Taiwan revised the tax collection law
Taiwan is scheduling to modify its tax collection law to accommodate the exchange of tax information with other countries or jurisdictions (i.e. United States and China (People's Rep.). Accordance with a spokesman of the Ministry of Finance (MoF), a
See MoreSwitzerland clarifies procedure for recovery of interest paid
The Federal Finance Department has explained the refund procedure regarding the recovery of interest paid for late reporting of intra-group dividend distributions on 1 February 2017. The explanation results from revisions of the procedure for
See MoreIreland: Updates for Implementing EU and OECD Exchange of Information Requirements
On 2 February 2017, Revenue published eBrief 12/17, which explains the updates introduced in the tax and duty manual regarding exchange of information requirements in respect of tax rulings. The key updates are following: Section 1 of the tax and
See MoreIndia: Proposes amendments to the transfer pricing regulations
Indian Finance Minister published India’s 2017-18 budget on 1 February 2017. Along with other measures, the budget has proposed following important amendments to the provisions of transfer pricing (TP) regulations of India: –A major proposal in
See MoreMozambique: Parliament approves new VAT Code
Some modifications have been occurred to the Value Added Tax (VAT) Code by using Law No. 13/2016 and those changes are approved by the Parliament of Mozambique. These changes are applied to facilitate implementation of net VAT system. The new system
See MoreCanada: Carbon levy has been implemented in Alberta
The Alberta has executed the Climate Leadership Act along with associated regulations that forces to pay a carbon levy on fuels consumed in Alberta. It is part of Alberta’s broader climate change initiatives intended to reduce greenhouse gas
See MoreEl Salvador: Publishes late payment interest rates
Recently, the Government of El Salvador gazetted the late payment interest rates for 2017 tax year. The applicable rates are: 6.37% - applies for late payments of taxes from 1 February to 31 July 2017; and 10.37% if the late payments are
See MoreTurkey: General Communiqué No. 10 on VAT Law gazetted
The General Communiqué No. 10 regarding Value Added Tax Law (Law No. 3065) was published on 3rd February 2017 in the Official Gazette. Under taking into account of the provisions of Law No. 6770, the Communiqué changes the General Communiqué on
See MoreIrish Revenue publishes Finance Act 2016
Irish Revenue published Finance Act 2016 that contains multiple additions in relation to Finance Bill 2016, on 12 January 2017. The key changes are following: Directors' fees: An exemption is available on certain emoluments not more than EUR 5,000
See MoreBrazil published special programme for payment of federal tax debts
Normative Instruction 1,697/2017 published in the Official Gazette on 1 February 2017 regarding special programme for the payment of federal tax and non-tax debts. According to Normative Instruction payment of the debts may be made as follows:
See MoreTransfer Pricing Brief: January 2017
Azerbaijan: Transfer pricing rules: Law No. 454-VQD of 16 December 2016 establishes new transfer pricing (TP) rules for certain transactions. The new TP rules cover transactions whose total value exceeds AZN 500,000 (approximately USD 278,000) in
See MoreWorld Tax Brief: January 2017
Argentina Special corporate tax rate: Argentina has introduced a new special corporate income tax rate for gambling. According to the Law 27,346 that amends article 69 of the Income Tax Law (LIAG), a 41.5% corporate income tax rate applies to
See MoreChile: Tax treatment of bonds issued
The Finance Ministry has announced the adjustments declared by Law 20,956 on 30th January 2017 to the tax treatment of bonds that was issued by both the Central Bank and Treasury. Note that, the Central Bank and Treasury are obliged to withhold 4%
See MoreCanada: Probable changes expected in federal budget 2017
The Federal Budget 2017 will have been delivered by the Ministry of Finance of Canada soon. Till now the detailed of budget are unknown. The changes related to business tax, mining industry, personal tax, non-profit organizations and international
See MoreBahrain-GCC: VAT Framework Agreement signed by Bahraini Finance Minister
The Gulf Cooperation Council (GCC) VAT Framework Agreement has been signed by the Bahraini Finance Minister on 1st February 2017. This agreement imposes 5% VAT on the supply of in the GCC region. But this rate will be not applicable on particular
See MoreTurkey: VAT rates and stamp duty on certain goods amended
The Decree No. 2017/9759 for amending the tax rates of the special consumption tax (SCT), VAT and stamp duty on certain goods and transactions was published in the official gazette on 3rd February 2017. A zero per cent rate is set for household
See MoreBahrain-GCC: Excise Taxes Framework Agreement signed by Bahraini Finance Minister
The Gulf Cooperation Council (GCC) Excise Taxes Framework Agreement has been signed by the Bahraini Finance Minister on 1st February 2017. Bahrain is planning to introduce Excise Tax by mid-2017. The excise levies will be 50% on soft drinks and a
See MoreBosnia and Herzegovina: Tax administration changes withholding tax return filing deadline
The tax authority has changed the deadline for filing annual withholding tax return. According to the recent amendments, the annual withholding tax returns must be filed by 31 January of the current year for the previous tax year, instead of
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