Belgium: Details Budget for 2018
On 26 July 2017, the federal government of Belgium announced a major tax reform for the 2018 budget. The reform will take place in two steps, in 2018 and 2020 along with several major changes. Corporate income tax rate The rate of corporate income
See MoreMalawi: New tax measures effective from July 2017
On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the
See MoreIndia: Government imposes 10% customs duty on imported mobile phones
The government of India on 1 July 2017, has imposed 10% basic customs duty on mobile phones and parts like charger, headsets, battery and USB cable to boost domestic manufacturing. The 10% customs duty will be levied on imported cellular mobile
See MoreZambia: Revenue Authority extends tax amnesty period on interest and penalties
The amnesty on interest and penalties which was introduced by the Zambia Revenue Authority (ZRA) on 24th April 2017, came to a close on 31st July 2017. During this period, taxpayers were expected to submit outstanding tax returns and pay all
See MoreNigeria: Government clarifies 27 new industries and products to enjoy tax holiday under pioneer status
The Federal Government gave clarifications on August 9, 2017 regarding businesses that would qualify to enjoy pioneer status under the extra 27 new industries and products for inclusion in the list of “pioneer industries” and “pioneer
See MoreSouth Africa: SARS releases draft taxation amendment bill for public comment
The National Treasury and the South African Revenue Service (SARS) published on 19 July 2017 for public comment the 2017 Draft Taxation Laws Amendment Bill (TLAB) and the 2017 Draft Tax Administration Laws Amendment Bill (TALAB). Together with the
See MoreHong Kong: Government plans to introduce transfer pricing legislation by the end of 2017
On 31 July 2017, the Hong Kong government released the consultation report on measures to counter base erosion and profit shifting (BEPS) by enterprises. Hong Kong indicated its commitment in June 2016 to implementing the BEPS package put forward by
See MoreGermany publishes revised guidance on CbC reporting requirements
The Germany Federal Ministry of Finance (MoF) on 11 July 2017 issued guidance on the Country-by-Country (CbC) reporting requirements in line with BEPS Action 13 and the EU Administrative Assistance Directive as amended. If certain requirements are
See MoreMexico: Tax authority launches online tax resolution service
The Mexican ax authority has launched an online tax dispute resolution service. The project is a co-operation between the tax authority of the country and the tax administration service which allows people to submit their tax disputes digitally and
See MoreCanada: New tax proposal increases uncertainty for SMEs
A new federal tax proposal was announced on 18th of July 2017 by the Finance Minister and it could have a chance of uncertain consequences for small businesses and enterprises (SMEs). The Canadian Federation of Independent Business (CFIB) has
See MoreIndia: CBDT issues final rules for valuation of unquoted shares
The Central Board of Direct Taxes (CBDT) on 12 July 2017 has issued a notification prescribing the method for valuation of unquoted shares for the purposes of Section 56(2)(x) and Section 50CA of the Income-tax Act 1961. The rules will be effective
See MoreGreece: Draft Bill on CbC reporting submitted to the Parliament
The draft bill implementing EU Council Directives 2016/881 regarding mandatory automatic exchange of tax related information (EU CbC reporting) was submitted to the Greek parliament on July 21,
See MoreJapan: amendments to CFC rules in 2017 tax reform
The 2017 tax reform bills were passed by the 193rd ordinary session of the Japanese National Diet on 27 March 2017. Accordingly, the Japanese regulations on controlled foreign companies (CFC) have been fundamentally revised, taking into account the
See MoreGreece: Draft law regarding TP documentation requirements for CbC reporting
The Parliament of Greece introduced a draft Law 4484/2017 on July 20, 2017 that amends to the Corporate Income Tax Law L.4170 / 2013 and 4474/2017. The suggested amendments contain additional transfer pricing documentation requirements corresponding
See MoreUK: Updates on Finance Bill (No. 2) 2017
On 20 July 2017, the UK government tabled resolutions for the Finance Bill (No. 2) 2017. The government has now published explanatory notes on resolutions, which give a brief description of each of the Finance Bill resolutions. The Finance Bill (No.
See MoreNetherlands: The Dutch government publishes consultation on anti-tax avoidance directive
The State Secretary of Finance provided a letter to Dutch parliament in which he indicated that an internet consultation has been opened for a draft bill on 10th July 2017. The draft bill has been formulating in order to implement the first EU
See MoreCzech Republic: Chamber of Deputies passes legislation to implement CbC reporting
The chamber of deputies approved a legislation that implements a new information exchange duty, i.e. country-by-country (CbC) reporting into Czech legislation. The legislation will be effective when all legislative and processes are done. According
See MoreCanada and EU: CETA agreement to enter into force
Recently the Prime Minister of Canada and the European Commission announced that they were agreed that the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) would enter into force on September 21, 2017. The CETA will create
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