Canada: Federal Govt. announces cannabis tax plan
The federal government proposed a new excise duty framework that imposes duties on cannabis products on November 10, 2017. A Bill C-45 (referred to as the “Cannabis Act”), “an Act respecting cannabis and to amend the Controlled Drugs and
See MoreArgentina: Treasury Minister announces tax reform plan
The Treasury Minister, Nicolas Dujovne, on October 31, 2017, announced a tax reform plan. This proposed tax reform includes tax procedure law, corporate income tax reduction, criminal law, individual income tax, social security contributions,
See MoreUAE: MoF still works with VAT regulations
The Ministry of Finance is still in the process of preparing the executive VAT regulation, in coordination with the concerned authorities. The Finance Ministry is committed to working with the highest levels of transparency and disclosure
See MoreIreland: Budget for 2018
On 10 October 2017, the Irish government presented details of the Budget 2018. This budget delivers the Government’s long standing target of balancing the books in structural terms next year by reaching the Medium Term Budgetary Objective better
See MoreUAE: Excise tax on tobacco, energy and soft drinks enters into effect
The Ministry of Finance was published the implementing regulations to the Excise Tax Law. This Excise Tax Law regarding production of excise goods in the UAE, import of excise goods in the UAE, release of excise goods from a designated zone and
See MoreArgentina: Decree No. 593/2017 on incentives published in Official Gazette
Decree No. 593/2017 regarding capital goods was published on July 28, 2017 in the Official Gazette. The Decree is effective from July 1, 2017. This decree modifies incentives under some articles of both Decree No. 379/2001 and Decree No. 594/2004.
See MoreGCC develops VAT and excise tax framework
The Gulf Cooperation Council (GCC) finance ministers held an extraordinary meeting on 16th June in Jeddah and approved in principle VAT and excise tax treaties. In order to keep pace with the changing economic landscape and through extensive
See MorePhilippines: Department of Finance certifies tax reform bill
The Department of Finance (DoF) declared that, the proposed second package of the Comprehensive Tax Reform Program (CTRP) will be submitted to the Congress by the fourth quarter of the year. According to the DoF government’s plan to introduce a
See MoreBangladesh: Parliament passes Budget for 2017-18
On 29 June 2017, the parliament of Bangladesh has passed a Tk 4,00,266 crore national budget with some changes to the excise duty on bank accounts and Value Added Tax (VAT) proposals for the fiscal year 2017-18. On 1 June 2017, the Finance
See MoreSaudi Arabia: Excise Tax Law officially published in the local Gazette
The Saudi Arabian Cabinet approved the Excise Tax Law on 2 May 2017 after also approving the GCC framework agreement in relation to Excise Taxes. The Excise Tax Law was published in the Saudi Official Gazette (UM-AL QURA), Issue no. 4672 on 26 May
See MoreKenya presents budget for 2017-18
The Cabinet Secretary submitted the budget for 2017-18 to the National Assembly on 30 March 2017. the main changes are summarised below: Withholding taxes Dividends paid to non-residents by enterprises operating in Special Economic Zones will be
See MoreSouth Africa: National Treasury consults on sugar tax amendments
Proposed changes to the tax on sugar-sweetened beverages (SSBs) were introduced in the recently announced 2017-18 Budget. The South African National Treasury has issued a list of questions and answers on the changes to the proposed tax. The National
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 MoreBulgaria: Amendments to regulations on Excise Duties and Tax Warehouses Act gazetted
The amendments in the regulations for the application of the Excise Duties and Tax Warehouses Act have been published on 7th February 2017 in the State Gazette. The major amendments have been effective from the same day of its publication and the
See MoreBahrain-GCC: Excise Taxes Framework Agreement signed by Bahraini Finance Minister
The Gulf Cooperation Council (GCC) Excise Taxes Framework Agreement has been signed by the Bahraini Finance Minister on 1st February 2017. Bahrain is planning to introduce Excise Tax by mid-2017. The excise levies will be 50% on soft drinks and a
See MoreSaudi Arabia-Cabinet approved tax measures under Fiscal Balance Program
The Saudi Cabinet approved on 22 December 2016 a 5-year financial sustainability plan called "Fiscal Balance Program" which is expecting to abolish the budget deficit by 2020. The objective of the program is to increase revenues from non-oil
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 MoreGeorgia-Amendments to Tax Code submitted to parliament
The government of Georgia submitted a draft law to the parliament introducing certain amendments to the current Tax Code on 5 December 2016. The draft law recommends a significant increase of excise duty rates on tobacco products, passenger cars,
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