Hong Kong: Chief Executive announces new tax relief for SME & IT sectors
On October 11, 2017, the Chief Executive of Hong Kong proposed a new tax concession for small and medium-sized enterprises (SMEs). According to the proposal, a new two-tier profit tax system that would reduce the corporate income tax rate to 8.25%
See MorePeru: Amendments made to local file reporting requirement
The Peruvian Government issued transfer pricing (TP) regulations (Supreme Decree N° 333-2007-EF) on 17 November 2017 with detail guidance on the preparation and submission of the country-by country (CbC) report. According to amendments made to
See MoreSlovak Republic: VAT registration will simplify from January 1, 2018
At present, foreign businesses have to apply for a VAT registration if they are picked up or dispatch goods on a B2B basis through Slovak Republic or if they make sales from Slovakia where the place of taxation is the country of arrival. This
See MoreArgentina: General Resolution 4157-E publishes for updating Compliance requirement
The General Resolution 4157-E of the Federal Tax Administration was published on November 17, 2017 in the official gazette for updating the requirements and formalities listed in General Resolution 2681 to be complied by tax-exempt entities. These
See MoreFrance: Government publishes draft second Amendment Financing Act for 2017
On 15 November 2017, a second draft amending Finance Bill for 2017 was submitted to the French Council of Ministers and was submitted to the French Parliament. The draft law emphasized the following tax measures for the coming year. Anti-Evasion
See MoreFrance: “exceptional surcharges” proposed for corporate tax of large companies
On 2 November 2017, the French government announced details of proposed “exceptional surcharges” which will be 15% and will be imposed on corporate income tax due by companies with gross revenue exceeding EUR 1 billion for financial years ending
See MoreUS: IRS issues a correction on tax regulations
The US Tax Administration (IRS) issued a correction to tax ordinances (TD 9803) on November 15 regarding the transfer of ownership of foreign corporations. These rules, which were published on 16 December 2016, retrospectively removed the exemption
See MoreChina passed a draft law to reinforce VAT reform
On 30 October 2017, the State Council executive meeting decided to abolish the business tax, which has been in force for over 60 years and decided to put an end to the provisional regulations on business tax and revise the provisional regulations on
See MoreCosta Rica: Tax administration publishes draft resolution on CbC reporting
On 26 October 2017, Costa Rica’s tax administration released a draft version of a resolution that would require multinational enterprises (MNEs) to file a country-by-country (CbC) report. According to draft resolution, all Costa Rican tax resident
See MoreUK enacts interest restriction rules
On 16 November 2017, the new corporate interest restriction rules were enacted in Finance (No.2) Act 2017 that received Royal Assent to impose an additional potential restriction on UK tax relief for finance costs, after the existing tax rules
See MoreChina: Tax benefits to boost small businesses
On 6 November 2017, according to a joint announcement by the Ministry of Finance and the State Administration of Taxation, tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank
See MoreChina publishes a circular to support technology industry
On 2 November 2017, China's State Administration of Taxation has issued Circular 79 of 2017 to expand tax incentives for advanced technology service enterprises. A 15% special corporate tax rate has been offered in 21 cities since 2014 on a pilot
See MoreItaly: Updated annual VAT declaration from 2018
Italy updated their annual VAT declaration process that will be effective from 2018. Italy changed the reporting frequency of VAT invoice listing submission from quarterly to bi-annually. There will also be various specific clarification on the
See MoreUS: Senate Finance Committee approves tax reform bill
On November 16, 2017, the US Senate Finance Committee completed its tax reform and approved the bill. The bill, approved by the Finance Committee ("the SFC Bill"), contains a number of changes to the original proposed reform ("Chairman's Mark") as
See MoreUK: Survey of business attitudes to VAT registration
Research commissioned by HMRC into business behaviour in relation to value added tax (VAT) registration looked into reasons why businesses register for VAT and their awareness of various aspects of VAT. The survey found that VAT registered
See MoreTaiwan: MoF announces changes to the transfer pricing documentation rules
The Ministry of Finance (MoF) published the amendment of Transfer Pricing Audit Rules on 13th November 2017. The rules established three-tiered transfer pricing documentation in accordance with the OECD under the base erosion and profit shifting
See MoreRomania: Guidance published on form for country-by-country reporting
On 14 November 2017, the tax administration published guidance Order no. 3049/2017 concerning the form to be used for filing country-by-country (CbC) reports. According to Order no. 3049/2017, the “country-by-country reporting” form should be
See MoreSweden: Income of pension funds to be included in the CbC reporting
The Swedish Tax Agency on 8 November 2017, has published a clarification (No. 202 439672-17/111) on any pension funds derived by life insurance companies, foreign occupational retirement institutions and pension funds pay are to be regarded as
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