Romania: VAT registration procedure updated
The Romanian tax authority published Order no. 605, a new VAT registration procedure in the official gazette on 1 February 2017. From 1 February 2017, businesses are no longer required to submit the Form 088, which is a declaration of intention to
See MoreBotswana: Tax proposals in 2017-2018 Budget
The Minister of Finance and Economic Development presented the Budget for 2017-18 to the National Assembly on 6 February 2017. To improve administration efficiency and optimise revenue collection, the income tax act and the value added tax act will
See MoreCroatia: Regulation on individual income tax law published
The Regulation regarding the Individual Income Tax Law was published on 6th February 2017 by the tax administration. The Regulation describes the tax treatment for the income of students working via student employment agencies, employment related
See MoreTurkey: A Communiqué about tax procedure law issued
The General Communiqué No. 477 about tax procedure law was published in official gazette and entered into force on 8th February 2017. This gives foreign currency exchange rates (Turkish lira (TRY)) that will be applied for the valuation of
See MoreCanada: CbC report form published
A form entitled ‘RC 4649’ and instructions for completing the country-by-country (CbC) report has been published on 3rd February 2017 by the Canada Revenue Agency (CRA) for reporting the income allocation, tax allocation and business activities
See MoreOECD requests input for peer reviews of tax treaty dispute resolution process
On 30 January 2017 the OECD announced that it is gathering input in relation to the Stage 1 Peer Reviews of the tax treaty dispute resolution process. The process of peer reviews for monitoring the Mutual Agreement Procedure (MAP) under Action 14 of
See MoreDouble tax treaty between Hungary and Iran enters into force
The double tax treaty between Hungary and Iran came into force on 1 January 2017. The treaty defines the term "resident" as a person that under the laws of either country is liable to tax there by reason of domicile, residence, place of
See MoreIndia and Cyprus Income tax treaty renegotiated
The Income Tax Treaty between Cyprus and India signed on 18 November 2016, have become available the treaty’s details. Both countries generally provide for the credit method to avoid double taxation. This treaty gives the following withholding tax
See MoreCanada: New Brunswick Budget 2017 presented
The New Brunswick Province Budget 2017 was delivered on 7th February 2017 by the Finance Minister. The budget decreases the small business income tax rate from 3.5% to 3% that will be effective from 1st April
See MoreIndia: Proposes to introduce thin capitalization rule
Based on India's commitment to counter tax avoidance, recently the Finance Bill, 2017 has proposed to introduce new section i.e. section 94B namely Limitation on interest deduction in certain cases. The said section is in line with the
See MoreGreece: Intrastat thresholds for 2017 released
According to articles 7 and 10 of Regulation 638/2004, the Greek Statistical Authority has published a press release on 1st February 2017 on about Intrastat reporting thresholds applicable in 2017. On the basis of public announcement, the threshold
See MoreItaly: Detail corporate tax measures mentioned in Budget Law for 2017
The Italian Budget Law for 2017 entered into force on 1 January 2017. From 2017 financial year, the Italian corporate income tax ("CIT") standard rate is reduced from 27.5% to 24 %. However, Banks, parent companies of banking groups, individual
See MoreThailand- Royal Decree on deduction for depreciable assets
The government of Thailand approved the amendment of Royal Decree No. 604 on 24 January 2017, which was gazetted on 21 April 2016. The amendment permits a 50% additional corporate tax deduction on the expenditure acquired on additions, alterations,
See MoreAzerbaijan -New customs duty on export of copper products
In Azerbaijan, the Decree No. 2 of Cabinet of Ministers of 10 January 2017 was published in the Official Gazette (Khalgh Ghezety ) No. 28392(7) on 12 January 2017. According to the Decree, there will be new customs duty rates on the export of
See MoreGreece: Road tax clarifications issued
The Public Revenue Authority has been released a Circular 1014/2017 on 26th January 2017 regarding road tax. It states that road tax administrative acts are not challenged via the administrative appeal procedure, but through an appeal to the
See MoreCyprus: Parliament approves a bill for the payment of overdue taxes by monthly instalments
The Cyprus Parliament has recently approved and voted the bill proposed by parliamentary parties which regulates the payment of overdue taxes in various monthly instalments. Overdue debts under €100,000 can be paid in 54 monthly instalments
See MorePhilippines presents revised tax reform package
The Chairman of the House Committee has proposed revised tax reform package on 17 January 2017. This tax reform package was submitted to Parliament on 29 September 2016. According to the revised tax reform package individual income tax exemption
See MoreMauritius: Introduced Alternative Dispute Resolution mechanism
The Minister of Finance and Economic Development of Mauritius in his 2016-2017 Budget Speech, announced the establishment of an Alternative Tax Dispute Resolution (ATDR) mechanism to expedite cases where the amount of tax payable under dispute
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