type of investment Rate of allowance (%) Companies Individuals Patents; environmentally friendly
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MoreBrazil publishes Normative Instruction 1,700/2017 in the Official Gazette
Decree No 2017-22042 of 7 March 2017 fixing the market interest rates for interest-free liabilities have been published in Official Journal No 15371 on 17 March 2017. The Decree upgrades and replaces Decree no. BLKB2015 / 1650M of 10 December 2015
See MoreUK: Capital Gains Tax (Annual Exempt Amount) Order 2017
On 13 March 2017, the Capital Gains Tax (Annual Exempt Amount) Order 2017 (S.I. 2017/377) was made and for tax year 2017-18, the annual capital gains tax exemption is GBP 11,300 for
See MoreIrish Revenue publishes Guidance for 2016 Pay and File self-assessment returns
On 15 March 2017, Irish Revenue published the Guide to Completing 2016 Pay & File Self-Assessment Returns which aims to assist individuals taxed under the self-assessment system in filing their 2016
See MoreAustralia: Fringe benefits change and tax offsets
The government of Australia has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of adjusted fringe benefits total has been modified so that the gross rather than the adjusted
See MoreColombia: DIAN issues tax calendar for 2017
The Colombian National Tax Authority (DIAN) published an official announcement providing the tax calendar for tax year 2017, on 22 February 2017. This calendar provides the deadlines for personal tax, corporate tax, withholding taxes, income tax for
See MoreUkraine: Amendments to tax code effective from 1 January 2017
The amendments to the Tax Code have been effective, with some exceptions, since 1 January 2017. Below is a summary of the most significant changes in corporate profit tax and transfer pricing. Corporate profit tax: The general tax rate remains
See MoreBrunei: MoF launches Income Tax Board of Review
The Ministry of Finance (MoF) announced the establishment of the Income Tax Board of Review, on 14 February 2017. The establishment aims to facilitate the administration and operation of taxation in Brunei Darussalam. The Income Tax Board of Review
See MoreColombia: Updated forms for filing tax returns in 2017
According to Administrative Regulation 6 of 2017, the National Tax Authority (DIAN) recently published the following forms for filing tax returns in 2017: Form 120: informative transfer pricing return; Form 140: CREE tax return; Form 160:
See MoreColombia: New deadlines for filing tax returns
Decree 220 of 2017 amends Decree 1625 of 2016 regarding the deadlines for filing tax returns. In the case of large-income taxpayers, the Decree provides the deadlines to pay their income tax corresponding to tax year 2016 in three installments. It
See MoreFinland: Tax administration issues an updated version of the guidance on withholding taxes
An updated version of the guidance on withholding tax on dividends, interest and royalties paid to non-residents has recently been published by the Finnish Tax Administration. According to updated version, foreign corporate entities and foreign
See MoreZambia: Finance Minister presents national budget for 2017
The Minister of Finance has presented national budget for 2017 to the National Assembly on 11th November 2016. The budget of 2017 highlights some important issues which are given below: Direct tax PAYE threshold increased from K3,000
See MoreSouth Africa: SARS publishes revised capital gains tax guide
The South African Revenue Service (SARS) has released a revised tax guide regarding capital gains tax (CGT). The tax guide provides guidance on CGT for companies and individuals for the 2017 year of assessment (YA), which covers the period from
See MoreCroatia: Regulation on individual income tax law published
The Regulation regarding the Individual Income Tax Law was published on 6th February 2017 by the tax administration. The Regulation describes the tax treatment for the income of students working via student employment agencies, employment related
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