Germany implements legislation that restricts the tax deductibility of related-party royalty payments
The Federal Parliament and the Federal Council on 12 May 2017 and 2 June 2017 have agreed on the implementation of legislation which restricts the tax deductibility of the contributory payments under certain conditions. This royalty limitation rule
See MoreMorocco: The House of Councilors approves the Finance Bill 2017
On June 1, 2017, the House of Councilors approved the Finance Bill 2017 in a plenary session devoted to the examination and voting of the second part of this Bill. The PLF was approved with 44 votes in favor, 22 against and 10 abstentions. The
See MoreSwitzerland: Steering committee adopts revised corporate tax reform proposal
The steering committee incorporate of federal and cantonal representatives has adopted recommendations on a balanced corporate tax reform proposal III (TP17) on 1st June 2017 for the attention of the Swiss Federal Council. The new proposals come
See MoreNamibia: Budget proposal for FY 2017-18
The Finance Minister, Mr. Calle Schlettwein, presented the annual national budget for the fiscal year 2017-18, on 8 March 2017. New tax policy and tax administration reforms announced include: Tax Arrear Recovery Incentive Programme will
See MorePakistan: FBR proposes budget for 2017/2018
Pakistan’s Federal Board of Revenue (FBR) on 26 May 2017, presented the budget for 2017/2018 to the parliament. The following tax measures are proposed in the Budget: Corporate income tax rate: Corporate tax rate for companies other than banking
See MoreUS: Trump releases final 2018 budget proposal
President Trump released his budget proposal for the FY 2018 on May 23, 2017, expanding on the budget blueprint he released in March. The Trump Administration proposed to Congress a $4.1 trillion FY 2018 budget that aims to balance the federal
See MorePoland publishes draft amendment to R&D tax relief
The Ministry of Science and Higher Education has published an amended draft bill regarding the R&D tax relief. The bill proposes an increase of current income tax deduction from 50% and 30% to 100% depends on the category of eligible costs and
See MoreNetherlands: Amendments to dividend withholding tax rule
On May 16, 2017, the Dutch government released a public consultation for the previously announced legislative proposals regarding changes to the DWT (dividend withholding tax) rules for holding cooperatives. The Dutch government expected to have the
See MoreKenya: Finance Bill for 2017
The Cabinet Secretary (CS) has submitted the national budget to the National Treasury on 30 March 2017. The Finance Bill 2017 has been published thereafter and pending tabling before the National Assembly for debate and approval. Some changes
See MoreFrance: New tax plans by the newly elected president
French newly elected president has committed to reduce the corporate tax rate from current rate of 33.3% to 25% with the aim to bring it in line with the EU average within five years. The tax credit on research, innovation and the start-up status
See MoreNorway proposes changes to the earnings stripping rules
Norwegian Ministry of Finance has issued a discussion paper on 4th May 2017, that proposes changes to the earnings stripping rules which further extends the limitation to also include interest costs on unrelated party debt at 25% . The new
See MoreCzech Republic: New withholding tax provisions
The Czech President signed some amendments to the Income Tax Act, which include the withholding tax (WHT) provisions. The amendments will be effective on the 15th day of its publication. There is an indication of its publication date and it is 1st
See MoreSingapore: IRAS launches public consultation on draft GST guide on customer accounting for prescribed goods
The Inland Revenue Authority of Singapore (IRAS) is engaging in a public consultation on the draft Goods and Services Tax (GST) Guide on Customer Accounting for Prescribed Goods. According to the existing GST rules, a GST-registered supplier will
See MorePakistan: Companies Act 2017 passed by Senate
On 15 May 2017, the Senate approved the draft Companies Bill, 2017, replacing the Companies Ordinance 1984. The Bill aims to facilitate procedures for the country’s business sector and discourage fraud, money laundering and terror
See MoreGreece: Parliament adopts a draft bill amending Income Tax Code and VAT Code
The Parliament has adopted a draft bill on 11th of April 2017, which contains some amendments on income tax code and VAT code. The Corporate Income Tax payment needs to be completed by six installments instead of eight. Note that, the first
See MoreCanada: A record number of Canadian citizens are using electronic filing services
To deliver the Canadian government’s commitment to Canadian citizens, the Canada Revenue Agency (CRA) continues to expand its offering of online services and the number of online users is increasing. Taxpayers are using the CRA’s online services
See MoreAustralia: Federal Budget 2017-18
On 9 May 2017, the Treasurer of Australia handed down Budget 2017-18. The Government is focused on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the
See MorePoland publishes standard audit file for tax purposes
A draft standard tax audit file rules of amendments to the Tax Ordinance Act has been published on 23rd May 2017. According to the standard tax audit file rules taxpayers-lawful entities, authoritative units, and people who directing benefits of the
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