UK: Statistics on uptake of patent box relief
On 14 September 2017 the UK government published statistics in relation to the patent box legislation introduced from 1 April 2013. These statistics can be used by the government to assess the benefit to the economy from uptake of the tax relief,
See MoreHungary: Draft law published on amended transfer pricing documentation requirements
The Hungarian government has finalized the draft legislation concerning amended transfer pricing documentation requirements which will be presented to the parliament in the autumn of 2017. Hungary is expected to introduce rules regarding Master file
See MoreUK: Date announced for Autumn Budget 2017
The UK Chancellor of the Exchequer announced on 12 September 2017 that the government will publish its Autumn Budget on Wednesday 22 November 2017, outlining government plans based on forecasts by the Office of Budget Responsibility (OBR). There
See MoreUK: Second Finance Bill of 2017 published
On 8 September 2017 the UK government published the second Finance Bill of 2017. This second Finance Bill was necessary because not all the legislative changes announced in the autumn statement 2016 and budget proposals for 2017 could be included in
See MoreKazakhstan: Lower House Approves pending protocol to DTA with India
The Lower House of Parliament approved the pending protocol to the 1996 income tax treaty on September 6, 2017 with India for avoiding double taxation. This protocol was signed on January 6, 2017 and includes several amendments, including changes
See MoreCanada: Finance Department announces public consultation on draft tax legislative proposals
The Finance Department released a public consultation on September 8, 2017 regarding draft legislative and regulatory proposals on the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and excise duty as well as income tax. GST/HST and Excise
See MoreIreland publishes a report on review of Corporation Tax Code
On 12 September 2017, the Minister for Finance and Public Expenditure & Reform, Mr. Paschal Donohoe T.D., has published the Review of Ireland’s Corporation Tax Code, undertaken by Mr. Seamus Coffey. Mr. Coffey was appointed as an independent
See MoreSouth Africa: Dutch court ruled on exemption of withholding tax on dividend payments
On 17 August 2017, a Dutch lower court ruled that dividend payments from the Netherlands to South African corporate entities with 10% or more ownership in the company are not subject to Dutch dividend withholding tax. The case involved a 2013
See MoreAustralia: Consultation on Consolidation Integrity Measures
On 11 September 2017, the Minister for Revenue and Financial Services released draft tax consolidation legislation and an explanatory memorandum for public consultation. These important measures restore integrity to the tax consolidation rules. The
See MoreU.S. and UK sign an agreement on the exchange of CbC reports
According to an announcement on the IRS website, the competent authorities of the U.S. and United Kingdom have concluded an arrangement for the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreIsrael: Postponement of the reporting date and detailed VAT payment report
According to Section 67 (b1) of the VAT Law, the date of reporting and detailed VAT payment report for August 2017 has been postponed until September 27, 2017. It should be explained that this postponement applies only to dealers who submit a
See MoreIsrael: New transaction turnover amount for 2018
The Tax Authority of Israel released amended Value Added Tax (VAT) Circular 3/2017 on September 4, 2017. Under section 67 (a2) (1) of the VAT Law, the amount of the transactions turnover was updated. The VAT return threshold amount sets at NIS
See MoreMalaysia: Tax exemption for capital expenditure on manufacturing automation
On 30 August 2017, Malaysia published the Income Tax (Exemption) (No.8) Order 2017 in the Official Gazette. The order introduced a tax exemption on qualifying capital expenditure in relation to automation equipment used directly in a qualifying
See MoreGuatemala: Extension of short-term fine, interest and penalty relief for outstanding tax obligations
The tax authority of Guatemala has extended its fine, interest, and penalty relief program for outstanding tax obligations by one month that is to 19 September 2017. Taxpayers who will fulfill their outstanding tax obligations during the one-month
See MoreTaiwan: MOF announces tax reform proposals
Taiwan’s Ministry of Finance (MOF) announced tax reform proposals on 1st September 2017 that would rebuild the income tax system. The proposals include the following: Corporate income tax rate increases from 17% to 20%; Standard dividend
See MorePakistan: FBR publishes explanatory notes to the Finance Act 2017
The Federal Board of Revenue (FBR) has published Circular No. 04 dated September 06, 2017 to explain the important changes made to Income Tax Ordinance, 2001 through Finance Act, 2017. The main changes include: A new concept of ‘Startup
See MoreUS: IRS publishes interest rates for fourth quarter
The Internal Revenue Service on 8 September 2017 announced that interest rates will remain the same for the calendar quarter beginning October 1, 2017. The rates will be four percent for overpayments (three percent in the case of a corporation); one
See MoreVietnam: Finance Ministry proposes new tax plans
On 8 August 2017, the Ministry of Finance of Vietnam has announced the proposal to launch the tax reform program through two drafts on amending and supplementing the Laws on Corporate Income Tax, Personal Income Tax, Special Sales Tax, VAT and
See More