UK: Double tax treaty with Lesotho takes effect
The double tax treaty between the UK and Lesotho takes effect in relation to UK corporation tax for financial years beginning on or after 1 April 2019. The treaty was signed on 3 November 2016 and entered into force on 18 September 2018. Permanent
See MoreUK: Tax treaty negotiating priorities for 2019
On 4 March 2019 the UK government set out its tax treaty negotiating priorities for 2019, following discussions with representatives of business, government departments and other interested organisations and individuals. The work program has been
See MoreHong Kong: Financial Secretary presents 2019/2020 Budget
On 27 February 2019, the Financial Secretary has presented the 2019-20 budget to the Legislative Council. The Budget measures includes the following: -Reducing profits tax by 75% for 2018/19, subject to a ceiling of HKD20,000, effectively giving
See MoreDominican Republic reissues simplified tax regime for micro-enterprises
On 23 January 2019, The Dominican Republic’s Directorate General of Internal Revenue (DGII) announced a proposal to reissue the simplified tax regime for micro-enterprises. The regime would be available for businesses with revenue up to USD171,825
See MoreOECD: Taxpayer input required for eighth batch of dispute resolution peer reviews
The OECD announced on19 February 2019 that it is currently collecting taxpayer input in preparation for the eight batch of stage 1 peer reviews in relation to improving the tax treaty dispute resolution process under Action 14 of the project on base
See MoreOECD: Comment period extended on tax challenges of digitalisation
On 19 February 2019 the OECD announced that the consultation period in relation to the public consultation document on possible solutions to the tax challenges of digitalisation has been extended to 6 March 2019. The public consultation meeting on
See MoreUK: Consultation on Plastic Packaging Tax
On 17 February 2019 the UK government issued a consultation document on the introduction of a plastic packaging tax, inviting comments from interested parties by 12 May 2019. This consultation follows a call for evidence in March 2018 which
See MoreUK: Support for Tax Capacity Building
On 19 February 2019 the UK’s Department for International Development (DFID) announced new assistance to give support to developing countries in generating greater tax revenue, tackling tax avoidance and creating a level playing field for
See MoreUK: Finance Act 2019 receives Royal Assent
The UK Finance Act 2019 received the Royal Assent on 12 February 2019. The Act includes some of the measures announced by the Chancellor in the Autumn Budget in October 2018. Annual Investment Allowance The Annual Investment Allowance (AIA) is being
See MoreSingapore presents Budget for 2019
On 18 February 2019, the Finance Minister of Singapore delivered the Budget for 2019. The main tax-related measures are summarized below: To maintain support to companies in their automation, productivity and scale-up efforts, the 100%
See MoreOECD: Consultation document on tax challenges to the digital economy
On 13 February 2019 the OECD’s Inclusive Framework published a consultation document on issues relating to the tax challenges of digitalisation of the economy. This follows the publication on 29 January 2019 of a Policy Note and the agreement of
See MorePortugal legislates the Budget Law for 2019
On December 31, 2018, Portugal published 2019 budget law (No.71/2018) in the official gazette and generally applies as from 1 January 2019. The budget law includes changes to income tax law and other taxes. The budget law include the following
See MoreUK: Consultation on stamp duty land tax surcharge for nonresidents
The UK government issued a consultation document on 11 February 2019 in relation to a Stamp Duty Land Tax (SDLT) surcharge on non-UK residents who purchase residential properties in England and Northern Ireland. This surcharge would apply where
See MoreIMF discussion note looks at tax rises necessary to achieve SDGs
An IMF staff discussion note issued on 25 January 2019 entitled “Fiscal Policy and Development: Human, Social, and Physical Investments for the SDGs” examines the tax rises needed in emerging economies and less developed countries to make the
See MoreUK: Date of Spring Statement Announced
The Spring Statement is to be announced on 13 March 2019. The Spring Statement is a response by the UK government to the economic forecast by the Office for Budget Responsibility and gives the government a chance to comment on the direction of the
See MoreUK: Use of new technology in tax administration
On 17 January 2019 the Office of Tax Simplification (OTS) issued a paper entitled “Technology Review: A vision for tax simplicity”. This looks at the role of new technology in improving taxpayer experience and taxpayer interaction with the tax
See MoreOECD: Tax Talk Summarises Latest Tax Developments
An OECD Tax Talk held on 29 January 2019 summarised the latest tax developments. Tax and Digitalisation A Policy Note agreed by the Inclusive Framework was issued in January 2019. A public consultation document is to be released in February 2019
See MoreAngola introduces amnesty measures with foreign technical and management services contracts
On 28 December 2018, Angola published Law no. 18/19 with the General State Budget for 2019. The main procedures are summarized as follows: The Special Contribution on technical support and management service contracts were maintained in 2019. The
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