US: IRS releases its ‘dirty dozen’ list of tax scams for 2017
The Internal Revenue Service yesterday warned taxpayers to be alert to unscrupulous tax return preparers touting inflated tax refunds. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for 2017. The “Dirty
See MoreDenmark: Publishes Budget for 2017
The Ministry of Finance on 8 February 2017, published the Budget for 2017 as enacted on 15 December 2016. The enacted budget details also available on the ministry of finance's
See MorePanama adopts fiscal transparency compliance policy
On 2 February 2017, According to Executive Decree 10, Panama's fiscal transparency compliance policy is adopted that was issued by the President and published in the Official Gazette. It includes joining the OECD Automatic Exchange of Information
See MoreUK: Increasing cash basis thresholds for unincorporated businesses
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreUK: Reforming the cash basis expenditure rules
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreBotswana: Tax proposals in 2017-2018 Budget
The Minister of Finance and Economic Development presented the Budget for 2017-18 to the National Assembly on 6 February 2017. To improve administration efficiency and optimise revenue collection, the income tax act and the value added tax act will
See MoreCanada: New Brunswick Budget 2017 presented
The New Brunswick Province Budget 2017 was delivered on 7th February 2017 by the Finance Minister. The budget decreases the small business income tax rate from 3.5% to 3% that will be effective from 1st April
See MoreIndia: Proposes to introduce thin capitalization rule
Based on India's commitment to counter tax avoidance, recently the Finance Bill, 2017 has proposed to introduce new section i.e. section 94B namely Limitation on interest deduction in certain cases. The said section is in line with the
See MoreTaiwan revised the tax collection law
Taiwan is scheduling to modify its tax collection law to accommodate the exchange of tax information with other countries or jurisdictions (i.e. United States and China (People's Rep.). Accordance with a spokesman of the Ministry of Finance (MoF), a
See MoreIreland: 39% DIRT rate form 2017
Deposit Interest Retention Tax (DIRT), at the rate of 39% (from the 1st January 2017) is deducted at source by deposit takers, e.g. banks, building societies, Credit Unions, Post Office Savings Bank, etc. from interest paid or credited on deposits
See MoreAustralia: Consultation paper regarding whistleblower protections
The Review of tax and corporate whistle-blower protections in Australia consultation paper is seeking public comments to assist the Government with the introduction of appropriate protections for tax whistle-blowers and in assessing the adequacy
See MoreIndia: Presents Budget for 2017-18
The Finance Minister of India presented Budget for 2017-18 to the Parliament on 1 February 2017. Here are the main tax proposals of the Union Budget 2017-2018: Corporate tax: The new Budget introduced following concessional tax rate for small
See MoreIndia: Finance Minister mentioned 10 measures in his Budget speech for 2017
Indian Finance Minister Arun Jaitley today underlined the importance of infrastructure in his scheme of things for the Indian economy while presenting the Union Budget in Parliament. The 10 measures regarding infrastructure summarised here: To
See MoreVietnam: Tax authority promotes national online tax refund
Recently, the General Department of Taxation is speeding up the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses. A pilot implementation of online tax refunds
See MoreIndia: Finance Minister presenting the Union Budget 2017-2018
Indian Finance Minister Arun Jaitley presenting his fourth Union Budget 2017-2018 at 11 am
See MoreSouth Africa: SARS issues tax exemption guide for public benefit organization
The South African Revenue Service (SARS) has issued a tax exemption guide on the income tax exemption for a public benefit organization (PBO) carrying on a public benefit activity (PBA). The guide provides general guidance on approval and taxation
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
See MoreIndia: Union Budget 2017 to be presented on February 1
A senior government official said on 19 January 2017, the Indian Government will present the Union Budget for 2017-18 on February 1, for the financial year starting on 1 April 2017. The first part of the budget session of parliament will start on
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