Ghana: Gazetted four tax amendment acts
The government published the gazette notification on 15 March 2017 regarding the following various tax amendment Acts: (i)Income Tax (Amendment) Bill 2017: modified the Income Tax Act 2015 by exempting gains realised on the sale of the securities of
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MorePakistan: FBR issues rules for common reporting standard
The Federal Board of Revenue issued SRO 166(I)/2017 on 15 March 2017, amending the Income Tax Rules 2002 by inserting Rules 78A to 78J to implement the Common Reporting Standard for financial institutions for the automatic exchange of information
See MoreColombia: DIAN pronounces withholding tax on pensions
According to a ruling 2140 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the cases where pensions are subject to withholding tax. Article 17 of Law 1819 of 2016 amended article 383 of the Tax Code that provides the withholding
See MoreUK: Withholding tax exemption on interest for debt traded on a MTF
At Spring Budget 2017, the government of United Kingdom announced its intention to introduce an exemption from withholding tax on interest for debt traded on Multilateral Trading Facilities (MTF), in order to make UK wholesale debt markets (that
See MoreUAE: Information regarding proposed VAT regime reveals
The Finance Ministry (MoF) presented a value added tax (VAT) briefing session for advisors on 21st March 2017. The session expected to send a message to the market that VAT is approaching and businesses must start to prepare immediately. The
See MoreColombia: New tax benefits for small business
On 1 March 2017, the Colombian National Tax Authority (DIAN) issued Ruling 900479 of 2017 providing guidelines on the new rules on tax benefits applicable to small enterprises as from 1 January 2017. Article 4 of Law 1429 of 2010 provided that new
See MoreSpain: Ministry of finance and public administration approve new CIT prepayment forms
Ministerial Order HFP/227/2017 of 13 March 2017 was gazette on 15 March 2017. The order approves the model 202 to make payments fractionated on account of the tax and the tax on the income of non-resident permanent establishments and entities in
See MoreCanada: The Federal Budget 2017 announced
The Canadian government presented the 2017 federal budget on 22nd March 2017 in Ottawa. The main highlighting points of this budget are given below: The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years
See MoreCosta Rica: Legislative Assembly approves the bill to restore registration flat tax
The Costa Rican Legislative Assembly on 17 March 2017 approved the bill which restores the registration flat tax on companies. The bill, which intends to restore the registration flat tax on companies, had been declared unconstitutional on 28
See MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreIndia: Payments to Belgian entities not taxable as fees for technical services
Recently, the Ahmedabad Bench of the Income-tax Appellate Tribunal in the case of: ITO v. Cadila Health Care Ltd 78, decided that the payments made to Belgian entities are not taxable as “Fees for Technical Services (FTS)” in view of Most
See MoreUK: New tax changes of Finance Bill 2017
On Monday 20 March 2017, the Government of UK published Finance Bill 2016-17. Finance Bill 2017 continues the government’s crackdown on tax avoidance, helps tackle childhood obesity, and improves the fairness of the tax system while modernising
See MoreNigeria: Proposal in tax policy measures published
The Economic Growth and Recovery Plan for 2017 to 2020 has been published on 7th March 2017 by the Ministry of Budget and Economic Planning. It made a proposal on VAT rate in case of luxury goods increases to 15% from 5% and it will effect from
See MoreNetherlands amendments to bill on country-by-country reporting
The State Secretary for Finance has submitted an amended bill to the lower house of the parliament regarding country-by-country reporting on 21 March 2017. The bill implementing Council Directive (EU) 2016/881 of 25 May 2016 amending Directive
See MoreRussia: Proposes health tax on tobacco products
The Ministry of Health announced a proposal on 16 March 2017, to impose a health tax on tobacco products, based on the recommendations of the Public Chamber of the Russian Federation following discussions of the new anti-smoking strategy. Currently,
See MoreBelgium publishes investment allowance rates for 2017
According to Official Gazette of 14 March 2017, the rates of the investment allowance for the tax year 2017 (assessment year 2018) are following: Type of investment Rate of allowance (%) Companies Individuals Patents; environmentally friendly
See MoreNorway proposes new corporate residency rules
The Finance Minister opened a public hearing regarding the corporate tax residency rules under section 2-2 of the Tax Law (Skatteloven) on 16 March 2017. There is no definition of residence is available now in the Norwegian tax legislation for legal
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