Japan: Amendments coming for CFC rules in 2017 tax reform
Japan's tax commission has announced on 8 December 2016, its intention to amend the tax rules regulating CFCs (controlled foreign corporations), which are also known as the Anti-Tax Haven Rules. According to the proposed 2017 tax reform, the
See MoreCzech Republic: Proposed VAT rate change for magazines and newspapers
The parliament has approved a change of the VAT rate for newspapers and magazines on 9th November 2016 in which advertising exceeds more than 50% of their content. The current VAT rate is 15% and the proposed VAT rate is 10%. It is expected that the
See MoreSlovak Republic: Tax law amendments approved
Suggested amendments to corporate income tax, individual income tax, transfer pricing and special levies in case of companies in regulated industries has been approved by the parliament on 23rd November 2016. The amendments have not yet been
See MoreColombia: Tax reform bill 2016
The comprehensive tax reform bill 2016 recently submitted by the government of Colombia to the Congress with the following corporate income tax issues: Rates: The bill proposes to unify the income tax and the Fairness Tax into a single income tax
See MoreGreece: Draft law on establishment of company under electronic one-stop shop procedure
The draft law regarding the company establishment under the electronic one-stop shop process was submitted to the parliament on 25th November 2016. The draft law covers the following things: The company establishment via an electronic one-stop
See MoreGreece: Draft Bill to amend Income Tax Code submitted to parliament
The amendments of the draft law implementing Directive 2014/17/EU on credit agreements for consumers regarding residential immovable property and amending Directives 2008/48/EC has been submitted to the parliament on 23rd November 2016. The
See MoreBulgaria: New rules on electronic filing and filing of corrective returns
The parliament voted on the adoption of amendments to the corporate and personal income tax reporting rules on 23rd November 2016, which was proposed on 16th September 2016. Some changes have gone through during the parliamentary discussion before
See MoreGreece: Final draft Budget 2017 submitted to parliament
The final draft budget for 2017 has been submitted to the parliament by the Deputy Finance Minister on 21st November 2016. It is available in Greek language. It is estimated to be passed on 10th December 2016. The proposal of draft Budget for 2017
See MoreSlovak Republic: Bill on CbC reporting submitted to parliament
Slovak Republic has introduced a Bill regarding Country-by-Country Reporting (CbCR) based on the recommendations of the OECD and it was submitted to the parliament on 4th November 2016. If adopted, the bill will become effective from 1st March
See MoreNigeria: Companies Income Tax Act (Amendment) Bill 2015 was passed in Senate
The amended Companies Income Tax Act bill 2015 has been passed the second reading in the Senate on 16th November 2016. The Bill proposes to deliver the following extra tax incentives to companies: Companies those are engaged in the mining of
See MoreVietnam: Publishes the draft decree on transfer pricing
The final draft transfer pricing (TP) decree was released on 3 October 2016 by the Ministry of Finance, following Resolution No. 19-2016/NQ-CP dated 28 April 2016. The decree aims to replace the existing TP regulations, Circular 66/2010/TT-BTC, and
See MoreNigeria: Draft revised national tax policy
The Federal Inland Revenue Service (FIRS) has published a public notice on 11th November 2016, which was issued by the Finance Ministry on the stakeholders' forum. This forum had been convened from 7th to 8th November 2016 to discuss the draft
See MoreGermany: Releases draft bill to combat tax avoidance
The German Ministry of Finance released a draft bill on 28 October 2016 about further measures taken to combat tax avoidance. The main important details are summarised below: -The bill provides for the introduction of an EU beneficial ownership
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreBulgaria: Tax bill submitted to parliament
The Council of Ministers has submitted a proposal on 17th October 2016 to the National Assembly to amend various tax acts. The amendments are about cash payment changes, excise duty changes, local tax changes and changes to the accountant act that
See MoreIsrael: Draft Budget Plan 2017/2018 presented
The draft budget plan for the year 2017/2018 has been presented on 31st October 2016 by the Finance Ministry. The Draft offers a decrease in the corporate income tax rate from 25% to 24% in 2017 and 23% in
See MoreBulgaria: Country-by-country reporting
A bill entitled “Bill 602-1-59” has been submitted to the Bulgarian parliament. The Ministry of Finance has published a draft bill on 16th September 2016 regarding the automatic exchange of country-by-country reports (CbCR). As per the draft
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
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