Russia: Simplified expense deduction for corporate income tax purposes
The Federal Tax Service on 21 February 2017, explained the deduction of expenses for Corporate Income Tax (CIT) purposes. Accordingly, a taxpayer may deduct expenses from corporate income in the tax period in which they are incurred, regardless of
See MoreCyprus: Cyprus: Tax Authority abolishes minimum margins on loans effective from 1 July 2017
The Cypriot Tax Authorities (CTA) has announced their intention of withdrawing the Minimum Margin scheme (the MMS) with effect 1 July 2017. It is being reminded that in accordance with Article 33 of the Cyprus Income Tax Law, all transactions
See MoreUkraine: Amendments to tax code effective from 1 January 2017
The amendments to the Tax Code have been effective, with some exceptions, since 1 January 2017. Below is a summary of the most significant changes in corporate profit tax and transfer pricing. Corporate profit tax: The general tax rate remains
See MoreOman: Key changes to income tax law
On 26 February 2017, the Oman Government has passed a Royal Decree 9/2017 in the Official Gazette with a number of significant changes to Income Tax Law 2010. The major changes passed by the Royal Decree are following: An increase in the
See MoreIsle of Man: Treasury Minister presents Budget for 2017-18
On 21 February 2017, the Treasury Minister presented the Budget 2017-18 in Tynwald. Details of the draft proposals are summarized below: Key features of the 2017-18 Budget include: Personal income tax allowance increased by £2,000 to £12,500,
See MorePanama ratifies Convention on Mutual Administrative Assistance in Tax Matters
On 21 February 2017, the multilateral Convention on Mutual Administrative Assistance in Tax Matters was ratified by Panama, as amended by the 2010 protocol, by way of Law No. 5, as published in Official Gazette No. 28225B of 23 February
See MoreUS: IRS publishes draft instructions for Form 8975, Country-by-Country Report
The Inland Revenue Service has published, on 23 February 2017, draft version of instructions for forms that multinational enterprise (MNE) groups are to use in filing information on a country-by-country basis. Form 8975 and Schedules A (Form 8975)
See MoreGreece: Submission of aggregate customer statements of voluntary disclosure releases
The Public Revenue Authority has published a document ΔΠΦΥ Β 1018794 ΕΞ 2017 on 7th February 2017 that provides clarifications on the submission of aggregate customer statements by suppliers and traders contained by the framework of the
See MoreBrazil publishes rules for filing individual income tax returns
Normative Instruction 1,690/2017 has been released in the Official Gazette on 22 February 2017 and also entered into force at same date. The Normative Instruction 1,690/2017 introduces the rules for filing of individual income tax returns for income
See MoreIndia: Tribunal holds that resale price method is most appropriate method
The Delhi Bench of the Income-tax Appellate Tribunal in the case of: Swarovski India Private Ltd. v. ACIT (ITA No. 5621/Del/2014 and ITA No. 5622/Del/2014), held that the resale price method is the most appropriate method to benchmark an
See MoreBrunei: MoF launches Income Tax Board of Review
The Ministry of Finance (MoF) announced the establishment of the Income Tax Board of Review, on 14 February 2017. The establishment aims to facilitate the administration and operation of taxation in Brunei Darussalam. The Income Tax Board of Review
See MoreJapan introduces CbC reporting notification requirements
Recently, Japan has introduced notification requirements related to Country-by-Country Reporting (CbCR) in line with the Organization for Economic Co-operation and Development (OECD) action plan on Base Erosion and Profit Shifting (BEPS)
See MoreGreece: Decision on online application for filing tonnage tax returns
The Public Revenue Authority published Circular 1022/2015 on 16th February 2017. The Circular communicates the decision of the Director of the Public Revenue Authority to permit tonnage tax returns to be submitted using the new online application.
See MoreTurkey: Decree 2012/3305 on investment incentives regime amended
A Decree 2017/9917 regarding the investment incentives regime, which amends Decree 2012/3305, was published on 22nd February 2017 in the official gazette. This decree entered into force on the day of its publication. According to the amended
See MoreSouth Africa: Transfer pricing proposals in 2017 budget
The Finance Minister of South Africa on 22 February 2017 delivered the budget speech to Parliament. In his speech the Minister mentioned the government’s plan for implementing a statutory transfer pricing regime in South Africa. The government
See MoreHong Kong: Financial Secretary announces the Budget for 2017-18
The Financial Secretary announced the 2017-18 Budget on 22 February 2017. In his Budget speech, the Financial Secretary proposed a number of tax measures. All of proposed measures require legislative amendments before implementation. Highlights of
See MoreSouth Africa: Finance Minister presents the Budget for 2017-2018
The Finance Minister of South Africa presented the Budget for 2017-18 to the Parliament on 22 February 2017. The main tax proposals of the Budget are given below. The 2017/18 tax year sees the introduction of a new top marginal income tax bracket
See MoreBolivia: Proposal to increase income tax for financial sector
The Finance Minister has announced a proposal on 7 February 2017 for rising income tax in the financial sector by 3% (from 22% to 25%). The proposal had been submitted to the
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