Pakistan: National Assembly Passes Finance Bill 2017
The National Assembly on 13 June 2017 passed the Finance Bill 2017 by majority vote to give effect to measures announced in the annual budget proposals for the fiscal year 2017-18. Therefore, from 1 July 2017 the following major changes in
See MoreGreece: Extension of submission deadline for 2016 tax returns
The Finance Ministry has announced a decision relating to the extension of the tax return submission deadline. Under Article 3 of law no. 4172/2013, the deadline for submission of individual and company income tax returns is to be extended until
See MoreVietnam publishes guidance on new transfer pricing requirements
The Ministry of Finance on 22 June 2017 published Circular 41/2017 / TT-BTC (28 April 2017), which provides some guidelines for the application of Decree No 20/2017 and this Circular will take effect on 1 May 2017. Circular 41/2017 introduced some
See MoreUK: HMRC wins case on loans from Employee Benefit Trust
On 6 July 2017 the Supreme Court ruled in favour of HMRC in a case involving payments from an employee benefit trust. Rangers Football Club (RFC) made payments to players and officials through an Employee Benefit Trust in the form of loans. This
See MoreOECD: Comments received on draft HTVI implementation guidance
On 5 July 2017 the OECD published comments received in relation to the BEPS discussion draft on the implementation guidance on Hard-to-Value Intangibles (HTVIs). The comments received focus on a range of points including the uncertainty arising for
See MoreOECD Director-General reports to G20 leaders
The OECD Secretary-General’s report to the G20 leaders was published on the OECD website on 5 July 2017. The report consists of an international tax update by the Director General and a progress report to the G20 by the Global Forum on
See MoreWorld Tax Brief: June 2017
Pakistan Corporate income tax rate: Pakistan's Federal Board of Revenue (FBR) on 26 May 2017, submitted the budget for 2017/2018 to Parliament. With the policy of reducing corporation tax rates, the rate has been reduced further from 31% to 30%
See MoreGCC develops VAT and excise tax framework
The Gulf Cooperation Council (GCC) finance ministers held an extraordinary meeting on 16th June in Jeddah and approved in principle VAT and excise tax treaties. In order to keep pace with the changing economic landscape and through extensive
See MoreTransfer Pricing Brief: June 2017
Greece: Main corporate tax rate: According to Law 4472/2017 published in the official Gazette on 19th May 2017, the corporate income tax (CIT) rate will be reduced from 29% to 26% from 1 January 2019 subject to certain conditions. See the story
See MoreSlovenia: MoF plans for tax measures in 2017
The Slovenian Finance Minister (MoF) gave an overview of the fiscal measures to be taken in 2017 and the projected measures allocated into three main categories: i) Restructuring the tax burden on individuals and businesses; ii) improving the
See MoreIndia: GST Rates for Goods and Services approved by GST Council
The GST Council held its 14th meeting in Srinagar on 18 May 2017 and 19 May 2017. In the meeting, the GST council has approved seven GST rules relating to Registration, Invoice, and Valuation, Input Tax Credit, Payment, Refund and Composition. The
See MorePakistan: FBR increases sales tax rates
On July 1, 2017, the Federal Board of Revenue (FBR) amended the rules in SRO 583 (I) / 2017 as regards the payment of increased sales tax by the steel industry. The FBR has increased the sales tax to 10.5% from 9% for the consumption of each
See MoreHong Kong: IRD plans to launch AEOI portal from July 2017
The Inland Revenue Department (IRD) plans to launch an Automatic Exchange of Information (AEOI) portal from 3 July 2017, according to a spokesman for the IRD. The portal would be used for financial institutions to furnish notifications and file
See MoreSouth Africa: SARS issues country by country reporting, master file and local file guidance
On 23 June 2017, the South African Revenue Service (SARS) released an external Business Requirements Specification (BRS) document concerning Country-by-Country and Financial Data reporting. The document contains the draft public notice requiring the
See MoreGreece: Extension of deadlines for tax payment, levies, fees
The Financial Secretary, Katerina Papanatsiou, signed and made a decision to extend the deadlines for submission of tax returns and payment of taxes, levies, fees and the extension and suspension of payment confirmed debt due to strong earthquakes
See MorePhilippines: Department of Finance certifies tax reform bill
The Department of Finance (DoF) declared that, the proposed second package of the Comprehensive Tax Reform Program (CTRP) will be submitted to the Congress by the fourth quarter of the year. According to the DoF government’s plan to introduce a
See MoreUS: IRS Launches CbC reporting pages on IRS.gov
The Internal Revenue Service on 30 June 2017 announced the launch of Country-by-Country Reporting pages on irs.gov. These pages provide background information on Country-by-Country Reporting, frequently asked questions and other helpful resources,
See MoreOECD: Update on Global Forum peer reviews
A report issued by the OECD on 28 June 2017 contains updates on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The Global Forum has 142 member countries and aims to enhance global tax transparency, curtail
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