World Bank: Project to improve tax collection in Latvia
A press release of 18 December 2017 announced that the World Bank is to assist Latvia’s tax administration to increase tax collection by improving revenue mobilization and reducing compliance costs. The project is partly financed by the European
See MoreAustralia: New guidance on DPT
On 18 December 2017, the Australian Taxation Office (ATO) published a draft law companion guideline (LCG) 2017/D7 on Diverted profits tax (DPT) for public consultation. The draft Guideline addresses Schedule 1 to the Treasury Laws Amendment Act 2017
See MorePortugal: Cabinet approves the Budget for 2018
On 27 November 2017, the Portuguese cabinet approved the Budget proposal for
See MoreOECD: Tax Talk Summarizes Progress on Tax Topics
On 15 December 2017 the OECD gave an online Tax Talk to summarize the progress made on the various ongoing tax initiatives. Harmful Tax Practices Peer review reports on the exchange of tax rulings were published in December 2017. More than 10,000
See MoreJapan issues tax reform plan for 2018
The ruling Liberal Democratic Party of Japan accepted a tax reform package on 14 December 2017. Based on the draft, a tax reform bill (The Bill) will be drafted. The bill will be submitted to Parliament and is expected to enter into force by the end
See MoreIceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MoreUK: Withholding tax on payments for intellectual property used in the UK
On 1 December 2017 the UK published a consultation paper on extending royalty withholding tax in relation to connected persons not resident in the UK. Comments are invited from interested parties with a submission deadline of 23 February 2018. It
See MoreIMF: Report comments on economic and fiscal position of Hong Kong SAR
On 29 November 2017 the International Monetary Fund (IMF) published a report on its website following consultations with the Hong Kong Special Administrative Region (SAR) of China under Article IV of the IMF’s articles of agreement. The Hong Kong
See MoreItaly: CbC reporting requirements
The Italian Tax Authorities (ITA) issued a Protocol No. 275956 of 28 November 2017, regarding the change in the CBC reporting requirements. The Protocol instructs further implementation rules regarding the Law 208 issued on 28 December
See MoreIMF: Report comments on the economic and fiscal situation of Tanzania
On 12 December 2017 the International Monetary Fund (IMF) issued a report following discussions with Tanzania under Article IV of its articles of agreement. A Policy Support Instrument (PSI) program was approved in 2014 and the IMF report notes
See MoreIMF: Report comments on economic and fiscal situation in Mozambique
On 14 December 2017 the International Monetary Fund (IMF) published a report following consultations with Mozambique under Article IV of the IMF’s articles of agreement. The report notes that fiscal consolidation is essential for the recovery of
See MoreIMF: Report comments on the economic and fiscal situation in Bulgaria
On 14 December the International Monetary Fund (IMF) published on its website a report on the economic and fiscal situation in Bulgaria following consultations under Article IV of the IMF’s articles of agreement. The report notes that a strong
See MoreUK: Scotland introduces changes to income tax rates
On 14 December 2017 Scotland’s Finance Secretary announced the draft Scottish budget for 2018-19. The main points relating to taxation are as follows: The basic rate of income tax has been frozen at 20%, but a new intermediate rate of 21% will
See MoreFrance: Parliament approves the first Amending Finance Bill for 2017
The French Parliament has approved the first Amending Finance Bill for 2017 that was validated by the French constitutional court. The administrative guidelines on temporary surcharge of large companies were released on 8 December 2017. This Bill
See MoreUK: Research on impact of entrepreneurs’ relief
On 4 December 2017 HMRC published the results of a survey carried out in May 2017 into the impact of the availability of capital gains tax (CGT) entrepreneur’s relief on the behavior and motivation of individuals in the UK who could be eligible
See MoreUK: Consultation on conditionality measures to combat hidden economy
On 8 December 2017 HMRC published a consultation document entitled Tackling the hidden economy: public sector licensing. The document looks at measures that make compliance with tax obligations a condition of obtaining certain licenses and introduce
See MoreMorocco: Parliament adopts draft Budget for 2018
The Ministry of Economy and Finance of Morocco was announced on December 13, 2017 that the parliament adopted the draft Finance Law for 2018. The draft budget 2018 was presented to the Parliament on October 20, 2017. So, the draft measures will
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
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