India: GST rate reduced to 18% from 28%
On 10 November 2017, the Goods and Services Tax (GST) Council reduced the tax rate on 178 items from 28% to 18%. GST Council also brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC). Only 50 items, mostly
See MoreUAE: MoF announces Executive Regulation for VAT
The Finance Ministry (MoF) announced the Executive Regulation for the Federal Decree-Law No. (8) of 2017 regarding Value Added Tax (VAT) at a Cabinet meeting on November 7, 2017, directed by the Vice President and Prime Minister of the UAE, Sheikh
See MoreCanada: 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 MoreThailand: OECD concludes Thai incentives as harmful tax practices
The Thai government upon joining the base erosion and profit shifting (BEPS) inclusive framework, agreed to implement certain minimum standards under Action 5 (harmful tax practices). Part of the minimum standard under Action 5 relates preferential
See MoreWTO: Fewer trade restrictive measures introduced by G20 countries
The eighteenth monitoring report by the World Trade Organisation (WTO) on G20 trade measures was issued on 9 November 2017. The report covers the period from mid-May to mid-October 2017 and reveals that compared to the previous review period G20
See MoreThailand: Decree on corporate tax reduction options for SMEs released
On 31 October 2017, Royal Decree (No 647) was published allowing small and medium-sized enterprises (SMEs) to claim a double (200%) corporate tax deduction allowance for expenditure paid out for purchasing or hiring computer software programs
See MoreDutch government contingency plans to restrict domestic tax consolidation
On 25 October 2017 the Dutch government announced emergency measures to prevent the Dutch tax consolidation rules being used in international tax avoidance structures. The measures are a direct response to ongoing litigation before the EU Court of
See MoreSweden updates guidance on CbC reporting
The Swedish tax agency has updated their tax returns and reporting guidance on country-by-country (CbC) reporting requirements on 19 October 2017. The update provides some additional clarifications based on questions that have been received by the
See MoreUS: Tax reform bill published
The long awaited US tax reform bill was released by House Republicans on 3 November 2017. The impact on the deficit is estimated at $1.5tn over 10 years. The corporate tax rate would be reduced from the current 35% down to just 20% starting in 2018.
See MoreMalaysia: Prime Minister announces the Budget for 2018
On October 27, 2017, Malaysian Prime Minister Najib Razak presented the budget for 2018, outlining government plans to combat rising costs and limit the country's fiscal deficit. Some of the key fiscal tax measures are summarized as follows: Tax
See MoreNigeria: President presents Budget proposal 2018
The President, Muhammadu Buhari, on November 7, 2017, presented the Budget proposal 2018 to the joint session of the National Assembly for approval. While presenting the document before the joint session of the national assembly in Abuja, the
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 MoreGhana: Government plans to cut corporate income tax in 2018
Recently, the Minister of Finance and Economic Planning, Mr. Ken Ofori-Atta announced that the Government is working to reduce corporate income tax by 5% next year. This means businesses would pay 20% of their profits as corporate income tax as
See MoreGhana: Government proposes to abolish 25% corporate tax on private universities
On 28 October 2017, the Vice President of Ghana, Dr. Mahamudu Bawumia has announced that government is working hard towards the abolishment of the 25% corporate tax on Private Universities as part of government’s support to the private Tertiary
See MoreOECD: Tax Inspectors Without Borders discuss improving tax audit capacities
On 3 November 2017 a discussion was held at the OECD on sharing experiences and improving best practices for tax audit. The results of the discussion are to be implemented in the programs of Tax Inspectors Without Borders (TIWB). TIWB was launched
See MoreTransfer Pricing Brief: October 2017
Zambia: Compliance-Corporate residence: On 29 September 2017, the Budget for 2018 was presented to the National Assembly by the Minister of Finance. The Minister proposes to revise the definition of residence for corporate tax purposes by
See MoreWorld Tax Brief: October 2017
Costa Rica Main corporate tax rate: Costa Rica Publishes Corporate Income new income tax brackets for the 2017-2018 tax year on 27 September 2017. Although the brackets are adjusted, the rates remain the same (30%). Consequently, small
See MoreMorocco: Draft Budget for 2018
The draft budget 2018 was presented to the Parliament on October 20, 2017. This draft Law is available in French language. The Economic and Finance Minister, Mr. Mohamed Boussaid, held a press conference regarding the Finance Bill 2018 on October
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