Saudi Arabia: new system to pay Tax and Zakat postponed by one year
As previously reported, the General Authority of Saudi Arabia issued Circular Number 6768/16/1438 on 4 December 2016, according to which listed companies of Saudi stock exchange were supposed to pay tax and Zakat based on the nationality of the
See MoreAustralia: Consultation paper regarding whistleblower protections
The Review of tax and corporate whistle-blower protections in Australia consultation paper is seeking public comments to assist the Government with the introduction of appropriate protections for tax whistle-blowers and in assessing the adequacy
See MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
See MoreIndia: Finance Minister mentioned 10 measures in his Budget speech for 2017
Indian Finance Minister Arun Jaitley today underlined the importance of infrastructure in his scheme of things for the Indian economy while presenting the Union Budget in Parliament. The 10 measures regarding infrastructure summarised here: To
See MoreAustralia may increase penalties for significant global entities
According to 2016-17 Budget, the Government of Australia announced that it would increase administrative penalties imposed on companies with global revenue of $1 billion or more who fail to adhere to tax disclosure obligations. This measure forms
See MoreLatvia: Amendments law on Micro-Enterprise tax enters into force
Latvia’s President Raimonds Vejonis has promulgated two legal amendments that the country’s legislature, the Saeima, adopted on December 20, 2016; the changes came into effect on January 1, 2017. The changed laws cover the taxation of
See MoreVietnam: Tax authority promotes national online tax refund
Recently, the General Department of Taxation is speeding up the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses. A pilot implementation of online tax refunds
See MoreIndia: Finance Minister presenting the Union Budget 2017-2018
Indian Finance Minister Arun Jaitley presenting his fourth Union Budget 2017-2018 at 11 am
See More7 more countries sign tax co-operation agreement to enable BEPS Action 13
According to a press release of 27 January 2017, published by the OECD, as part of continuing efforts to boost transparency by multinational enterprises (MNEs), Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius and the Russian Federation have
See MoreIndia announces GAAR will be effective from April 1, 2017
On 27 January 2017, the CBDT has issued Circular No. 7 of 2017 and provided important clarifications on the implementation of GAAR which are to come into force from 1 April 2017. The Circular provides clarifications, considering the comments of the
See MoreFinland: E-services rule to reduce VAT refund fraud
The Finnish government is going to add e-service rule in value added tax system from February 1 to mitigate the VAT refund fraud. Taxpayers who are registered for value-added tax must use the MyTax e-service when providing their bank account
See MoreSouth Africa: SARS issues tax exemption guide for public benefit organization
The South African Revenue Service (SARS) has issued a tax exemption guide on the income tax exemption for a public benefit organization (PBO) carrying on a public benefit activity (PBA). The guide provides general guidance on approval and taxation
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
See MoreGermany: Government plans to limit the royalty deductions as from 2018
The Federal Ministry of Finance recently approved a draft bill on the limitation of the deduction of royalties on 25 January 2017. The bill focused on foreign IP boxes incompatible with the OECD nexus approach, and to make their use
See MoreNigeria: FIRS issues new TP declaration and disclosure forms
The Federal Inland Revenue Service (FIRS) of Nigeria published new transfer pricing (TP) forms (TP Declaration Form and TP Disclosure Form). This is aimed at improving disclosure and transparency by taxpayers in their TP Returns, and providing FIRS
See MoreIndia: Union Budget 2017 to be presented on February 1
A senior government official said on 19 January 2017, the Indian Government will present the Union Budget for 2017-18 on February 1, for the financial year starting on 1 April 2017. The first part of the budget session of parliament will start on
See MoreUS: IRS launches tax filing season for 2017
The US Internal Revenue Service (IRS) launched the 2017 tax filing season on 23 January 2017. Taxpayers have until April 18, 2017, to file their 2016 tax year returns and pay any taxes due. The deadline is later this year than the usual April 15,
See MoreEcuador introduces new TP regulations to exports
The Internal Revenue Service of Ecuador has issued a Resolution that was published in the official gazette on 30 December 2016. The Resolution launches transfer pricing (TP) regulations applicable to exports of bananas, oil, petrol, gold, silver,
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