Russia: Adopts changes to the Tax Code
The State Duma adopted in the first hearing draft Law No. 11078-7 (the Law) on 2 November 2016, regarding changes to the Tax Code and other legislative provisions. The main provisions of the Law are summarised below: Carry-forward of losses: The
See MoreSlovenia: Publishes new R&D tax incentives guidance
The Financial Administration recently published guidance on the application of research and development (R&D) tax incentives. The guidance specifies the following: In order to qualify for the R&D tax incentives, the activity must meet
See MorePakistan: President enacts Companies Ordinance 2016
The President approved the Companies Ordinance 2016 on 11 November 2016, which replaces the Companies Ordinance 1984. The main points of the new company’s ordinance are set out below: –Registration and operations of companies in Pakistan have
See MoreIMF comments on economic reform in Egypt
The IMF issued a press release on 11 November 2016 commenting on Egypt’s reform program following the approval of an extended fund facility (EFF) for Egypt. Egypt has developed a program of structural reform supported by the EFF to boost growth
See MoreIMF comments on Jamaica’s economic reform agenda
On 11 November 2016 the IMF issued a press release in connection with the approval of a stand-by arrangement to support the continued economic reform agenda in Jamaica. The IMF commented that macroeconomic stability has been achieved with low
See MoreVietnam: Publishes the draft decree on transfer pricing
The final draft transfer pricing (TP) decree was released on 3 October 2016 by the Ministry of Finance, following Resolution No. 19-2016/NQ-CP dated 28 April 2016. The decree aims to replace the existing TP regulations, Circular 66/2010/TT-BTC, and
See MoreSri Lanka: Budget proposal 2017
On 10 November 2016, The Budget 2017 was presented to Parliament by the Minister of Finance Ravi Karunanayake. The main measures concerning corporate taxation are summarized below. Unless stated otherwise, the changes will take effect from 1 April
See MoreIMF mission chief comments on economic reform in Pakistan
A news report published by the IMF on 10 November 2016 contains an interview with the IMF mission chief for Pakistan. The report notes that Pakistan’s economy has stabilized and that economic growth has been increasing during the recent three
See MoreNigeria: Draft revised national tax policy
The Federal Inland Revenue Service (FIRS) has published a public notice on 11th November 2016, which was issued by the Finance Ministry on the stakeholders' forum. This forum had been convened from 7th to 8th November 2016 to discuss the draft
See MoreBulgaria: Proposal to keep health insurance contribution rate at 8% for 2017
The Bulgarian Council of Ministers has submitted a proposal to the National Assembly on 31st October 2016 concerning the Act on the budget of the National Health Insurance Fund for 2017. In accordance with the proposal, the compulsory health
See MoreGermany: Releases draft bill to combat tax avoidance
The German Ministry of Finance released a draft bill on 28 October 2016 about further measures taken to combat tax avoidance. The main important details are summarised below: -The bill provides for the introduction of an EU beneficial ownership
See MoreNetherlands: Additional amendments presents to the parliament for Tax Plan 2017
The State Secretary for Finance submitted additional amendments to the Tax Plan 2017 No. 34 522 to the lower house of the parliament on 3 November 2016. The major amendments are summarized below: Business operating cost Business expenses acquired
See MoreFinland: Tightening legislation against money laundering and terrorist financing presented in Parliament
The Finnish government presented a law proposal, on 3 November 2016, tightening legislation against money laundering and terrorist financing to the parliament. Objective of the proposal is to strengthen the money laundering and financing terrorism
See MoreCroatia: Proposal for corporate income tax amendments
The Tax Administration has presented proposed changes to the Corporate Income Tax Law (CIT law) on 4th November 2016. The significant elements are summarized below: Tax Base The tax base of corporate income tax will be extended by introduction of
See MoreBulgaria: Tax bill submitted to parliament
The Council of Ministers has submitted a proposal on 17th October 2016 to the National Assembly to amend various tax acts. The amendments are about cash payment changes, excise duty changes, local tax changes and changes to the accountant act that
See MoreCroatia presented a tax reform package
The Minister of Finance submitted a tax reform package with the main objective of simplifies the tax system On 27 October 2016, and those are given below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18% and the
See MoreIsrael: Draft Budget Plan 2017/2018 presented
The draft budget plan for the year 2017/2018 has been presented on 31st October 2016 by the Finance Ministry. The Draft offers a decrease in the corporate income tax rate from 25% to 24% in 2017 and 23% in
See MoreBulgaria: Country-by-country reporting
A bill entitled “Bill 602-1-59” has been submitted to the Bulgarian parliament. The Ministry of Finance has published a draft bill on 16th September 2016 regarding the automatic exchange of country-by-country reports (CbCR). As per the draft
See More