India: 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
See MoreGermany 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
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