Brazil: Budget 2017 has been accepted by the president
The Budget for 2017 was accepted by the National Congress on 15 December 2016. According to the budget minimum monthly salary increases from BRL 880 to BRL 945.80 in 2017. The President needs to enact the Budget for
See MoreTaiwan: Finance Minister publishes draft rules on CFC and PEM
Finance Minister issued draft regulations on a controlled foreign company (CFC) and place of effective management commenced in July 2016 on 9 November 2016. The draft regulations intend to explain CFC income’s timing and amount addition CFC
See MoreUK: Finance Act 2016, Section 162(1) and Schedule 20 Regulations 2016
On 19 December 2016, the Finance Act 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016 were made. The Regulations appoint 1st January 2017 as the day on which section 162(1) of and Schedule 20 to the Finance Act 2016 (c. 24)
See MoreUruguay- New transfer pricing requirements for corporations with income derived from tax-exempt activities
The Tax Authority of Uruguay issued Ruling No. 5,947 on 6 December 2016 according to which a corporation conducts business with foreign related companies with income derived from a tax-exempt activity will be subject to the transfer pricing
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Ireland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Ireland on 20 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreKorea-Exchange of information agreement with Andorra enters into force
The Exchange of Information Agreement (2014) between Andorra and Korea (Rep.) entered into force on 21 December 2016 and this will generally be applicable from 21 December 2016 for criminal tax matters and from 1 January 2017 for all other tax
See MoreChina: Clarifications on enterprise income tax published by SAT
On 9 December 2016, the State Administration of Taxation (SAT) issued an announcement clarifying two issues concerning enterprise income tax. The announcement applies to 2016 and subsequent years. The clarification contains payment of accident
See MoreUK: Spring Budget 2017 date confirmed
Philip Hammond, the Chancellor of the Exchequer, has announced that the government will publish its next Spring Budget on Wednesday 8 March 2017. The Spring Budget sets out the government’s plans for the economy based on the latest forecasts from
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Iceland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Iceland on 13 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreAmendments to VAT Act enacted in Isle of Man
On 15 November 2016, the recently published Value Added Tax (VAT) Act 1996 (Amendment) Order 2016 was approved by Tynwald and applicable from 1 October 2016. According to the amended section 48 of the VAT Act 1996, the Treasury may require a taxable
See MorePeru-Issued Decree on temporary tax amnesty regime to regularize unreported assets
The Executive Branch of Peru issued Decree No. 1264 on 11 December 2016 providing for a temporary tax amnesty regime to regularize unreported assets. The benefits of the tax amnesty regime are the abolition of fines, sanctions and any past income
See MoreMontenegro: Draft Budget for 2017 adopted
The government of Montenegro has adopted the draft budget 2017 on 18th December 2016. The main changes are given as follows: the application of 11% increased tax rate for personal income more than the average salary will be extended until 2019;
See MoreGreece: Amendments to Income Tax Code, VAT Code and tonnage taxation
Three amendments to the law that amends the Income Tax Code, VAT Code and tonnage tax regime have been submitted to the parliament on 19th December 2016. The amendments are given below: The first installment of the tonnage tax and the Marine
See MoreNetherlands: Proposes withholding tax on profit distributions
The Deputy Minister of Finance presented a bill to the Parliament regarding to a proposal for changes to the tax treatment of certain profit distributions on 16 December 2016. According to the bill, it would modify the dividend withholding rules and
See MoreItaly-Ministerial Decree published on statutory interest rate
The Ministry of Economy and Finance of Italy issued Ministerial Decree on 7 December 2016 which was published in the Official Gazette No. 291 of 14 December 2016. According to article 1 of the Ministerial Decree the statutory interest rate will be
See MoreUK: Draft Budget of Scotland 2017-18
On 15 December 2016, The Scottish Draft Budget 2017-18 was presented to Holyrood by Derek Mackay, the Scottish Finance Secretary, setting out Scotland’s tax and spending plans for the upcoming year. The Scottish Government is committed to
See MoreCanada: Income Tax Folio on capital dividends published
The Canada Revenue Agency (CRA) has published an Income Tax Folio on 15th December 2016 regarding capital dividends (S3-F2-C1). The new Folio is open for comment up to 16th March 2017. Additionally, a general overview of capital dividends and the
See MoreChina will simplify VAT legislation very soon
On 2 December 2016, Mr. Shi Yaobin, Vice Finance Minister said that China will simplify VAT rates in future to ease tax burdens. "The current tax system has too many tiers and may confuse policy implementation and impede fair competition," Shi said
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