Hungary: Parliament passes budget for 2020
On 12 July 2019, the Hungarian Lawmakers approved the 2020 budget. The budget targets revenue of 21,426.0 billion forints and expenditures of 21,793.0 billion forints, producing a deficit of 367.0 billion forints. Highlighted features of the
See MoreUK: Summary of responses to consultation on digital services tax
On 11 July 2019 the UK government published a document summarising the responses to the consultation on the design of the digital services tax (DST). The DST is to be implemented from April 2020. Certain digital business models derive value
See MoreIMF report comments on Germany’s tax policy
On 10 July 2019, the IMF issued a report following the conclusion of the Article IV consultation with Germany. Germany’s real GDP growth has averaged over 2% for some years but slowed to 1.5% in 2018 owing to reduced global demand and
See MoreColombia publishes new thin capitalization rule
On 26 June 2019, the Government of Colombia published a Decree 1146 of 2019, concerning the new thin capitalization rules which amended the previous law 1943 of 2018. The new Decree 1146 of 2019 includes the following measures: The thin
See MoreBrazil updates its blacklist removing San Marino
On 28 June 2019, The Department of Federal Revenue (RFB) of Brazil has published Normative Instructions No. 1896 of 27 June 2019 in the official gazette amending Normative Instructions Nº 1037. Through the instruction RFB removes San Marino from
See MoreBangladesh enacts Budget for 2019-20
On 30 June 2019, Parliament passed the Tk 5,23,190 crore national budget for 2019-20 fiscal year. The proposals were enacted by the Finance Act, 2019 (the Act) and became effective as of 1 July 2019. The summary of key amendments introduced by
See MoreIndia presents Finance Bill for 2019/20
On 5 July 2019, the Finance Minister presented the Finance Bill of the newly formed government for financial year (FY) 2019-20. The bill proposed changes to the tax laws starting 1 April 2019. The proposed key amendments includes: The rate of
See MoreSlovenia proposes to change the PIT & CIT rates
On 18 June 2019, the Ministry of Finance proposed changes to personal income tax (PIT) and corporate income tax (CIT) rates, which are expected to be introduced in 2020. The proposed measures are: Individual tax: An increase in the
See MoreIndonesia: MOF proposes draft amendments to the SEZ scheme and tax cuts
The Indonesian Ministry of Finance (MoF) published two announcements on June 17 and 20 June 2019. The ministry is reviewing draft amendments to the Special Economic Zones (SEZ) regime and tax cuts for specific sectors. SEZ regime: Under this
See MoreVietnam: NA approves a new taxation regime for Foreign Service providers
On 13 June 2019, the National Assembly (NA) approved the Law on Tax Administration (amended changes). The law introduced a new taxation regime for Foreign Service providers including e-commerce business. This law will take effect from 1 July
See MoreKenya: Finance Minister proposes Budget for the Financial Year 2019/20
On 13 June 2019, the Finance Minister, Henry Rotich of Kenya presented the budget for 2019/20 to the parliament. The budget includes the following tax related measures: Capital Gains Tax is proposed to be increased from 5% to 12.5%. There is
See MoreTanzania: Finance Minister presents Budget for FY 2019/2020
On 13 June 2019, Philip Mpango, the Finance Minister of Tanzania, presented the Budget for financial year (FY) 2019/2020 to the National Assembly. The finance minister said that total domestic revenue including Local Government Authorities (LGAs)
See MoreUganda: MoF presents 2019/20 Budget
On 13 June 2019, Matia Kasaija, the Uganda's Ministry of Finance (MoF) presented the Budget for 2019/20 to the Parliament of the Republic of Uganda. On that day, Income Tax (Amendment) Act, 2019 was also enacted which was presented in the
See MoreCzech Republic: Ministry of Finance releases latest guidance on transfer pricing
On 31 May 2019, Czech Ministry of Finance published Guidance GFR D-34 on the application of international standards to the taxation of related party transactions. The guidance replaces existing Guidance D-332. Together with this new guidance,
See MorePeru: SUNAT publishes new tax guidance on indirect transfers for entities
On 4 June 2019, the Peruvian tax authority (SUNAT) published new guidance (Informe No. 046-2019-SUNAT/7T0000) for the determination of the market value of shares in relation to the rules for the taxation of the indirect transfers of shares in
See MoreWTO issues 2019 annual report
On 4 June 2019 the World Trade Organisation (WTO) published its annual report covering developments in 2018 and early 2019. The period was characterised by growing trade tension and economic uncertainty. A deceleration in economic activity led
See MoreArgentina issues decree regarding exemption to the tax on debits and credits
Argentina issued Decree No. 373/2019 on 27 May 2019, which includes new exemption from tax on debits and credits for those accounts used for the provision of financial services by complementary financial services agencies. The decree was issued
See MoreIndonesia: MoF publishes new guidance on MAP
On 26 April 2019, the Minister of Finance (MoF) issued a new provision on the Mutual Agreement Procedure (MAP) with Regulation No. 49 / PMK.03 / 2019 (PMK-49). PMK-49 is effective from 26 April 2019 and repeals MoF Regulation No. 240 / PMK.03 /
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