Finland: 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
See MoreOECD requests input for peer reviews of tax treaty dispute resolution process
On 30 January 2017 the OECD announced that it is gathering input in relation to the Stage 1 Peer Reviews of the tax treaty dispute resolution process. The process of peer reviews for monitoring the Mutual Agreement Procedure (MAP) under Action 14 of
See MoreIndia and Cyprus Income tax treaty renegotiated
The Income Tax Treaty between Cyprus and India signed on 18 November 2016, have become available the treaty’s details. Both countries generally provide for the credit method to avoid double taxation. This treaty gives the following withholding tax
See MorePhilippines presents revised tax reform package
The Chairman of the House Committee has proposed revised tax reform package on 17 January 2017. This tax reform package was submitted to Parliament on 29 September 2016. According to the revised tax reform package individual income tax exemption
See MoreMauritius: Introduced Alternative Dispute Resolution mechanism
The Minister of Finance and Economic Development of Mauritius in his 2016-2017 Budget Speech, announced the establishment of an Alternative Tax Dispute Resolution (ATDR) mechanism to expedite cases where the amount of tax payable under dispute
See MoreBrazil published special programme for payment of federal tax debts
Normative Instruction 1,697/2017 published in the Official Gazette on 1 February 2017 regarding special programme for the payment of federal tax and non-tax debts. According to Normative Instruction payment of the debts may be made as follows:
See MoreChile: Tax treatment of bonds issued
The Finance Ministry has announced the adjustments declared by Law 20,956 on 30th January 2017 to the tax treatment of bonds that was issued by both the Central Bank and Treasury. Note that, the Central Bank and Treasury are obliged to withhold 4%
See MoreCanada: Probable changes expected in federal budget 2017
The Federal Budget 2017 will have been delivered by the Ministry of Finance of Canada soon. Till now the detailed of budget are unknown. The changes related to business tax, mining industry, personal tax, non-profit organizations and international
See MoreBrazil publishes capital gains on exchange of shares
Private Ruling 88/2017, released in the Official Gazette on 31 January 2017 regarding the tax treatment of exchange of shares transactions in Brazil. This public ruling imposes on non-resident shareholders. According to the rule, 15% income tax rate
See MoreCanada: Special insurance premium taxes charged
The federal government and some province governments of Canada charge a tax regarding insurance premiums. Due to risks in the province, companies in Alberta must self-assess a 50% tax on certain insurance premiums. This requirement is applicable on
See MoreBelgium: Key changes of individual taxation for tax year 2017
The Ministry of Finance (MoF) of Belgium issued the indexed amounts regarding the individual income tax for tax year 2017 and assessment year 2018, on 23 January 2017. Key changes are following: Tax rates Taxable Amount (EUR) Rate (%) Up to
See MoreUS: IRS launches tax filing season for 2017
The US Internal Revenue Service (IRS) launched the 2017 tax filing season on 23 January 2017. Taxpayers have until April 18, 2017, to file their 2016 tax year returns and pay any taxes due. The deadline is later this year than the usual April 15,
See MoreIndia: CBDT extends deadline for the dispute resolution scheme
The Central Board of Direct Taxes (CBDT) has issued a Notification (No. 124/2016 of 29 December 2016) in order to extend the deadline for the Direct Tax Dispute Resolution Scheme, 2016 to 31 January 2017. The Dispute Resolution Scheme, 2016 was
See MoreAustria: Announces social security rates for 2017
The Social Security act of Austria has been amended and published in the Official Gazette on 18 January 2017. The amendment provides that the total social security rate is set at 14.12% for employees not earning more than EUR 425.70 per
See MoreItaly-Individual Income Tax return form published
The Italian tax authority published the individual income tax return for the 2016 financial year on 16 January 2017. The form can be found along with the instructions on the ITA
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