Pakistan: Income tax proposals invited for Budget 2017/18
The Federal Board of Revenue (FBR) on 27 December 2016 issued income tax proposals for Budget 2017/18 and invited the general public and all stakeholders, including the Chambers of Commerce and Industry, Bodies of Trade and Industry, Provincial
See MoreIreland publishes income tax return form for 2016
On 22 December 2016, Irish Revenue published the tax return Form 12S for 2016. This form is applicable for employees, pensioners and directors and tax authority sets the deadline for income tax return is 31 October
See MorePeru: Amendments to income tax rates
In Peru, Law Decrees Nos. 1258 and 1261 establishing certain amendments to the Income Tax Law were published in the Official Gazette on 8 and 10 December 2016 respectively. According to the amendments the general corporate income tax rate has been
See MoreTaiwan: Ministry of Finance introduces electronic filing for non-resident taxpayers
The Ministry of Finance (Gao Xiong Tax Bureau) has announced on its website that non-resident taxpayers may file tax returns online in the same way as resident taxpayers from 1 January 2017. Additionally, withholding agents of non-resident taxpayers
See MoreTaiwan: Ministry of Finance amends withholding tax on income of non-resident workers
The Tax Bureau of the Ministry of Finance has announced that withholding tax on income derived from a non-resident worker will be adjusted in 2017. Accordingly, if monthly income is less than TWD 31,513 this will be subject to withholding tax at a
See MoreBulgaria: Updated list of tax havens published
The Finance Ministry has published an Order No. ZMF-1303 on 21st December 2016 regarding an updated tax haven list. This list applies from 29th December 2016 contains the following countries: Antigua and Barbuda, the Bahamas, Brunei, Christmas
See MoreGreece: Incentives for business re-organization under Income Tax Code
The Public Revenue Authority has published a Circular 1198/2016 on 23rd December 2016 to provide explanations on the tax treatment of business re-organizations under the Income Tax Code (ITC). According to article 61 of Law 4438/2016, no tax, stamp
See MoreGreece: Bill amending Income Tax Code and VAT Code on electronic payments gazetted
The Bill amending the Income Tax Code, Procedural Tax Code and VAT Code on electronic payments and voluntary disclosure of undeclared income has been gazetted in the Official Government Gazette on 22nd December 2016. This draft bill regarding
See MoreCzech Republic: Bill introducing CbC reporting submitted to parliament
The government of Czech Republic has submitted a bill on 22nd December 2016 to the parliament, which, if approved, would announce changes to the Law on International Cooperation in the Administration of Taxes. It would implement the provisions
See MoreFinland: Parliament approved the Budget bill for 2017
The Finnish parliament approved the budget bill for 2017 on 21 December 2016. The budget proposal was submitted to parliament by Finance Minister on 12 August
See MoreLuxembourg: Parliament does not support EU proposal on CCCTB
The Luxembourg parliament on 22 December 2016 adopted a resolution indicating that Luxembourg does not support the re-launched Common Consolidated Corporate Tax Base (CCCTB) proposal because it is regarded as incompatible with the subsidiarity and
See MoreLuxembourg: Parliament adopts country-by-country reporting
The Luxembourg Parliament on 13 December 2016 passed legislation implementing country- by-country (CbC) reporting requirements for Luxembourg entities that are part of a Multinational Enterprise Group (MNE Group). The new CbC reporting legislation
See MoreGeorgia-Published draft order introducing new corporate income tax return form
The Ministry of Finance of Georgia published a draft order on 5 December 2016 which introduces a monthly corporate income tax return form. Recently a new corporate income tax regime has been adopted and this will become effective from 1 January
See MoreLuxembourg: Parliament adopts Budget 2017
The Luxembourg parliament adopted the 2017 Budget bill no.7050 on 22 December 2016. The draft budget was presented to the parliament on 12 October
See MoreLuxembourg: Parliament adopts 2017 tax reform
The Luxembourg Parliament adopted the 2017 tax reform (parliamentary document n°7020) on 14 December 2016 which introduces new tax measures affecting both individual and corporate taxpayers. The publication of the law is expected to be made in the
See MoreHong Kong: IRD released country-by-country reporting
The Inland Revenue Department on 22 December 2016 published on its website an announcement on country-by-country (CbC) reporting. The CbC report requires aggregate tax jurisdiction-wide information relating to the global allocation of the income,
See MoreLatvia: VAT on Budget 2017
The Latvian 2017 budget has introduced a range of changes to the VAT, which take effect from the 1st of January 2017. Refunds claim concerning over-payment in the monthly basis reduced from EUR 11, 328.97 to EUR 5, 000. The option for bi-annual
See MoreDenmark: CJEU decision regarding exemption for interest income
The Court of Justice of the European Union (CJEU) on 21 December 2016, published a judgment in the case of:Masco Denmark and Damixa about the Danish corporate tax rules that provide an exemption from tax for interest income on loans provided by a
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