Russia: Parliament proposes to reduce the corporate property tax rate
On 6 March 2019, a draft bill was presented to the State Duma (Lower House of Parliament) proposing to lower the maximum amount of the property tax rate to be taxed at the cadastral value. According to the bill, the corporation tax rate for real
See MoreSouth Africa introduces Budget 2019 in parliament
On 20 February 2019, Tito Mboweni (South Africa’s Minister of Finance) presented the Budget 2019 in the parliament. The budget proposal would not increase taxes in any category but proposed to increase tax collection by not adjusting for inflation
See MoreUK: Consultation on stamp duty land tax surcharge for nonresidents
The UK government issued a consultation document on 11 February 2019 in relation to a Stamp Duty Land Tax (SDLT) surcharge on non-UK residents who purchase residential properties in England and Northern Ireland. This surcharge would apply where
See MoreSpain introduces law on digital service tax
On January 25, 2019, a bill on the digital service tax was published in the law sheet of the Spanish legislature. If adopted, it is expected that the bill will be applied in the second half of 2019. The digital services tax would apply to taxpayers
See MoreUK: Annual Report of Code of Practice on Taxation of Banks
On 19 December 2018 the annual report of the Code of Practice on Taxation for Banks was published. The Code was first introduced in 2009 with the objective of changing the behaviour of the banks in relation to tax avoidance. The banks occupy a
See MorePhilippines: Senate approves tax amnesty Bill No. 2059
The Senate made an announcement that it approved Senate Bill No. 2059 on November 19, 2018, which seeks to allow a one-time opportunity to settle tax obligations. This Bill grants amnesty to taxpayers who have been remiss on paying estate taxes, all
See MoreUK: consultation on the taxation of trusts
On 7 November 2018 HMRC issued a consultation document outlining the principles for taxing trusts and asking for comments and evidence on the reform of trust taxation in line with those principles. Comments may be submitted to HMRC by 30 January
See MoreIreland announces Budget for 2019
On 9 October 2018, the Budget for 2019 was presented to Parliament by the Minister of Finance. The summary of 2019 Budget measures are following: Corporate Tax Film Relief The scheme provides relief in the form of a corporation tax credit related to
See MoreBrazil: RFB clarifies Transfer pricing rules on import of products
On 30 august 2018, the Department of Federal Revenue of Brazil (RFB) published a ‘Private Ruling 95/2018’ in the Official Gazette which clarifies the calculation of price parameter on import of steel product for resale. Under this Private Ruling
See MoreTanzania: Finance Minister presented 2018-19 Budget
Tanzania: Finance Minister presented 2018-19 Budget 19 June 2018 The Minister of Finance and Planning, Hon. Dr. Philip I. Mpango, presented the 2018/19 Budget on June 14, 2018 to the national assembly. Some key points of the budget are given
See MoreBrazilian government adopted several measures regarding incentive in certain sectors
Brazil has published Law 13.670 of 30 May 2018, which was enacted to reduce the number of activities of companies that may continue calculating the social security contributions upon gross revenues of services and/or products. The law includes a
See MoreGovernment of Iraq issued 2018 Federal Budget
The Iraqi Parliament passed its 2018 Budget Act (the Budget) on 3 March 2018. The Budget includes several measures to support economic growth and fiscal stability as Iraq recovers after the 2017 military defeat of the Islamic State of Iraq and Syria
See MoreIndia cuts the tariff on sugar exports to zero percent
On 21 March 2018, the government issued an official order stating that the government has abolished tariffs on exporting sugar from the current 20 percent to zero percent. The duty cut has been made to boost overseas sales, the release said. “In
See MoreNamibia: Budget for 2018/19
On 7 March 2018, Mr. Calle Schlettwein, The Finance Minister of Namibia delivered the 2018 budget speech (the Budget). Changes to the Income Tax Act will come into effect in 2019. Phasing out of preferential tax treatment to manufacturers The
See MoreIndia: Sugar import duty doubled to 100%
On February 6, 2018, the central government doubled the import duty on raw and refined sugar to 100% and raised duty on chana (chickpeas) to 40% to protect domestic farmers. At present, customs duty or import tax on sugar is 50% and that on chana is
See MoreSouth Africa: Finance Minister presents the Budget for 2018
On 21 February 2018, South Africa’s Minister of Finance, Malusi Gigaba, delivered the Budget for the year of 2018. The budget includes the following tax proposals: VAT rate to increase from 14% to 15%. This change is effective from 1 April
See MoreCanada: Finance Minister presents the Federal Budget 2018
The Finance Minister, Bill Morneau, presented a federal budget, on February 27, 2018, that plans a clear course for the Liberals to the 2019 election, an aspirational road map designed to ensure that no woman, scientist or national wildlife area
See MoreNigeria: FG to re-introduce excise duty
In accordance with the directive of ECOWAS council of ministers, the Federal Government (FG) will re-introduce excise duty on some goods manufactured in the country and excisable imported goods. Excise duty is a type of tax paid on goods
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