Canada: Quebec issues draft budget 2018-2019
The Finance Minister of Quebec, Carlos Leitao, presented the province’s fiscal budget 2018-2019 on March 27, 2018. The main points of this budget is given below: This budget proposes gradual reduction of the Health Services Fund (HSF)
See MoreIncreased VAT in Draft DEF (4) in Italy
A draft of the Economic and Financial Document (DEF showed that VAT hikes under fiscal safeguard clauses will remain intact for the next two years after being frozen for this year. The 10% reduced VAT rate will rise to 11.5% from January 1, 2019,
See MoreSingapore: Plans to increase GST rate and imposed GST on imported services
The Minister for Finance in Singapore presented Budget for 2018 on 19 February 2018. Budget 2018 proposes an increase in the GST rate from the current 7% to 9%. This increase would take place sometime during 2021 to 2025. Budget 2018 also introduces
See MoreGovernment of Iraq issued 2018 Federal Budget
The Iraqi Parliament passed its 2018 Budget Act (the Budget) on 3 March 2018. The Budget includes several measures to support economic growth and fiscal stability as Iraq recovers after the 2017 military defeat of the Islamic State of Iraq and Syria
See MoreIndia publishes clarification regarding requirement for furnishing CbC report
On 23 March 2018, the Government of India published clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961. The government also confirmed that where a non-parent constituent
See MoreIndonesia: New guidance on CbC reporting
On 26 March 2018, the tax authority of Indonesia published an updated guidance on Country-by-Country (CbC) reporting. The guidance includes: The general CbC reporting requirements applicable for MNE groups with consolidated gross revenue
See MoreArgentina: CbC notification deadline extends for fiscal years ending
A Resolution entitled “General Resolution 4218 of 23 March 2018” was published in the Official Gazette. This gives an extension of the established term for the Country-by-Country (CbC) information system and also the due date to submit the
See MorePortugal: Extended the import VAT reverse charge relief to all goods from 1 March 2018
Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. The system was introduced for a restricted list of goods, including cereals, wools and olive oil. It enables approved companies to postpone the cash payment
See MoreImposition of VAT on Bitcoin in Thailand
The Cabinet Government of Thailand has decided to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Trading
See MoreRussia introduces VAT on B2B foreign digital services from 2019
From 1 January 2019, Russia will introduce new value added tax (VAT) rules with respect to business-to-business (B2B) supplies of e-services provided to Russian customers. Russia introduced VAT liabilities on offshore providers of electronic
See MoreIncreased VAT Rate in South Africa from 1 April 2018
Beginning on 1st April 2018, the value added tax (VAT) rate is scheduled to increase to 15% from previous 14%. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply
See MoreIndia cuts the tariff on sugar exports to zero percent
On 21 March 2018, the government issued an official order stating that the government has abolished tariffs on exporting sugar from the current 20 percent to zero percent. The duty cut has been made to boost overseas sales, the release said. “In
See MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreItaly: launches public consultation regarding implementation measures for transfer pricing provisions
The Italian Ministry of Economy and Finance launched a public consultation on the implementation measures associated with the application of domestic transfer pricing provisions on 21 February 2018. The main purpose of the Draft Decree (supported by
See MoreKorea: Imposed limitation on expense deductions relating to hybrid financial instruments
The 2018 Tax Reform introduces a limitation on deductible expenses relating to hybrid mismatch arrangements as a commitment to implement the hybrid mismatch rules recommended by the Organisation for Economic Co-operation and Development’s. The
See MoreKorea: Increased noncompliance penalties on transfer pricing documentation requirement
Korea has increased noncompliance penalties on transfer pricing documentation requirement. Taxpayers who fail to file a Combined Report of International Transactions (CRIT) or file false information are subject to penalties of KRW10 million
See MorePoland extends the deadline for Transfer Pricing documentation
The Ministry of Finance (MoF) released the Regulation of the Minister of Finance of 14 March 2018 regarding the extension of the deadline for taxpayers to comply with certain transfer pricing documentation obligations on 15th March 2018 in the
See MoreColombia: New income tax return form for 2017
The Colombian national tax authority (DIAN) published a new income tax return form 110 for tax year 2017. The tax payers are obliged to file their income tax return electronically using form 110. DIAN has also published a revised informative
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