China: Up to 12% profits are deductible for charitable donations
The Standing Committee of the People's Congress of China passed the decision on the amendment to article 9 of the Enterprise Income Tax Law regarding the deductibility of charitable donations, on 24 February 2017. In accordance with the amendment,
See MoreGhana: Proposes the Budget for 2017
The Minister of Finance presented the Budget for 2017 to Parliament on 2 March 2017. The following tax measures are proposed in the Budget: Capital gains tax (CGT): Exemption from CGT on gains realised from the sale of securities listed on the
See MoreColombia sets maximum deductible amount to investment for 2017
Under the recently published Administrative Regulation 16 of 2016, the National Council of Tax Benefits in Science, Technology and Innovation (CNBT) has set out the maximum amounts deductible for investments made in science, technology and
See MorePakistan: Modifies Income Tax Rules 2002
The Federal Board of Revenue (FBR) has published the Income Tax Rules 2002 as amended up to 10 February 2017. The main changes are summarised below: Capital gains: In cases of portfolio transfers where the ownership of securities does not
See MoreBrazil approves a proposal for re-opening of special regime
The Chamber of Deputies has sanctioned a proposal for the re-opening in 2017 regarding the special regime for regularization of non-notified assets abroad on 15th February 2017. The proposal was approved by the Senate on 23rd November 2016. The
See MorePhilippines: BIR issues tax provision for micro-finance NGOs
The Bureau of Internal Revenue (BIR) has issued revenue regulations No. 3-2017 regarding executions of tax provisions for micro-finance NGOs on 24 February 2017. Regulation No 3-2017 shall take effect 15 days after its publication in the official
See MoreIreland: MoF issues a Consultation Paper on review of corporation tax code
On 21 February 2017, the Ministry of Finance (MoF) published a public consultation paper on the review of the corporation tax code. The review, which is to be undertaken by an independent expert, will be conducted in consideration of the following
See MoreIsle of Man: Treasury Minister presents Budget for 2017-18
On 21 February 2017, the Treasury Minister presented the Budget 2017-18 in Tynwald. Details of the draft proposals are summarized below: Key features of the 2017-18 Budget include: Personal income tax allowance increased by £2,000 to £12,500,
See MorePanama ratifies Convention on Mutual Administrative Assistance in Tax Matters
On 21 February 2017, the multilateral Convention on Mutual Administrative Assistance in Tax Matters was ratified by Panama, as amended by the 2010 protocol, by way of Law No. 5, as published in Official Gazette No. 28225B of 23 February
See MoreBrazil publishes rules for filing individual income tax returns
Normative Instruction 1,690/2017 has been released in the Official Gazette on 22 February 2017 and also entered into force at same date. The Normative Instruction 1,690/2017 introduces the rules for filing of individual income tax returns for income
See MoreHong Kong: Financial Secretary announces the Budget for 2017-18
The Financial Secretary announced the 2017-18 Budget on 22 February 2017. In his Budget speech, the Financial Secretary proposed a number of tax measures. All of proposed measures require legislative amendments before implementation. Highlights of
See MoreSouth Africa: Finance Minister presents the Budget for 2017-2018
The Finance Minister of South Africa presented the Budget for 2017-18 to the Parliament on 22 February 2017. The main tax proposals of the Budget are given below. The 2017/18 tax year sees the introduction of a new top marginal income tax bracket
See MoreBolivia: Proposal to increase income tax for financial sector
The Finance Minister has announced a proposal on 7 February 2017 for rising income tax in the financial sector by 3% (from 22% to 25%). The proposal had been submitted to the
See MorePakistan: FBR Proposes rules for common reporting standard
The Federal Board of Revenue (FBR) released SRO 101(I)/2017 on 17 February 2017, which proposes draft amendments to the Income Tax Rules 2002 to implement the Common Reporting Standard for financial institutions for the automatic exchange of
See MorePanama: National Assembly of Panama approves Convention on Mutual Administrative Assistance
On 14 February 2017, the multilateral Convention on Mutual Administrative Assistance in Tax Matters was approved by the National Assembly of Panama, as amended by the 2010
See MoreUAE: Planning to introduce VAT by 2018
During the World Government Summit Ministry of Finance officials from the United Arab Emirates (UAE) announced they are to implement VAT by 1st January 2018. Also, the Finance Undersecretary has reiterated the Gulf Cooperation Council (GCC) Member
See MoreVietnam: A new legal framework for the international sale of goods
Recently, Vietnam ratified the UN agreement on contracts for the international sale of goods (CISG), which took effect on 1 January 2017. With this ratification expanding and complementing Vietnam’s existing domestic legal framework for the sale
See MoreBrazil: MOF issues new threshold for automatic appeals
The Ministry of Finance (MOF) released a regulation 63/2017 (Portaria 63/2017) in the official journal on 10 February 2017. This has increased the threshold of BRL 2.5 million (previously, BRL 1 million) for automatic complaints (recurso de ofício)
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