Colombia: 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 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 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 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 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 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 MoreIsrael: BEPS updates
The Ministry of Finance on 1st of May 2017, signed tax regulations for implementing the OECD’s nexus approach. This approach is mainly a BEPS requirement in case of intellectual property (IP) preferential tax regimes. The proposed regulations are
See MoreUK: Criminal Finances Act 2017
On 27 April 2017, the Criminal Finances Bill 2017 received Royal Assent. The bill to amend the Proceeds of Crime Act 2002, make provision in connection with terrorist property, create corporate offences for cases where a person associated with a
See MoreQatar: Cabinet approves draft law on income tax and VAT
On 3 May 2017 the Prime Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al-Thani chaired the Cabinet's ordinary meeting. During its ordinary meeting, the Cabinet approved a draft law on income tax and some of its draft executive regulations. A
See MoreThailand- new tax on e-commerce to be introduced in April 2017
The Revenue Department of Thailand is planning to enforce a new law to tax cross-border e-commerce transactions by April 2017. Currently, a foreign operator which carries on e-commerce business but does not enter Thailand or does not have any
See MoreIceland presents fiscal plan for 2018 to 2020
The Minister of Finance and Economic Affairs announced fiscal plan for 2018 to 2020 to reduce the standard VAT rate from 24% to 22.5%. This plan will be effective from 1st
See MoreUS: Trump planning dramatic cut to corporate tax rate
President Trump is planning to cut the corporate tax rate to 15 percent even though that means a loss of revenue. Trump told his staff during a meeting in the Oval Office that he wants a massive tax cut for the American public. The 15 percent rate
See MoreIndia: Government increases SIPP scheme for three years
The Indian government has extended the Start-Ups Intellectual Property Protection (SIPP) scheme for three years till March 2020, to support potential entrepreneurs protect their patents, trademark and designs. The Department of Industrial Policy
See MoreBrazil releases withholding tax guidance on the importation of services
On 22 March 2017, the Brazilian Federal Revenue Service (RFB) released guidance in SC (Solução de Consulta) no. 153/2017 of 2 March 2017 regarding taxes on the importation of services. It primarily applies to the importation of services and the
See MoreVietnam: VECITA requests procedure to review goods on e-commerce websites and applications
The Vietnam E-Commerce and Information Technology Agency ("VECITA") published a notice on 20 April 2017 on its web page aiming to promote the authentication of information on counterfeit, prohibited or restricted infringing goods on e-commerce
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