Belgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreMalawi: New tax measures effective from July 2017
On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the
See MoreSaudi Arabia: Decree amending appeal procedure
Saudi Arabia issued Royal Decree No. M/113 of 25 July 2017 amending the country's income tax law with regard to penalties and appeals procedures. According to the Decree, the General Authority of Zakat and Tax is expressly given the power to impose
See MoreKorea: 2017 tax reform proposals announced
The government of South Korea is planning to increase the tax rate for large companies and high-earning individuals with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform
See MoreLatvia: State Revenue Service announces CbC reporting regulations
The Latvian State Revenue Service (SRS) on 08 August 2017 announced the Country-by-Country (CbC) reporting regulations, which were approved by the Latvian Cabinet in July following an amendment to the Law on Taxes and Duties to require CbC reports.
See MorePakistan implements documentation and CbC reporting requirements
In Pakistan until 2016, no transfer pricing documentation was required under the Income Tax Ordinance (ITO). However, with effect from 1 July 2016, the Government has approved the new legislation to effectively implement the Country-by-Country
See MoreIndia: Government imposes 10% customs duty on imported mobile phones
The government of India on 1 July 2017, has imposed 10% basic customs duty on mobile phones and parts like charger, headsets, battery and USB cable to boost domestic manufacturing. The 10% customs duty will be levied on imported cellular mobile
See MoreIndia: Multilateral Competent Authority Agreement on Exchange of CbC reports enters into force
The Ministry of Finance on 28 July 2017 has issued a Notification (No. 75/2017), which announces that the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country (CbC) Reports entered into force for India on 12 May 2016 and
See MoreZambia: Revenue Authority extends tax amnesty period on interest and penalties
The amnesty on interest and penalties which was introduced by the Zambia Revenue Authority (ZRA) on 24th April 2017, came to a close on 31st July 2017. During this period, taxpayers were expected to submit outstanding tax returns and pay all
See MoreUS: IRS now accepting CbC reports
On 11 August 2017 the US IRS in its latest bulletin of news and information on country by country (CbC) reporting advised that parent entities of U.S. multinational enterprise (MNE) groups with $850 million or more of revenues in a previous annual
See MoreU.S. and Estonia sign an agreement on the exchange of CbC reports
According to an IRS announcement on its website, the competent authorities of the U.S. and Estonia have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreU.S. and Australia sign an agreement on the exchange of CbC reports
According to an IRS announcement on its website, the competent authorities of the U.S. and Australia have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of
See MoreMalaysia to impose tourism tax from September 2017
The Malaysian government is going ahead with its tourism tax to be imposed from 1 September at a flat rate of MYR10 (USD2.33). Earlier it had been expected that the levy would apply from either July 1 or August 1; that it would be a progressive
See MoreLuxembourg: Government announces new intellectual property tax regime
Luxembourg has announced a new regime that offers a special tax incentive for certain income from intellectual property rights. On 7 August 2017, a bill of law proposing the introduction of a new Luxembourg intellectual property (IP) tax regime was
See MoreItaly: Deadline for 2016 Tax Return extended
The Decree of 26 July 2017 from the President of the Italian Council of Ministers was published in the Official Gazette on 28 July 2017. According to the Decree, the deadline to submit the annual tax return (corporate income tax (IRES), regional tax
See MoreGreece: Law 4484/2017 regarding TP documentation requirements publishes
The Law 4484/2017 entitled "Adaptation of Greek Legislation to the provisions of Directive (EU) 2016/881 and other provisions" was published in the Government Gazette on August 1, 2017. It harmonizes Greek legislation with the provisions of Council
See MoreBrazil publishes amended regulation on CbC reporting
Normative Instruction 1,722/2017 published in Brazil’s Official Gazette on 17th July 2017 amends Normative Instruction 1,681/2016 relating to guidance on CbC reporting. According to NI 1,722/2017, transitional provisions apply if a legal entity
See MoreIMF report comments on economic position of Japan
The IMF issued a report on Japan’s economic position on 31 July 2017 following the conclusion of discussions under Article IV of the IMF’s articles of association. The report notes that Japan’s economy is growing above potential with positive
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