Russia: Announces the timeline for implementation of IFRS
The Ministry of Finance has announced the timeline for the implementation of the International Financial Reporting Standards (IFRS) documentation on 16 March 2017. Presently, the process of adoption and entry into force of the documents is under
See MoreCanada: The Province Budget 2017-18 for Saskatchewan issued
The Minister of Finance has presented the province’s fiscal 2017–18 budget for Saskatchewan on 22nd March 2017. This budget meets the challenge the Government of Saskatchewan is facing by controlling and reducing spending, modernizing and
See MoreGhana: Gazetted four tax amendment acts
The government published the gazette notification on 15 March 2017 regarding the following various tax amendment Acts: (i)Income Tax (Amendment) Bill 2017: modified the Income Tax Act 2015 by exempting gains realised on the sale of the securities of
See MoreIndia: Finance Bill 2017 passed by the Lower House of Parliament
The Lower House of Parliament (Lok Sabha) passed the Finance Bill 2017 on 22 March 2017. The key amendments to the Finance Bill 2017 are discussed below: Proposed section 94B of the Income Tax Act, 1961 (ITA) limiting the deduction of interest
See MoreUAE: Information regarding proposed VAT regime reveals
The Finance Ministry (MoF) presented a value added tax (VAT) briefing session for advisors on 21st March 2017. The session expected to send a message to the market that VAT is approaching and businesses must start to prepare immediately. The
See MoreCanada: The Federal Budget 2017 announced
The Canadian government presented the 2017 federal budget on 22nd March 2017 in Ottawa. The main highlighting points of this budget are given below: The budget dedicates $11.2 billion to cities and provinces for affordable housing over 10 years
See MoreIndia: Cabinet approves four GST Supplementary Bills
The Union Cabinet on 20 March 2017, approved four GST related bills and that would now be sent to Parliament and are likely to be presented in the Lok Sabha as money bills later this week. These four supporting legislations are: Compensation
See MoreUK: New tax changes of Finance Bill 2017
On Monday 20 March 2017, the Government of UK published Finance Bill 2016-17. Finance Bill 2017 continues the government’s crackdown on tax avoidance, helps tackle childhood obesity, and improves the fairness of the tax system while modernising
See MoreNigeria: Proposal in tax policy measures published
The Economic Growth and Recovery Plan for 2017 to 2020 has been published on 7th March 2017 by the Ministry of Budget and Economic Planning. It made a proposal on VAT rate in case of luxury goods increases to 15% from 5% and it will effect from
See MoreRussia: Proposes health tax on tobacco products
The Ministry of Health announced a proposal on 16 March 2017, to impose a health tax on tobacco products, based on the recommendations of the Public Chamber of the Russian Federation following discussions of the new anti-smoking strategy. Currently,
See MoreNetherlands: Decree establishing market interest rates for interest-free liabilities
Decree No. 2017-22042 of 7 March 2017 establishing the market interest rates for interest-free liabilities have been published in official gazette No. 15371 on 17 March 2017. The Decree updates and replaces the Decree No. BLKB2015/1650M of 10
See MoreVietnam: Recently released a new transfer pricing decree
Vietnam’s Government has recently released a Transfer Pricing (“TP”) Decree No. 20/2017/ND-CP on 24 February 2017, provided that tax administration applicable to enterprises having controlled transactions’ (Decree 20), which will take effect
See MoreNew Zealand releases consultation paper on interest limitation rules
The Finance and Revenue Minister released a consultation document regarding BEPS – Strengthening interest limitation rules and also inviting public submissions on proposals to improve New Zealand's thin capitalization rules on 3rd March 2017. The
See MoreCanada: The budget 2017–18 for Alberta issued
The Minister of Finance of Alberta presented the province’s fiscal budget 2017-18 on 16th March 2017. The budget includes no new taxes, and no tax increases or decreases that had not been announced previously. The general corporate income tax rate
See MorePanama deposits instrument of ratification for convention and protocol on mutual administrative assistance in tax matters
Panama deposited its instrument of ratification for the multilateral convention on mutual administrative assistance in tax matters, as amended by the 2010 protocol, on 16 March 2017. The Convention and the amending protocol will enter into force 3
See MoreCanada: SMEs want tax cuts at Budget 2017
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses. The CFIB has published its list of recommendations for the upcoming federal budget 2017. The recommendations for the
See MoreGhana: Parliament Approves the Budget for 2017
The Parliament approved the Budget for the 2017 financial year after six days of fierce debate on it between the Majority and Minority sides. The budget which was the first one for the New Patriotic Party (NPP) government since assuming power on
See MoreRussia: Publishes the draft procedure on multilateral APAs
The Russian Finance Ministry on 3 March 2017, published a draft Procedure outlining the process for handling multilateral Advanced Pricing Agreements (APAs). The Procedure is intended to enable a taxpayer to conclude an APA in relation to a foreign
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