Singapore: Plans to increase GST rate and imposed GST on imported services
The Minister for Finance in Singapore presented Budget for 2018 on 19 February 2018. Budget 2018 proposes an increase in the GST rate from the current 7% to 9%. This increase would take place sometime during 2021 to 2025. Budget 2018 also introduces
See MoreGovernment of Iraq issued 2018 Federal Budget
The Iraqi Parliament passed its 2018 Budget Act (the Budget) on 3 March 2018. The Budget includes several measures to support economic growth and fiscal stability as Iraq recovers after the 2017 military defeat of the Islamic State of Iraq and Syria
See MoreUK: Chancellor delivers 2018 Spring Statement
The Chancellor delivered the Spring Statement on 13 March 2018. As the main budget announcements have now been moved to autumn, the spring statement gave a summary of the economic position and indicated areas on which the government is consulting
See MoreIndia: CbC reporting changes made in Finance Bill 2018 as passed by the Lok Sabha
On 14 March 2018, the lower house of parliament (Lok Sabha) has approved the Finance Bill 2018 with modifications. One of the main changes includes by the bill is changes to the country-by-country (CbC) reporting and Master file requirements. The
See MoreSouth Africa: Finance Minister presents the Budget for 2018
On 21 February 2018, South Africa’s Minister of Finance, Malusi Gigaba, delivered the Budget for the year of 2018. The budget includes the following tax proposals: VAT rate to increase from 14% to 15%. This change is effective from 1 April
See MoreCanada: Finance Minister presents the Federal Budget 2018
The Finance Minister, Bill Morneau, presented a federal budget, on February 27, 2018, that plans a clear course for the Liberals to the 2019 election, an aspirational road map designed to ensure that no woman, scientist or national wildlife area
See MoreCanada: 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
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