Saudi Arabia-new requirements regarding tax and zakat returns of Saudi listed companies
The General Authority for Zakat and Tax (GAZT) of Saudi Arabia published Circular Number 6768/16/1438 (the Circular) on 4 December 2016 (5/3/1438H) according to which Saudi listed companies are now required to pay tax and zakat based on the
See MoreCyprus: Parliament amended the tax provisions on foreign permanent establishment
The Cyprus Parliament passed on 14 October 2016 amendments to the Cyprus Income Tax Law 118/2002, as amended, relating to foreign Permanent Establishments (PEs). Treatment of foreign PEs before the amendment Prior to amendment, profits from a PE
See MoreSingapore: Competent authority agreement on automatic exchange of information agreement with Netherlands signed
The Singapore - Netherlands Competent Authority Agreement on Automatic Exchange of Information (2016) was signed on 24 November 2016. The agreement stipulates when and what information will be exchanged, according to the OECD Automatic Exchange of
See MoreUS: IRS published interest rates on tax overpayments and underpayments for first quarter 2017
The Inland Revenue Service released Revenue Ruling 2016-28 on 5 December 2016 with the announcement of the interest rates on tax overpayments (i.e. tax refunds) and tax underpayments (i.e. tax assessments and late tax payments) for the calendar
See MoreGuernsey: Tax authority updates the tax penalty statement for non-compliance
The tax authority of Guernsey had updated the Statement of Practice M46 on penalties imposed for non-submission of tax returns which was published on 8 December 2016. As per the statement, all taxpayers are required by law to submit income tax
See MoreUK: New tax measures announced in autumn statement
The autumn statement delivered by the Chancellor on 23 November 2016 provided for new tax measures, many of which will be included in the Finance Bill 2017. The measures include the following: Restriction on tax deduction for interest The UK has
See MoreHungary-amendments to the Tax Law submitted to the parliament
The Tax amendments announced by the Minister of Economy of Hungary were submitted to the parliament on 5 December 2016. According to the proposed amendments the corporate income tax rate will be reduced as the current progressive rates of 10% and
See MorePakistan: FBR issues rules for computation of capital gain tax
Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX). For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various
See MoreMexico: Miscellaneous tax resolution for 2017
The Tax Administration Service released the draft rules including in the Miscellaneous Tax Resolution for 2017 (RMF 2017) on its website on 8 December 2016. As per the published decree of 30 December 2015 the contractors and assigns defined under
See MoreCanada: CRA updates a publication about non-Resident tax withholding and remitting
The Canada Revenue Agency (CRA) has updated its publication, T4061 NR4 entitled ‘Non-Resident Tax Withholding, Remitting, and Reporting 2016’ on 6th December 2016. The new publication explains that residents of Estonia have been exempt from tax
See MoreBulgaria: Amendments to Personal Income Tax Act has been gazetted
The amendments to the Personal Income Tax Act has been published in the Official Gazette on 6th December 2016 and it will apply from 1st January
See MoreBulgaria: Amendments to VAT has been gazetted
The amendments to the Value Added Tax (VAT) Act has been published in the State Gazette on 6th December 2016. This amendments will be applicable from 1st January 2017. The most important amendments are summarized below: New rules for input VAT
See MoreBulgaria: Amendments to Corporate Income Tax Act has been published
The amendments to the Corporate Income Tax (CIT) Act has been published in the State Gazette on 6th December 2016. The parliament voted on the adoption of amendments to the corporate income tax reporting rules on 23rd November 2016. The most
See MoreMexico: Amendments to Hydrocarbons Revenue Law
The Decree amending the Hydrocarbons Revenue Law was released in the Official Gazette on 7 December 2016 and the amendments comprise with other changes, amendment to the adjustment mechanism and the method for calculating deductible costs and
See MoreAngola: National assembly approved the budget bill 2017
The National Assembly approved the Budget Bill 2017 on 17 November, 2016. Angola’s parliament is scheduled on 14 December for a final vote on the draft State Budget Law for 2017 and it will be effective as from 1 January
See MoreNorway: Updates the White and black lists
The updated lists of white and blacklisted jurisdictions released in the Official Gazette on 1 November 2016. A white list and a black list apply to decide what countries fit to the definition of having a low tax level to apply CFC taxation. The new
See MoreUS: IRS issued on guidance on payment of dividend equivalents from US sources
The Internal Revenue Service on 2 December 2016 issued Notice 2016-76 to provide guidance on compliance in 2017 and 2018 with the final and temporary regulations issued under sections 871(m), 1441, 1461 and 1473 of the US Internal Revenue Code
See MoreTaiwan: Debentures and corporate bonds exemption extends
The Legislative permitted the modification of securities transaction taxation, extending the exemption for further 10 years, which means that the securities transaction tax on bank debentures and corporate bonds will be suspended until 31 December
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