Ukraine: National Bank reduces the interest rate from October 2019
On 24 October 2019, the National Bank of Ukraine decided to lower its key policy rate from 16.5% to 15.5% per annum with effect from 25 October 2019. The interest rate has a tax effect on the late tax payment interest and
See MoreUS: Treasury department issues regulations removing documentation requirements
On 31 October 2019, the US treasury department issued final regulations (TD 9880), repealing section 385, which sets out minimum documentation requirements that must normally be met in order for certain related-party interests in a corporation to
See MoreAustria: The upper house approves the tax on digital advertising
On 10 October 2019, the upper house of Austria's Parliament passed a digital advertising tax bill. The bill was approved by the Austrian lower house of Parliament on 19 September 2019. The Bill includes the following changes: Under the Digital
See MoreCyprus plans to implement EU Directive on mandatory disclosure rules by the end 2019
On 16 September 2019, the Cyprus Tax Department announced that the legislation implementing the EU Directive 2018/822 on mandatory disclosure requirements will be introduced before the end of 2019. The announcement confirmed that, for arrangements
See MorePeru extends capital gains tax exemption until 2022
On 24 October 2019, Peru issued Urgent Decree 005-2019 in the official gazette modifying Legislative Decree No. 30341. The Decree extends the exemption from tax on income from the sale of certain securities. The following values will be benefited
See MoreSouth Africa: Finance Ministry introduces Taxation Laws Amendment Bill 2019
On 30 October 2019, Finance Minister introduced Taxation Laws Amendment Bill 2019 (i.e. B18) in the National Assembly. This draft Bill amends the definition of rental income under section 25BB of the Income Tax Act, 1962. Under this Bill, rental
See MoreTurkey publishes General Communiqué on deferred interest rate
On 25 October 2019, the Revenue Administration of Turkey has published General Communiqué (Series: C, Serial No: 4) in the official gazette reducing the annual deferred interest rate on public receivables. The deferred interest rate for the
See MoreRussia reduces the Interest rate from October 2019
On 25 October 2019, the Russian Central Bank announced the decision to reduce the key rate from 7% to 6.5% with effect from 28 October 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
See MoreSlovenia approves amendments to the Corporate Income Tax Act
On 23 October 2019, the Slovenian government adopted amendments to the Corporate Income Tax Act. The amendments are following: The Corporate income tax is increased from 19% to 20%;A minimum corporate tax at a rate of 7% is introduced which
See MoreCyprus launches a public consultation regarding DAC6 to transpose into local law
On 22 October 2019, the Cypriot tax authorities launched a public consultation on draft legislation to implement DAC6 into local Cypriot law. The consultation is due to run until November 12, 2019. The draft legislation will then be subject to the
See MoreCanada: Finance Minister announces Alberta’s 2019 Budget
On 24 October 2019, the Finance Minister of Alberta, presented the 2019 province budget. The budget does not contain any new changes to the corporate or individual income tax rates. It excludes several tax credits, including the scientific research
See MoreTurkey: Government submits draft law on tax regulation to the Parliament
On 24 October 2019, the Turkish Government submitted a new draft law to the Parliament, which proposes regulations on the tax system. The draft law introduces new taxes, namely digital services tax (DST), valuable house tax and accommodation tax.
See MoreFrance: Public Finance publishes draft guidance on DST for consultation
The General Directorate of Public Finance has published draft guidance regarding the new digital services tax (DST) for public consultation. The new Law No. 2019-759 of 24 July 2019, has been published on July 25, 2019, in the Official
See MoreMalaysia: IRBM issues income tax penalties for late return
On 16 October 2019, the Inland Revenue Board of Malaysia issued Operational Guideline No. 5/2019, which sets out the penalties for taxpayers who fail to file the tax returns within the prescribed timelines under the Income Tax Act 1967, the
See MoreUS: Tax Court issues an opinion in the case of Eaton Corp. v. Commissioner regarding APA
On 28 October 2019, the U.S. Tax Court published an order in the case of Eaton Corp. v. Commissioner related to advance pricing agreements (APAs). In that case, Eaton Corporation (P-Petitioner) and Commissioner of Internal Revenue
See MoreTurkey: Revenue Administration issues guideline on MAP
On 17 October 2019, the Turkish Revenue Administration has released guideline on the mutual agreement procedure (MAP) under double taxation agreement on their website as well as a table of guidance indicating the time limits for each country
See MoreItaly publishes Law 117 to implement EU Directives
On 4 October 2019, Italy has published Law No. 117 in the Official Gazette, approving the legislative decrees for the implementation of several EU Directives. The Directives will be consulted on by parliament but do not require further approval
See MoreGreece: AADE publishes Circular E. 2183 of 10 October 2019 on limitation of interest payments
On 10 October 2019, the Greek Revenue Authority (AADE) published Circular E. 2183 of 10 October 2019 on the deductibility of interest payments that have been grossed-up to include the tax amount. The circular describes that the tax paid is
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