Italy: Parliament Approves 2018 Budget Law
The Italian Parliament approved the Budget Law on 23rd December 2017 and it will come into force on 1st January 2018. The law prolongs the extra-amortization regime for entities investing in new assets between 1st January 2018 and 31st January 2018
See MoreKorea Rep OF: Legislation of Tax Reform Bill 2018
On 19 December 2017, Korea passed the 2018 Tax Reform Act (the 2018 tax reform) after it was passed by the Korean National Assembly on 5 December 2017. The tax reform 2018 contains provisions in line with the BEPS Action 2 and Action 4 of the OECD.
See MoreKazakhstan: Tax Law Reforms for the year 2018
The Kazakh President, signed a series of laws on 25 December 2017 regarding taxes and other mandatory payments, introduction of tax code, law on amendments to other Acts etc. Most provisions of the new tax code and the tax amendments effects from 1
See MoreIMF says tax reform of US boost global growth
On 22 January 2018, the International Monetary Fund revised upwards its forecast for global economic growth in 2018 and 2019, pointing out that US tax cuts would boost investment in the world's largest economy and help its major trading partners.
See MoreGhana: Government passed the Tax Amnesty Bill 2017
On 22 December 2017, the Parliament has passed the Tax Amnesty Bill 2017 for a period of eight months. The Bill, passed under a certificate of urgency has eight clauses, among which are amnesty for taxes, penalties and interests, and prohibits the
See MoreThailand launches SMART visa to enhance Thai industries
By mid-January 2018, the Government of Thailand will launch a “Smart Visa” scheme which grants 4 years permission to investors and highly skilled professionals working within 10 specialized fields. The Smart Visa targets foreign entrepreneurs,
See MoreBelgium: Corporate tax reform beginning from 2020
On 29 December 2017, The Belgian corporate tax reform law was published in the official gazette contains measures that will be effective as from tax periods beginning from 1 January 2020. Corporate income tax rate reduction The corporate income tax
See MoreAngola: Parliament approves 2018 State Budget
On 18 January 2018, the Parliament approved the State Budget for 2018. As part of the budget proposal, introducing a mechanism for the settlement of, by means of withholding, on purchases of goods from small businesses by companies that have
See MoreIndia: CBDT signed first bilateral APA with US
On 5 January 2018, the Indian Central Board of Direct Taxes (CBDT) signed the first bilateral advance pricing agreement (APA) with the United States. The CBDT has also indicated that there are many more bilateral APAs with the United States
See MoreMalaysia enacts Finance (No. 2) Act 2017
The Finance (No. 2) Act 2017 has been published in the Gazette on 29 December 2017, effective as of 1 January 2018. The Act includes certain measures of the 2018 Budget. The law introduces new rules requiring companies to inform the tax authority of
See MoreIndia: CBDT relaxed minimum alternative tax provisions for companies
The Central Board of Direct Taxes (CBDT) issued a press release stating that with effect from Assessment Year (AY) 2018-19, in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the
See MoreBrazil publishes provisional measure on special tax regime
Brazil's provisional measure 795/2017 was turned into Law 13.586 / 2017, as published in the Official Journal of 29th December 2017. Provisional Measure 795/2017, initially released on 18th August 2017, provides for the tax treatment of exploration
See MoreCroatia: Closing date of CbC report submission extends for first year
A notice regarding the submission of Country-by-Country (CbC) reports has been announced on 16 January 2017 by the Tax Administration. The authority announced that CbC reports submission deadline for the 2016 reporting fiscal year was extended to
See MoreUS: IRS releases directives on transfer pricing examinations
On 12 January 2018, the IRS Large Business and International (LB&I) division publicly released a set of five LB&I directives as guidance with respect for examinations of transfer pricing issues. Interim Instructions on Issuance of
See MoreAustralia: Final guideline on cross-border related-party financing arrangements
The Australian Taxation Office (ATO) has published the final Practical Compliance Guideline PCG 2017/4 on its compliance approach to cross-border related financing arrangements. The guidance explains how taxpayers can price related party loans to
See MoreUS: IRS updates information concerning country-by-country (CbC) reporting
On 18 January 2018, the IRS issued a release announcing updates and information regarding country-by-country (CbC) reporting requirements in the United States. Under the update list, IRS publishes new content on Country-by-Country (CbC) reporting
See MoreVietnam considers special tax for sweet drinks
The Ministry of Finance is proposing to levy a special consumption tax of 10% on sweet drinks to combat child and adult obesity rates. It is part of a ministry proposal to revise five tax laws, including a value-added tax (VAT), special consumption
See MoreUS: Government signs joint statement on exchange of country-by-country tax reports with France
On January 12, the IRS announced on its website that the US and French competent authorities would like to sign a joint statement to spontaneously exchange CbC reports submitted by their respective taxpayers. The Competent Authorities desire to
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