Malaysia announces principal hub incentive
On 8 October 2019, the Malaysian Investment Development Authority ("MIDA") announced enhancements to its headquarters hub tax incentive. From a tax point of view, Principal Hub companies are classified on the basis of their level of
See MoreGreece: Government sent tax reform bill to the Parliament
On 26 November 2019, the government submitted its second tax bill to Parliament, paving the way for income, corporate and dividends tax to be reduced, giving new democracy some relief from a public sector hirings controversy. On 12 September 2019,
See MoreIndia: Finance Minister introduces Taxation Law (Amendment) Bill, 2019
On 25 November 2019, the Finance minister Nirmala Sitharaman introduced the Taxation Laws (Amendment) Bill, 2019 in the lower house of Parliament (Lok Sabha). The Amendment Bill will replace Taxation Laws (Amendment) Ordinance, 2019, which aims to
See MoreCzech Republic: Chamber of Deputies approves ratification of BEPS MLI
On 28 November 2019, the Chamber of Deputies approved the ratification of the multilateral convention to implement tax treaty related measures to prevent BEPS (MLI). The Czech Republic now has to deposit its instrument of ratification in order to
See MoreSaudi Arabia Cabinet ratifies BEPS Multilateral Instrument (MLI)
On 15 November 2019, Saudi Arabia Cabinet has published a decree for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI), which was signed on 18 September 2018.
See MoreKenya: President approves the finance act 2019
On 7 November 2019, the Kenyan president approved a law of the parliament, the Finance Act of 2019. The act proposes significant changes to various tax laws in Kenya, including the Income Tax Act, the Capital Markets Act and the Banking Law. Key
See MoreGermany reduces the solidarity surcharge from 2021
On 14 November 2019, the lower house of the parliament adopted the draft bill on the reduction of the solidarity surcharge. The aim of the draft bill is the reduction of the 5.5% solidarity surcharge on corporate income tax liabilities that was
See MoreCosta Rica ratifies the BEPS MLI
On 12 November 2019, Costa Rica enacted Law No. 9751 by publishing the official gazette No.215. The law ratifies the Multilateral Instrument to Implement Tax Treaty Related Measures to Prevent BEPS (the MLI). Costa Rica must submit the ratified
See MoreTurkey: Parliament passes laws on tax regulation
On 21 November 2019, the Turkish Parliament approved laws on tax regulation which includes new taxes, namely digital services tax (DST), valuable house tax and accommodation tax. The law increases tax rate from 30% to 40% for people earning
See MoreTaiwan: MOF clarifies the procedures for one-time transfer pricing adjustments
On 15 November 2019, the Ministry of Finance issued a ruling no.10804629000 providing the guidance when multinational enterprises (MNEs) make a one-time transfer pricing adjustment to achieve an arm’s length result. For making one-time
See MoreEstonia implements EU ATAD 2 anti-hybrid measures
On 18 November 2019, Estonian Parliament passed EU Anti-Tax Avoidance Directive (2017/952) (ATAD 2) into Estonian domestic law in its first reading. ATAD 2 follows ATAD 1 in extending the anti-hybrid mismatch provisions on hybrid instruments to
See MoreNigeria: Senate passes third reading of Finance bill 2019
On 21 November 2019, the Senate passed the Finance Bill 2019, which seeks an amendment of Nigeria’s tax laws and make them more responsive to the tax policies of the Federal Government, among other things. The President stated that the amendment
See MoreNigeria: Finance Bill 2019 passes second reading in parliament
On 6 November 2019, the Finance Bill 2019 passed its second reading at the Senate. Main proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate (CIT) applies for companies with turnover between NGN25-million and
See MoreOECD: Revenue Statistics in Africa 2019
On 19 November 2019 the OECD published Revenue Statistics in Africa 2019 which is a joint initiative between the OECD, the African Tax Administration Forum (ATAF) and the African Union Commission (AUC), with the help of technical and financial
See MoreOECD: Input requested for dispute resolution peer reviews
On 18 November 2019 the OECD invited interested parties to submit input in relation to the tenth batch of dispute resolution peer reviews. Information should be submitted to the OECD by 16 December 2019 using the taxpayer input questionnaire. The
See MoreOECD: Global Forum issues reports on tax transparency
On 12 November 2019 the Global Forum on Transparency and Exchange of Information for Tax Purposes issued peer review reports on eight countries. The reports cover Andorra, Curacao, the Dominican Republic, the Marshall Islands, Samoa and the United
See MoreDenmark considers draft Bill to implement DAC6 reporting requirement
On 6 November 2019, the Danish Minister of Taxation published Bill no. L 49 on implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable cross-border tax planning arrangements (DAC6). This includes measures to require
See MorePoland publishes a law implementing EU directive on dispute resolution and new provisions on APAs
On 14 November 2019, Poland published the Law of 26 October 2019 on resolution of disputes over double taxation and the execution of advance pricing agreements (the “Act”), which generally entered into force on 29 November 2019. The law
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