Costa Rica: Supreme Court issues base salary for 2017
The Supreme Court of Justice released Circular No.230-2016 on 10 January 2017 regarding base salary for 2017. According to the Circular, with effect from 1 January 2017 the base salary is CRC 426,200. The base salary is applicable to compute certain
See MoreColombia introduced dividend tax
According to law 1819 of 2016, Colombia introduced a dividend tax on profits derived as of 1 January 2017, summary as follows: (i) Taxable dividends are subject to 35% final withholding tax and 5% final withholding tax may apply on non-taxable
See MoreIceland: The Directorate of Internal Revenue publishes tax rates and allowances for 2017
The Directorate of Internal Revenue has published some information on 29th of December 2016 regarding the applicable rates and amounts for corporate and individual taxation. A 20% corporate tax rate is pertinent for public and private limited
See MorePhilippines: New tax reform packages presented
The Department of Finance submitted tax reform packages to the Congress on 29th of September 2016. Under the tax reform packages the personal income tax rate decreased from 32% to 25% for taxpayers earning between PHP 500,001 to PHP 800,00; Excise
See MoreArgentina: Tax modifications and VAT collection system enacted
Law No. 27,346 was enacted on 27th December 2016 by Argentina through publication in the Official Gazette. The Law makes several amendments to the Argentine tax regulations. The law adds a new VAT payment mechanism on services provided in Argentina
See MoreUK signs mutual agreement with Netherlands
According to Decree 2016-0000232006, the competent authority agreement between the UK and the Netherlands signed on 22 December 2016 for the dealing of UK pension regulations carried out by insurance companies based on Article 25(3) of the Double
See MorePeru: Amendments to income tax rates
In Peru, Law Decrees Nos. 1258 and 1261 establishing certain amendments to the Income Tax Law were published in the Official Gazette on 8 and 10 December 2016 respectively. According to the amendments the general corporate income tax rate has been
See MoreTaiwan: Ministry of Finance amends withholding tax on income of non-resident workers
The Tax Bureau of the Ministry of Finance has announced that withholding tax on income derived from a non-resident worker will be adjusted in 2017. Accordingly, if monthly income is less than TWD 31,513 this will be subject to withholding tax at a
See MoreGreece: Bill amending Income Tax Code and VAT Code on electronic payments gazetted
The Bill amending the Income Tax Code, Procedural Tax Code and VAT Code on electronic payments and voluntary disclosure of undeclared income has been gazetted in the Official Government Gazette on 22nd December 2016. This draft bill regarding
See MoreBelgian circular on individual taxation
The Belgian tax administration published a Circular on the taxation of non-resident individual taxpayers on 9 December 2016. A division is made between 3 groups of non-resident individuals that contains (a) non-residents obtaining 75% of their
See MoreUkraine-Adopted amendments to Tax Code
The parliament of Ukraine adopted a draft law amending the Tax Code on 21 December 2016. According to the adopted law, costs for repairing and maintenance of non-productive fixed assets will no longer be considered as deductible expenses. Previously
See MoreGreece: Draft bill on electronic payments adopted
The draft bill regarding electric payments has been adopted by the parliament on 21st December 2016 and it was presented to the parliament for approval on 12th December 2016. On the basis of the adopted text, companies that receive transactions by
See MoreUK: Finance Act 2016, Section 162(1) and Schedule 20 Regulations 2016
On 19 December 2016, the Finance Act 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016 were made. The Regulations appoint 1st January 2017 as the day on which section 162(1) of and Schedule 20 to the Finance Act 2016 (c. 24)
See MoreMontenegro: Draft Budget for 2017 adopted
The government of Montenegro has adopted the draft budget 2017 on 18th December 2016. The main changes are given as follows: the application of 11% increased tax rate for personal income more than the average salary will be extended until 2019;
See MoreArgentina: Income tax deduction allowance increased
An executive Branch's Decree 1,253/2016 establishes a one-off ARS 15,000 increase in the individual income tax deduction allowance. It was published in the Official Gazette on 14th December 2016 and effective from that date. According to the Labor
See MoreSlovenia: Publishes new individual income tax rates for 2017
The Ministry of Finance published the individual income tax rates on 9 December 2016, which is applicable from 2017. The new individual income tax schedule is set out below: Amount (EUR) Rate (%) up
See MoreHungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax measures are as follows: Tax
See MoreTaiwan: Finance minister announces pension income
The Ministry of Finance declared modification to the amounts of exempt pension income in 2017 on 12 December 2016. The taxable pension income is considered as follows: Pension income up to TWD 180,000 multiplied by the number of years of service is
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