Hong Kong: Inland Revenue (Amendment) (No. 2) Ordinance 2017 gazetted
Inland Revenue (Amendment) (No. 2) Ordinance 2017 (Amendment Ordinance) was gazetted June 16 and will come into effect on July 1, 2017. The Amendment Ordinance enables Hong Kong to implement automatic exchange of financial account information in tax
See MoreCanada: Minister announces consultation on changes to the Voluntary Disclosures Program
Although most Canadians pay their tax and expect a responsive and fair tax system, some net high wealth individuals are continuing to find ways to avoid paying the tax they owe, placing an unfair burden on the country. The Canadian Government and
See MoreBrazil: The Federal Government establishes the Special Tax Regularization Program
On 31st May 2017 the Federal Government published Provisional Measure No. 783, which established the Special Tax Regularization Program (PERT). Under the program's rules, taxpayers may settle debts with the Federal Revenue Service and the Attorney
See MoreUganda: Budget for 2017/18
Finance minister has presented national budget for 2017/18 to Parliament in April 2017. The budget, which is hoped to deliver Uganda into middle-income status has seen sectors like electricity, oil and gas, ICT, education, health and agriculture
See MoreNew Zealand: Budget for 2017
The budget for 2017 was passed by Parliament on 26th May 2017. The Budget bill contains changes to tax thresholds and to Working for Families. The changes will come into effect on 1 April 2018. The changes are given below: Income tax thresholds:
See MoreNigeria: Senate passes petroleum industry governance bill
During Nigeria’s plenary session on 25th May 2017, the Senate passed the Petroleum Industry Governance Bill (PIGB). The PIGB is only a segment of the original Petroleum Industry Bill (PIB). The bill splits the Nigerian National Petroleum
See MoreMorocco: Finance Law 2017 gazetted
The Government of Morocco published the Finance Law 2017 on 12th of June 2017 in the official gazette. The law provides an anti-avoidance rule, a tax relief in case of dividends, interest, and rental income for real estate collective investment
See MoreUAE: Excise tax to be implemented by the end of 2017
The Finance Ministry of the United Arab Emirates (UAE) on 10th of May 2017 arranged a briefing session in respect of the new Excise Tax Law. Implementation of the UAE Excise Tax Law follows the Gulf Cooperation Council (GCC) Ministers of Finance
See MoreMauritius: Budget for 2017-2018
On 8 June 2017, the Prime Minister and Minister of Finance and Economic Development delivered the Budget speech for 2017-18 to the parliament with little change to economic policy. Key points of the budget are summarised below: Reduced corporate tax
See MoreIreland updates Tax and Duty Manual
On 12 June 2017, Irish Revenue published the amended Tax and Duty Manual Company Incorporation – Economic Activity to reflect updated legislative references in the Companies Act 2014 and revised contact
See MorePakistan: Proposes documentation and CbC reporting requirements
On June 5, 2017, Pakistan's Federal Board of Revenue has presented a notification (Notification SRO 421 (I) / 2017) regarding Documentation and country-by-country reporting requirements in respect of transfer pricing. The proposed requirements are
See MoreTaiwan: Draft amendment to controlled foreign company rules issued
Taiwan’s Ministry of Finance issued Ruling No. 10604557490 on 6 June 2017, providing clarification to the proposed controlled foreign company (CFC) regulations which was issued on 9 November 2016. According to the proposed CFC rules, Taiwanese
See MoreColombia: Tax reform 2016 amends, new CFC rules
On 5 June 2017, the government of Colombia published Decree 939 of 2017 that removed previous errors of articles 89, 99, 111, 123, 165, 180, 281, 289, 305, 317 and 319 of Law 1819 of 2016. In accordance with Law 1819, there are multiple provisions
See MoreIndia: CBDT notifies new safe harbour regime for cross-border transactions
The Central Board of Direct Taxes (CBDT) on 7 June 2017, has issued a new, relaxed, safe harbour regime in order to reduce transfer pricing disputes. The move is aimed at providing certainty to taxpayers, aligning safe harbour margins with industry
See MoreBahamas: Budget Communication 2017-18
The Bahamas 2017-18 Budget was submitted to the National Assembly on May 31, 2017. The budget included an increase in customs and excise duties and licensing taxes and the introduction of electronic customs procedures. The main changes are as
See MoreSpain: Lower House approves 2017 Budget
Spain's lower house on 1 June 2017 approved the delayed 2017 national budget. The budget was presented on April 4th 2017. There is no significant change on direct taxation. A 10% reduced rate of VAT is expected to apply to specific product supplies
See MoreMozambique provides a draft law that revises the tax rules for oil and mining operations
The Council of Ministers in Mozambique, on 30th of May 2017, approved the proposed changes to the special tax regimes applicable to Petroleum and Mining Operations. The following step is for the draft bill to be sent to Parliament for approval and
See MoreMorocco: House of Representatives approve Finance Bill 2017
On June 6, 2017, the Finance and Economic Development Committee in the House of Representatives approved the second reading of the Finance Bill 2017. The Finance Committee of the House of Councilors opposes Article 8 bis of the Draft Finance Law
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