Costa Rica: Legislative Assembly approves corporate flat tax
The National Legislative Assembly on 9 January 2017, approved the Bill no 19818 to retain the registration flat tax on companies. According to Bill, companies, as well as any branch of a company which are registered in the Register of Legal
See MoreUS: Trump comments on import tariffs
President-elect Donald Trump has repeated his intention to raise import tariffs on US multinational companies that move their production abroad and then sell products back into the United States. He has given his opinion during a press conference on
See MorePakistan: Introduces 2% tax rebate
The federal government has approved the tax reduction proposal of 2% for Shariah-compliant listed companies through Finance Act
See MoreNetherlands: Tax Plan for 2017 publishes in the official gazette
The Upper House of Parliament approved tax plan for 2017, on 20 December 2016. This tax plan has published in the official gazette (No. 544.) on 29 December
See MoreDominican Republic: Tax Authorities publishes new request forms for all tax-related procedures
The tax authority (DGII) of the Dominican Republic has recently published on its website, a set of new forms that taxpayers are to use for most tax-related procedures. The new forms exchange the prior letter request format used by taxpayers seeking
See MoreIceland: Threshold increases for VAT registration
The Directorate of Internal Revenue issued a declaration on 9 January 2017 regarding VAT registration and invoice issuance. If the supply of goods and services is below ISK 2 million within a tax year duration, the business does not need to register
See MoreBrazil issues common reporting standard
Normative Instruction 1,680/2016 has been issued in the official gazette on 29 December 2016 regarding the implementation of the identification of financial accounts. Under the normative instruction, companies are required to submit the e-financeira
See MoreAzerbaijan-Budget Bill for 2017 adopted
The Parliament of Azerbaijan adopted the draft Budget Bill for 2017 on 16 December 2016. The Bill was submitted to the parliament on 15 November
See MorePhilippines passed national budget for 2017
The House of Representatives and the Senate has approved the National Budget for 2017 on 13 and 14 December
See MorePakistan: FBR publishes proposed criteria for listed companies to take advantage of reduced rate
The Federal Board of Revenue (FBR) on 27 December 2016, published proposed criteria for listed Shari'ah-compliant companies to be eligible for a reduction of 2% of the income tax rate. These criteria provided in sub-clause (a) of clause (18B) of the
See MoreTaiwan: Ministry of Finance issues amendment to guidelines on enterprise income tax audit
Ministry of Finance issued an amendment to the guidelines on Enterprise Income Tax Audit (EITAG) on 4 January 2017. According to the amended guideline income tax returns of enterprises of 2016 are required to be submitted before 31 May 2017. The
See MorePoland issues Decree on mortgage loan limit for 2017
Polish Monitor (M.P. no 2016.1245), issued Decree of the Minister of Finance on 16 December 2016. According to the decree the limit for subtraction of interest expenses on mortgage loans for qualified taxpayers in 2017 is PLN 325,990.Generally,
See MoreNetherlands: Upper house adopts tax plan for 2017
The upper house of the parliament has approved the tax plan 2017 on 20 December
See MorePakistan: FBR Publishes Audit policy 2016
The new Audit Policy 2016, approved by the Federal Board of Revenue (FBR) on 3 January 2017 for selection of taxpayers for audit, would also include those cases in the parametric selection process which were earlier selected for audit last year.
See MoreFrance –Published Finance Law for 2017
In France, the Financial Law 2017 had been published under Law No 2016-1917 on 30 December 2016. On 29 December 2016, the Constitutional Court issued its decision on the comparability of certain provisions of the Financial Law 2017 with the
See MoreIceland: Ministry of Finance publishes regulation on country-by-country reporting
The Ministry of Finance and the Economy published Regulation No. 1166/2016 on the submission of country-by-country reports (CbC) on 22 December 2016. Under the article 3 of the regulation, Iceland’s parent company resident need to submit a CbC
See MoreColombian Chamber of Representatives and Senate approve tax reform bill
The Colombian Chamber of Representatives and the Senate approved the tax reform bill filed by the government, on 23 December 2016. The Chamber of Representatives and the Senate have passed different versions of bill and the approved texts of the
See MoreIndia: Service charge on restaurant bill not mandatory
The Department of Consumer Affairs on 2 January 2017 said that service charges on a restaurant bill in addition to taxes are optional and the consumer has the discretion to pay a service charge or not. Customers dissatisfied with service at any
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