IMF: Report comments on economic and fiscal situation in Mozambique
On 14 December 2017 the International Monetary Fund (IMF) published a report following consultations with Mozambique under Article IV of the IMF’s articles of agreement. The report notes that fiscal consolidation is essential for the recovery of
See MoreIMF: Report comments on the economic and fiscal situation in Bulgaria
On 14 December the International Monetary Fund (IMF) published on its website a report on the economic and fiscal situation in Bulgaria following consultations under Article IV of the IMF’s articles of agreement. The report notes that a strong
See MoreUK: Scotland introduces changes to income tax rates
On 14 December 2017 Scotland’s Finance Secretary announced the draft Scottish budget for 2018-19. The main points relating to taxation are as follows: The basic rate of income tax has been frozen at 20%, but a new intermediate rate of 21% will
See MoreFrance: Parliament approves the first Amending Finance Bill for 2017
The French Parliament has approved the first Amending Finance Bill for 2017 that was validated by the French constitutional court. The administrative guidelines on temporary surcharge of large companies were released on 8 December 2017. This Bill
See MoreUK: Research on impact of entrepreneurs’ relief
On 4 December 2017 HMRC published the results of a survey carried out in May 2017 into the impact of the availability of capital gains tax (CGT) entrepreneur’s relief on the behavior and motivation of individuals in the UK who could be eligible
See MoreUK: Consultation on conditionality measures to combat hidden economy
On 8 December 2017 HMRC published a consultation document entitled Tackling the hidden economy: public sector licensing. The document looks at measures that make compliance with tax obligations a condition of obtaining certain licenses and introduce
See MoreMorocco: Parliament adopts draft Budget for 2018
The Ministry of Economy and Finance of Morocco was announced on December 13, 2017 that the parliament adopted the draft Finance Law for 2018. The draft budget 2018 was presented to the Parliament on October 20, 2017. So, the draft measures will
See MorePortugal: Parliament approves Budget Law for 2018
Portugal’s parliament approved the 2018 Budget Law (Bill No. 100/XIII) on 27 November 2017. The approved Budget Law introduces adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows: up to EUR 7,091
See MoreUK: Research on attitudes to tax in the sharing economy
Research commissioned by HMRC on the sharing economy aimed to understand the extent of the sharing economy in terms of income of those participating for profit (known as providers) and the number and characteristics of the providers. The research
See MoreUK: Finance (No 2) Bill 2017
The UK Finance (No 2) Bill 2017 was introduced into Parliament on 28 November 2017 and published on the government’s website on 1 December 2017. This Bill includes some of the changes announced in the autumn budget and sets the levels of tax rates
See MoreHungary: Parliament approves new tax measures
On 14 November 2017, the Hungarian Parliament approved a package of tax which includes measures related to the tax procedural rules and also some other provisions that will affect corporate and individual taxpayers. The new tax legislative package
See MoreUS: Senate passes long awaited tax reform bill
On December 3, 2017, the Senate has accepted nearly $ 1.5 trillion of Republican tax bills, a historic volume and urgent political priority for President Donald Trump and his party. The poll was 51-49, mostly along party lines. Not a single
See MoreUK: Autumn Budget Announcements 2017
The UK’s autumn budget measures were announced on 22 November 2017. Important measures affecting business are as follows: R & D Tax Relief The Research & Development Expenditure Credit (RDEC) rate available to companies claiming under
See MoreFrance: Government publishes draft second Amendment Financing Act for 2017
On 15 November 2017, a second draft amending Finance Bill for 2017 was submitted to the French Council of Ministers and was submitted to the French Parliament. The draft law emphasized the following tax measures for the coming year. Anti-Evasion
See MoreUS: Senate Finance Committee approves tax reform bill
On November 16, 2017, the US Senate Finance Committee completed its tax reform and approved the bill. The bill, approved by the Finance Committee ("the SFC Bill"), contains a number of changes to the original proposed reform ("Chairman's Mark") as
See MoreMexico: Congress approves budget for 2018
Mexico’s Congress gave final approval to the federal budget for 2018 on 15th November
See MoreBelgium: Government approves draft law on corporate tax reform with fully participation exemption
On 27 October 2017, according to a press release, on the proposal of the Minister of Finance, the government has approved the corporate tax reform. The corporate tax reform process would take place in two phases, 2018 and 2020. Belgium will grant
See MoreUAE: MoF announces Executive Regulation for VAT
The Finance Ministry (MoF) announced the Executive Regulation for the Federal Decree-Law No. (8) of 2017 regarding Value Added Tax (VAT) at a Cabinet meeting on November 7, 2017, directed by the Vice President and Prime Minister of the UAE, Sheikh
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