Korea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreIMF 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 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 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 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 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 MoreEcuador publishes individual income tax rates for 2017
On 29 December 2016, a resolution published in Official Gazette No. 912, established the individual income tax rates applicable to income derived in 2017. The new income tax rates are as follows: Taxable income (USD) Tax due on lower limit
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 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 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 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 MorePoland: Parliament approves bill to simplified flat tax
The parliament approved a draft law which intends at facilitating for business in Poland on 16 December 2016. Along with other things, the law launches changes on the flat rate tax on specified income derived by individuals in so far that it raises
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreSlovenia: Amendments to the Corporate and individual income tax rates
The parliament adopted a tax reform consisting of amendments to the Personal Income Tax Law, Corporate Income Tax Law and Tax Procedure Law on 27 September 2016. The amendments will enter into force from 1 January 2017. The main changes are as
See MoreOECD: Taxing Wages 2016
The OECD has published Taxing Wages 2016 which shows that tax on income from labor remained at 35.9% for OECD countries in 2015, the same as in the previous year. Before that the tax burden on labor had been rising for some years. The publication
See MoreCanada: Tax changes in New Brunswick
New Brunswick Bill 32 has received the first reading of a tax legislation on 29th March 2016 that includes a reduction in the small business tax rates and adjustments to the dividend tax credit provisions. The following measures are in Bill
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