Greece: Draft law regarding TP documentation requirements for CbC reporting
The Parliament of Greece introduced a draft Law 4484/2017 on July 20, 2017 that amends to the Corporate Income Tax Law L.4170 / 2013 and 4474/2017. The suggested amendments contain additional transfer pricing documentation requirements corresponding
See MoreUK: Updates on Finance Bill (No. 2) 2017
On 20 July 2017, the UK government tabled resolutions for the Finance Bill (No. 2) 2017. The government has now published explanatory notes on resolutions, which give a brief description of each of the Finance Bill resolutions. The Finance Bill (No.
See MoreNetherlands: The Dutch government publishes consultation on anti-tax avoidance directive
The State Secretary of Finance provided a letter to Dutch parliament in which he indicated that an internet consultation has been opened for a draft bill on 10th July 2017. The draft bill has been formulating in order to implement the first EU
See MoreCzech Republic: Chamber of Deputies passes legislation to implement CbC reporting
The chamber of deputies approved a legislation that implements a new information exchange duty, i.e. country-by-country (CbC) reporting into Czech legislation. The legislation will be effective when all legislative and processes are done. According
See MoreCanada and EU: CETA agreement to enter into force
Recently the Prime Minister of Canada and the European Commission announced that they were agreed that the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) would enter into force on September 21, 2017. The CETA will create
See MoreIreland: Summer Economic Statement 2017
On 12 July 2017, the Minister for Finance and Public Expenditure & Reform, Mr. Paschal Donohoe T.D, published the Government’s Summer Economic Statement (SES). The Statement is an integral part of the reformed budgetary process that
See MoreVietnam: National Assembly passes the new technology transfer law
The National Assembly of Vietnam on 19 June 2017 approved the Law on Technology Transfer No. 07/2017 / QH14 ("LTT 2017"). The new law (LTT 2017) comes into force on 1 July 2018 and replaces the Law on Technology Transfer No. 80/2006 / QH11 of 29
See MoreNigeria: New tax amnesty scheme in force
According to an announcement from the Finance Ministry, a new tax amnesty called the Voluntary Assets and Income Declaration Scheme (VAIDS), entered into force on July 1, 2017 for both individuals and corporations. The amnesty aims to raise tax
See MorePakistan: National Assembly Passes Finance Bill 2017
The National Assembly on 13 June 2017 passed the Finance Bill 2017 by majority vote to give effect to measures announced in the annual budget proposals for the fiscal year 2017-18. Therefore, from 1 July 2017 the following major changes in
See MoreSlovenia: MoF plans for tax measures in 2017
The Slovenian Finance Minister (MoF) gave an overview of the fiscal measures to be taken in 2017 and the projected measures allocated into three main categories: i) Restructuring the tax burden on individuals and businesses; ii) improving the
See MoreIndia: GST Rates for Goods and Services approved by GST Council
The GST Council held its 14th meeting in Srinagar on 18 May 2017 and 19 May 2017. In the meeting, the GST council has approved seven GST rules relating to Registration, Invoice, and Valuation, Input Tax Credit, Payment, Refund and Composition. The
See MorePakistan: FBR increases sales tax rates
On July 1, 2017, the Federal Board of Revenue (FBR) amended the rules in SRO 583 (I) / 2017 as regards the payment of increased sales tax by the steel industry. The FBR has increased the sales tax to 10.5% from 9% for the consumption of each
See MoreHong Kong: IRD plans to launch AEOI portal from July 2017
The Inland Revenue Department (IRD) plans to launch an Automatic Exchange of Information (AEOI) portal from 3 July 2017, according to a spokesman for the IRD. The portal would be used for financial institutions to furnish notifications and file
See MoreBangladesh: Parliament passes Budget for 2017-18
On 29 June 2017, the parliament of Bangladesh has passed a Tk 4,00,266 crore national budget with some changes to the excise duty on bank accounts and Value Added Tax (VAT) proposals for the fiscal year 2017-18. On 1 June 2017, the Finance
See MoreIMF report comments on Nicaragua’s fiscal position
On 22 June 2017 the Executive Board of the IMF concluded consultations with Nicaragua under Article IV of the IMF’s articles of agreement and a report has been issued. The report notes that Nicaragua’s economic performance in 2016 was robust
See MoreAustralia: State Budget 2017-18
On 22 June 2017, the Treasurer, Mr. Tom Koutsantonis released the 2017-18 Budget of South Australia with the following measures: Stamp duty surcharge for foreign purchasers From 1 January 2018, a surcharge of 4% will apply to all residential
See MoreVietnam: National Assembly passes law on supporting SMEs
On 12 June, the National Assembly passed the Law on the support of small and medium-sized enterprises (SMEs). The measure will help to improve the quality of growth and change the nation's economic growth model. Under the new law, SMEs include
See MoreTanzania: 2017 Budget effective from July 1, 2017
The Minister for Finance and Planning (MoFP) on 8 June 2017, issued to the National Assembly the estimates of government revenue and expenditure for 2017. The government plans to organise and spend TZS 31,712.0 billion in the 2017/18 budget. The
See More