Nigeria: Budget 2017 has been presented to the parliament
The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals: reviving the export expansion grant scheme due to the tax credit’s provision
See MoreJapan: Government outlined its 2017 tax reform plan
The government released its 2017 tax reform plan on 8 December 2016. A tax reform bill will be prepared based on the Outline. The Bill will be submitted to the Diet and is expected to be enacted by the end of March 2017. According to the plan, the
See MoreFrance-CbC reporting requirements conflicting to constitution
The Constitutional Court provided its decision on 8 December 2016 regarding the compatibility with the constitution of the public country-by-country (CbC) reporting requirements introduced through the bill on transparency, the fight against
See MoreGeorgia-Amendments to Tax Code submitted to parliament
The government of Georgia submitted a draft law to the parliament introducing certain amendments to the current Tax Code on 5 December 2016. The draft law recommends a significant increase of excise duty rates on tobacco products, passenger cars,
See MoreFrance-Administrative guidance published on withholding tax exemption on dividends paid to foreign investment funds
The Tax Administration of France revised the guidelines on the withholding tax exemption regime applicable to dividends paid to foreign undertakings for collective investment on 7 December 2016. According to the amended guidelines a refund
See MoreMozambique: Budget 2017 has been presented to parliament
The Economic and Social Plan and the 2017 Budget has been submitted to the parliament on 6th December 2016 for discussion. It is expected that an annual economic growth rate will be 5.5% in
See MoreJapan: Amendments coming for CFC rules in 2017 tax reform
Japan's tax commission has announced on 8 December 2016, its intention to amend the tax rules regulating CFCs (controlled foreign corporations), which are also known as the Anti-Tax Haven Rules. According to the proposed 2017 tax reform, the
See MoreAzerbaijan-Budget Bill for 2017 submitted to parliament
Azerbaijan’s Budget Bill for 2017 had been submitted to the parliament on 15 November 2015. The Bill specifies various measures on tax, customs and social security to be taken in 2017. According to the plans stipulated on the Budget Bill, the
See MoreBolivia: Amendments to tax code regulations
Decree 2993 released by the President in the Official Gazette on 29 November and the Decree amends the Tax Code Regulations orderly relate to the new rules recognized by Law 812 accepted by the chamber of senators on 1 July 2016. The Decree
See MoreLatvia: Tax provisions in Budget 2017
The Latvian lawmakers passed Latvia’s 2017 budget on 24 November 2016. The main measures concerning corporate taxation are summarized below. At present, losses incurred in taxable periods from 2008 on wards may be carried forward indefinitely.
See MoreArgentina: Tax reform approved
The lower house of the Federal Congress has passed a tax reform on 6th December 2016. The most relevant provisions are given below: Individual Taxation Increase in allowances; Deduction in case of rental payment on dwellings; Deduction of
See MoreCyprus: Parliament approved budget for 2017
Cyprus' parliament has approved the state budget for 2017 with 28 votes in favour and 25 against on 7 December 2016. The budget provides for revenues estimated to reach EUR 6.96 billion, up 1.1% from the previous year, and EUR 7.06 billion in
See MoreCosta Rica: A discussion draft published for comments on Transfer pricing documentation guidelines
The Costa Rican Ministry of Finance published a discussion draft on 12 December 2016 on a resolution regarding guidelines on transfer pricing documentation. The requirements under the guideline set out the operations of companies within the economic
See MoreMontenegro: Lump-sum taxation of business and professional income
The Tax Administration published a declaration reminding taxpayers of the likelihood of lump-sum taxation of business and professional income under article 49 of the Individual Income Tax Law. Additionally, taxpayers participated in listed
See MoreTaiwan: Individual income tax rates for 2017
The Ministry of Finance declared the allowances, normal inferences, the particular deduction for salary and wages, as well as the individual income tax rates for 2017, on 12 December 2016. Personal exemption will amount to TWD 88,000 for an
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreDenmark: Issues CbC notification rules
The Danish tax authorities (SKAT) on 9 December 2016 announced that country-by-country (CbC) notifications must be submitted electronically and in a standardised format on Form 05.034. The form contains instructions both in English and Danish, and
See MoreColombia: DIAN rules on 33% withholding tax for Colombian citizens
According to Ruling 30970 of 2016, the National Tax Authority of Colombia (DIAN) announced 33% withholding income tax rate applicable to labor payments made to overseas workers from jurisdictions that are not related party to the Convention on the
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