Isle of Man: Consultation response for additional requirements regarding accounting records
The Income Tax Division of Isle of Man published a summary of responses received from the stakeholders to the consultation on enhanced requirements for accounting records on 6 January 2017. According to consultation, the Treasury believes that no
See MorePakistan: Introduces 2% tax rebate
The federal government has approved the tax reduction proposal of 2% for Shariah-compliant listed companies through Finance Act
See MoreNetherlands: Tax Plan for 2017 publishes in the official gazette
The Upper House of Parliament approved tax plan for 2017, on 20 December 2016. This tax plan has published in the official gazette (No. 544.) on 29 December
See MoreDominican Republic: Tax Authorities publishes new request forms for all tax-related procedures
The tax authority (DGII) of the Dominican Republic has recently published on its website, a set of new forms that taxpayers are to use for most tax-related procedures. The new forms exchange the prior letter request format used by taxpayers seeking
See MoreBulgaria: VAT registration changes for non-legal entities
Following the adoption of various VAT amendments, the Revenue Agency has published a notification on 11th January 2017 regarding the obligation for non-legal entities to register for VAT if at least one partner is registered under Bulgarian law.
See MoreChile: Announcement on entry into force of new tax regime
The Tax Administration of Chile announced on 5th January 2017 that a new tax regime enters into force from 1st January 2017 as introduced by the 2014 Tax Reform. Companies under the attributed income regime have to pay first category tax at a
See MoreIceland: Threshold increases for VAT registration
The Directorate of Internal Revenue issued a declaration on 9 January 2017 regarding VAT registration and invoice issuance. If the supply of goods and services is below ISK 2 million within a tax year duration, the business does not need to register
See MoreIceland: The Directorate of Internal Revenue publishes tax rates and allowances for 2017
The Directorate of Internal Revenue has published some information on 29th of December 2016 regarding the applicable rates and amounts for corporate and individual taxation. A 20% corporate tax rate is pertinent for public and private limited
See MoreBrazil issues common reporting standard
Normative Instruction 1,680/2016 has been issued in the official gazette on 29 December 2016 regarding the implementation of the identification of financial accounts. Under the normative instruction, companies are required to submit the e-financeira
See MoreColombia increases VAT rate to 19%
Colombia is due to increase its value-added tax (VAT) rate from 16 percent to 19 percent. The measure was included in a tax reform bill that was recently approved by Congress. The increased rate would come into effect from 2017. Currently VAT
See MoreChina announces tax incentives to promote research and innovations
On 27 December 2016, the General Administration of Customs, the Ministry of Finance and the State Administration of Taxation jointly published a notice to support scientific research and technological innovations. In accordance with the notice, the
See MoreAzerbaijan-Budget Bill for 2017 adopted
The Parliament of Azerbaijan adopted the draft Budget Bill for 2017 on 16 December 2016. The Bill was submitted to the parliament on 15 November
See MoreSpain: Government approves CbC reporting form
The country-by-country (CbC) reporting form 231 approved on 30 December 2016 in an order no. HFP/1978/2016 of 28 December 2016. The CbC report must be submitted by a company resident in Spain that is the parent company of a corporate group for the
See MoreBrazil: Regulation on CbC reporting
Normative Instruction 1,681/2016 was issued in the Official Gazette on 29 December 2016 regarding annual country-by-country (CbC) reporting. According to Normative Instruction 1,681/2016: Legal entities resident in Brazil are obliged to
See MorePeru :Amendments to Transfer Pricing rules
In Peru, Law Decree No. 1312 was published on 31 December 2016. The Decree amended the existing Transfer pricing reporting requirement by accepting the proposed changes by the Organization for Economic Cooperation and Development (OECD) within the
See MoreArgentina: New special CIT rate for gambling
Law 27,346 amends article 69 of the Income Tax Law (LIAG). It establishes a 41.5 per cent new proportional tax rate applicable to gambling and was published in the Official Gazette on 27th December 2016. The amendment is effective for company tax
See MorePhilippines: New tax reform packages presented
The Department of Finance submitted tax reform packages to the Congress on 29th of September 2016. Under the tax reform packages the personal income tax rate decreased from 32% to 25% for taxpayers earning between PHP 500,001 to PHP 800,00; Excise
See MorePhilippines passed national budget for 2017
The House of Representatives and the Senate has approved the National Budget for 2017 on 13 and 14 December
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