Canada: British Columbia issues draft budget 2018-19
The Finance Minister of British Columbia, Carole James, presented the province’s fiscal budget 2018-2019 on February 20, 2018. The summary of this budget is given below: A new child care program that makes care effectively free for some
See MoreCanada: Federal Budget 2018 is to be scheduled on February 27, 2018
On February 14, 2018, the Finance Minister, Bill Morneau, announced that the Federal Budget 2018 will be presented on February 27, 2018, in the House of Commons. According to the Budget 2018, the Government will take some steps towards equality, and
See MoreIndia: Union Budget introduces the digital permanent establishment rule
On 1 February 2018, the Finance Minister has released India’s 2018-19 budget and finance bill. The budget proposes to update the definition of a permanent establishment (PE) to tax non-resident digital firms operating in India. According to the
See MoreIndia: Budget introduces the digital permanent establishment rule
On 1 February 2018, the Finance Minister has released India’s 2018-19 budget and finance bill. The 2018 budget proposed to amend the definition of a permanent establishment for the taxation of non-resident digital companies operating in India.
See MoreIndia: Finance Minister presents Budget for the year 2018-19
Indian Finance Minister Arun Jaitley today disclosed its budget 2018-2019 for the fiscal year starting from 1 April 2018. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in
See MoreIndia: Finance Minister presenting the Union Budget 2018-2019
Indian Finance Minister Arun Jaitley presenting his fifth Union Budget 2018-2019 to the parliament at 11 am today. This will be the Narendra Modi government’s last budget before the 2019 general elections. It comes in the wake of several
See MoreIceland: Parliament approves budget for 2018
On 29th December 2017, The Icelandic Parliament has approved a number of tax changes under the 2018 budget. The budget increase tax on investment income, environmental and sin taxes, and it also extended the value-added tax break on supplies of
See MoreItaly: Parliament Approves 2018 Budget Law
The Italian Parliament approved the Budget Law on 23rd December 2017 and it will come into force on 1st January 2018. The law prolongs the extra-amortization regime for entities investing in new assets between 1st January 2018 and 31st January 2018
See MoreAngola: Parliament approves 2018 State Budget
On 18 January 2018, the Parliament approved the State Budget for 2018. As part of the budget proposal, introducing a mechanism for the settlement of, by means of withholding, on purchases of goods from small businesses by companies that have
See MoreMalaysia: Budget-2018 introduces a number changes to GST
Malaysia's 2018 budget introduced a number of changes to the tax regime for goods and services. These include: The sale of newspapers, magazines and books is newly classified as a zero value Exempting municipal services from GST Exempting
See MoreBelgian Parliament enacts corporate tax reform
On 22 December 2017, the Belgian Parliament approved the major corporate tax reform that announced in 26 July 2017. The main proposal was related to gradually reduction of corporate income tax rate. Currently, the normal rate is 33.99% and this will
See MorePortugal: Cabinet approves the Budget for 2018
On 27 November 2017, the Portuguese cabinet approved the Budget proposal for
See MoreIceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MoreUK: Withholding tax on payments for intellectual property used in the UK
On 1 December 2017 the UK published a consultation paper on extending royalty withholding tax in relation to connected persons not resident in the UK. Comments are invited from interested parties with a submission deadline of 23 February 2018. It
See MoreUK: Scotland introduces changes to income tax rates
On 14 December 2017 Scotland’s Finance Secretary announced the draft Scottish budget for 2018-19. The main points relating to taxation are as follows: The basic rate of income tax has been frozen at 20%, but a new intermediate rate of 21% will
See MoreMorocco: Parliament adopts draft Budget for 2018
The Ministry of Economy and Finance of Morocco was announced on December 13, 2017 that the parliament adopted the draft Finance Law for 2018. The draft budget 2018 was presented to the Parliament on October 20, 2017. So, the draft measures will
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
See MoreUK: Finance (No 2) Bill 2017
The UK Finance (No 2) Bill 2017 was introduced into Parliament on 28 November 2017 and published on the government’s website on 1 December 2017. This Bill includes some of the changes announced in the autumn budget and sets the levels of tax rates
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