Slovak Republic: President signs the law to update Income Tax Act
On 1 October 2019, Ms. Zuzana Čaputová, the President of Slovak Republic signed the law introducing updates to the Income Tax Act. On 29 May 2019, the Slovak government approved draft law to update the Income Tax Act. The draft law proposes the
See MoreChile: President presents 2020 draft Budget
The President, Sebastian Pinera, announced draft budget for the year 2020. He said that they have passed a very crucial economic time due to the low copper prices and the trade war between China and the United States. The draft budget covers
See MoreNigeria: President presents Budget proposal for 2020
On October 8, 2019, the president, Muhammadu Buhari, presented the draft budget for the year 2020. President Muhammadu Buhari arrives the green chambers of the National Assembly where the joint session of holding to receive the 2020 appropriation
See MoreGreece: Finance Minister presents draft budget for the year 2020
The Finance Minister, Christos Staikouras, presented draft Budget for the year 2020 to the Parliament on 7 October 2019. It proposes discretionary tax measures declared by the Prime Minister such as reduction in corporate tax rate, reduction in the
See MoreZambia presents the budget for 2020
On 27 September 2019, the Minister of Finance (MOF) presented the budget for 2020 to the National Assembly. Under the budget the following important amendments to the Income Tax Act will take effect from 1 January 2020: Corporate tax
See MoreNorway revises list of low tax jurisdictions
On 26 September 2019, Norway published a regulation amending the list of low tax jurisdictions for tax purposes. The list applies both to taxation of income and losses on investments in low-tax countries. The countries which are considered as
See MoreArgentina: AFIP announces draft transfer pricing guidance for public comments
On 2 October 2019, tax authority of Argentina (AFIP) announced a public consultation and posted on the AFIP website a draft resolution concerning transfer pricing compliance procedures. It would replace the existing transfer pricing rules in
See MoreAlgeria: Tax agency declares draft Budget 2020
On 29 September 2019, the General Directorate of Taxes announced the draft Budget 2020, which includes measures to implement incentives for high-technology and innovative start-ups, VAT exemptions, to prevent VAT fraud.
See MorePeru: SUNAT issues resolution on beneficial ownership of entities
On 25 September 2019, the Peruvian Tax Administration (SUNAT) has issued Resolution No. 185-2019/SUNAT establishing the procedure, deadlines and conditions for submitting the ultimate beneficiary informative return of entities. Effective from 1
See MoreFrance: Government presents draft Finance Bill 2020
On 27 September 2019, Government presents Finance Bill for the year 2020 and confirms the willingness to cut the income tax rate for corporate entities; to introduce the hybrid mismatch rules; to implement the EU ATAD 2 directive into domestic law;
See MorePoland: Council of Ministers adopts draft budget law for 2020
On 24 September 2019, the Poland Council of Ministers adopted the draft budget law for 2020. For the first time since 1989, there will be no deficit in the budget. The 2020 Budget changes the following tax measures on personal income tax; Tax
See MoreIceland: Government announces fiscal budget proposal for 2020
On 6 September 2019, Mr. Bjarni Benediktsson, the honorable Minister of Finance and Economic Affairs of Iceland introduced the fiscal budget proposal for 2020 that would be presented before Parliament on Tuesday 10 September 2019. Among the salient
See MoreEgypt: MOF issues draft budget for 2019-2020
On 21 September 2019, Egypt’s Ministry of Finance (MOF) has issued draft budget for 2019-2020 which is scheduled to be discussed during the next parliamentary session. The draft budget includes following tax incentives: The draft budget
See MoreMalaysia withdraws withholding tax exemptions available to MSC Malaysia status companies
Malaysia Digital Economy Corporation Sdn Bhd (MDEC) has recently announced on its website that the withholding tax (WHT) exemption on certain types of income received by a non-resident company from an approved Multimedia Super Corridor (MSC)
See MoreUkraine submits draft law on amendments to the Tax Code to Parliament
On 30 August 2019, the Ukraine has submitted draft law no. 1210 to the Parliament amending the Tax Code on improving tax administration, removing technical and logical mismatches in the tax legislation. The three main areas of the draft law
See MorePeru: SUNAT publishes report on GAAR
On 17 September 2019, the Peruvian Tax Administration (SUNAT) published Report No. 116-2019-SUNAT / 7T000 of 27 August 2019 on its website, through which SUNAT clarifies the application of General Anti-Avoidance Rule (GAAR). On 19 July 2012,
See MoreGreece: Prime Minister announces tax cuts and promised reform
On 12 September 2019, the Prime Minister has made an announcement of their confirmation to introduce tax rate cuts and other planned tax measures at the opening of the annual International Trade Fair of Thessaloniki. According to plan, corporate
See MoreNetherlands: Budget proposal for 2020
On 17 September 2019, the Dutch Government published the 2020 budget proposals, which includes the Tax Plan for 2020. The 2020 Tax Plan package consists of the following six bills: the 2020 Tax Plan Bill;the Other 2020 Tax Measures
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