IMF issues report on economic position of Vietnam
On 5 June 2017 the IMF issued a report following the completion of discussions with Vietnam under Article IV of the IMF’s articles of agreement. The report notes that Vietnam’s economy has been performing well with growth of 6.2% in 2016 and
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 MoreAustralia: State Budget 2017-18
On 22 June 2017, the Treasurer, Mr. Tom Koutsantonis released the 2017-18 Budget of South Australia with the following measures: Stamp duty surcharge for foreign purchasers From 1 January 2018, a surcharge of 4% will apply to all residential
See MoreMalaysia plans to impose Tourism Tax from July 2017
The Malaysian government is going ahead with its tourism tax to be imposed from July 1, 2017. Under the new tax, hotel guests will be charged between RM2.50 and RM20 for every night’s stay, depending on the classification of the hotel. According
See MoreHong Kong: IRD releases notice on tax obligations of property owners
On 15 June 2017, the Hong Kong Inland Revenue Department (IRD) issued a notice on the property tax obligations of property owners. Property tax is charged on property owners by reference to the actual rent receivable (including lease premium) in
See MoreIreland amends Capital Acquisitions Tax manual
On 12 June 2017 the Irish Revenue published the amended Capital Acquisitions Tax manual dealing with business relief. This involves changes to Part 12 to incorporate material from Tax Briefing No. 33 (September 1998) in relation to the treatment of
See MoreIreland: Surcharge on certain undistributed income of close companies
On 8 June 2017, Irish Revenue published the Tax and Duty Manual Part 13-02-05 which deals with the close company surcharge under section 440 TCA 1997, has been updated. The Manual explains that capital allowances are not deductible against estate
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 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 MoreSaudi Arabia: Tax rates changed for oil producers, hydrocarbons
The Government of Saudi Arabia has set a range of income tax rates for producers of oil and hydrocarbons, through a royal decree on 27 March 2017. According to the decree, the tax rate for investments exceeding 375 billion riyals ($99.96 billion)
See MoreFrance: New tax plans by the newly elected president
French newly elected president has committed to reduce the corporate tax rate from current rate of 33.3% to 25% with the aim to bring it in line with the EU average within five years. The tax credit on research, innovation and the start-up status
See MoreAustralia: Improving the small business capital gains tax concessions
On 9 May 2017, the Australian Government announced that it would amend the small business capital gains tax (CGT) concessions to ensure that they can only be accessed in relation to assets used in a small business or ownership interests in a small
See MoreAustralia: Federal Budget 2017-18
On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the
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 MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreUK: Penalties Relating to Offshore Matters and Offshore Transfers (Additional Information) Regulations 2017
The Penalties Relating to Offshore Matters and Offshore Transfers (Additional Information) Regulations 2017 (S.I. 2017/345) were made on 9 March 2017 and that stipulate the additional information that is required to be furnished when requesting
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