Argentina: Income tax deduction allowance increased
An executive Branch's Decree 1,253/2016 establishes a one-off ARS 15,000 increase in the individual income tax deduction allowance. It was published in the Official Gazette on 14th December 2016 and effective from that date. According to the Labor
See MorePoland: Parliament approves bill to apply simplified accounting
The parliament approved a draft law which aims at facilitate business in Poland on 16 December 2016. Along with other things, the law launches some changes to the Accounting Law in so far that it raises the threshold of annual net income which
See MoreMalta: Guidance on the use of MAP published
On 15 Dec 2016, The Commissioner for Revenue has published guidance issued under the provisions of article 96(2) of the Income Tax Act (ITA) on the use of Mutual Assistance Procedure
See MoreSlovenia: Publishes new individual income tax rates for 2017
The Ministry of Finance published the individual income tax rates on 9 December 2016, which is applicable from 2017. The new individual income tax schedule is set out below: Amount (EUR) Rate (%) up
See MoreOECD: Inclusive Framework holds regional meeting in Europe
On 14 to 16 December 2016 the OECD’s Inclusive Framework held a regional meeting for Eastern Europe and Central Asia. The meeting was held to discuss the measures recommended by the OECD project on base erosion and profit shifting (BEPS) including
See MoreKorea-Tax Bills for 2017 passed by the National Assembly
The Korean National Assembly passed the Tax Bills for 2017 on 2 December 2016 which was announced by the Ministry of Strategy and Finance (MOSF) on 28 July of 2016. According to the adopted Bill the amount of loss carried forward that a foreign
See MorePortugal- Extension of the deadline for filing Country-by-Country reporting notification
The Secretary of State for Tax Affairs’ Office of Portugal published Decree no.254/2016-XXI (dated 12 December 2016) on 15 December 2016 which extends the deadline to submit the mandatory Country-by-Country (CbCR) notification for the fiscal year
See MoreUruguay- DTA with Singapore approved
The Parliament of Uruguay accepted the treaty with Singapore for the avoidance of double taxation on 24 November 2016 through Law No. 19,457. The treaty contains a provision on exchange of information which will enter into force within 15 days after
See MoreUK-Draft Finance Bill 2017: RTC for tackling offshore tax evasion
On 5 December 2016, HMRC published the consultation document tackling offshore tax evasion: A Requirement to Correct (RTC), which discussed the proposals to require any person, who has, undeclared UK tax liabilities in respect of an offshore
See MoreUS: IRS issued CBC draft form
The US Internal Revenue Service (IRS) has issued a draft of IRS Form 8975 (Country-by-Country Report) that will be used for country-by-country (CbC) reporting by the US persons that are the ultimate parent entity of a multinational enterprise (MNE)
See MoreGermany: Approves the bill on amendments to change-in-ownership rules
The Federal Council permitted the bill on amendments to the change-in-ownership rules on 16 December 2016. The bill will enter into force after its publication in the Official Gazette. According to the section 8c of the Corporate Income Tax Act and
See MoreItaly- Senate approved the draft Budget Law for 2017
The draft Budget Law for 2017 was approved by the senate on 7 December 2016. As per the approved draft Budget Law for 2017, the corporate income tax rate will be decreased to 24% from 2017. More details will be provided upon publication of the
See MoreHungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax measures are as follows: Tax
See MoreBelgium issues TP documentation forms and instructions
During June 2016, Belgium has introduced mandatory transfer pricing documentation and country-by-country (CbC) reporting requirements in accordance with Base Erosion and Profit Shifting (BEPS) Action 13 of the Organisation for Economic Co-operation
See MoreIndia: Publishes goods and services tax rates
India has published the following Goods and Services Tax (GST) rates into the future of the implementation of the new consumption tax in 2017: 0% (essentials) 5% (basic goods) 12% 18% (principle rate) 28% (luxury goods) The central
See MoreNew Zealand: New GST refund procedure
The Tax Administration Order 2016, which specifies that, goods and services tax (GST) refunds must be paid by direct credit to a taxpayer's identified bank account from 7 February 2017, on 14 December 2016.GST refunds will be given by cheque only if
See MoreTaiwan: Finance minister announces pension income
The Ministry of Finance declared modification to the amounts of exempt pension income in 2017 on 12 December 2016. The taxable pension income is considered as follows: Pension income up to TWD 180,000 multiplied by the number of years of service is
See MoreGreece: Draft bill on electronic payments has been submitted
A draft bill regarding electronic payments has been presented to the parliament on 12th December 2016. The term "electronic payments" states to payments via debit, credit or prepaid cards but also to other means of payment, e.g. digital wallets. All
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