Russia: The Lower House of Parliament Approves Bill Amending Tax Administration
On 18 July 2018, the Russian lower house of parliament adopted the Bill No. 249505-7 on improving tax administration in the third and final reading. The Bill includes following measures: Eliminate transfer pricing control (audit) for domestic
See MoreItaly : Law Decree entered into force following its publication
Italy Published Law Decree No. 87 of 12 July 2018 was entered into force following its publication in Official Gazette No. 161 of 13 July 2018. Details of the tax measures are summarized below: Regarding Incentives: Under article 7 of the Law
See MoreUK: Provisions of updated tax treaty with Cyprus
The updated UK-Cyprus Double Taxation Agreement (DTA) signed on March 22 2018 aligns the provisions more closely with the OECD Model. Withholding tax The new treaty when in effect will provide for zero withholding tax on dividends unless they are
See MoreUS: Central bank increases interest rates
On 13 June 2018, the Federal Reserve raised interest rates by 0.25% to new interest rates of 1.75% -2%. Two additional interest rises are expected by the end of 2018. Forecasts released after the US Federal Reserve's two-day meeting in Washington
See MoreUK: Government signals that taxes could rise
The UK prime minister has indicated that extra funding to be provided to the health service will be partly raised by tax increases. No comment has been made on which taxes will rise except that this will be done in a fair and balanced way. Part of
See MoreSweden: Parliament approves draft bill regarding corporate income tax changes
On 14 June 2018, the Swedish Parliament approved the bill introducing new tax rules for the business sector. The bill includes following measures: A reduction in the corporate tax rate from 22% to 21.4% in 2019 and 2020, and to 20.6% from 2021;
See MoreIndia: GST Council approves proposal for new, simplified return filing
On 4 May 2018, The Goods and Services Tax (GST) Council accepted a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place The Finance Secretary said
See MoreSaudi Arabia: Amendments of Income Tax Law regarding Investment Tax on Natural Gas
Royal Decree No. M/70 dated 28 March 2018 (11-7-1439H) has been issued based on Saudi Arabia’s Council of Ministers’ resolution No. 369 dated 27 March 2018 (10-7-1439H) regarding investments in natural gas. Under the law following changes are
See MorePhilippines: Draft corporate tax reform bill submits in the House of Representatives
Corporate tax reform bill (the Bill) was presented to the Philippine House of Representatives on 21st March 2018, which provides for graduated cuts in the corporate income tax (CIT) rate and the modernization of investment incentives, would level
See MoreNew Zealand: Government releases R&D tax incentive discussion document
Government has announced its intention to introduce a research and development tax incentive in April 2019 to help more businesses undertake a greater amount of R&D on 19th April 2018. The Ministry of Business, Innovation and Employment, Inland
See MoreIndia: DIPP publishes notification on the procedure for startups to avail tax benefits
On 11 April 2018, the Department of Industrial Policy and Promotion (DIPP) has issued Notification to outline the procedure of application and criteria for a startup to be eligible to apply for tax relief. The Notification has come into effect from
See MoreNigeria: President accepts VAIDS deadline extension until 30 June
The President, Muhammadu Buhari, has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018 from March 31, 2018. Note that, no further extension of time will be approved after June 30, 2018. The VAIDS
See MoreIndia cuts the tariff on sugar exports to zero percent
On 21 March 2018, the government issued an official order stating that the government has abolished tariffs on exporting sugar from the current 20 percent to zero percent. The duty cut has been made to boost overseas sales, the release said. “In
See MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
The Ministerial Resolution No. 1727 dated 11 February 2018 has amended the following key articles of the By-Law: General provisions- Article 1: Persons subject to taxation include resident capital companies with respect to shares owned directly or
See MoreKorea: Important changes in tax rules
The Korean Ministry of Strategy and Finance released amendments to the tax law on 13 February 2018. Key changes are following: The withholding tax rate will increase from 17% to 19% on the amount of compensation paid to hiring foreign entities.
See MoreUK: Consultation discusses the use of cash in tax evasion and financial crime
On 13 March 2018 the government issued a call for evidence entitled “Cash and digital payments in the new economy”. HMRC notes that the use of cash can present problems with tax compliance because people dealing in cash may have problems
See MoreUK: Use of taxation or other charges to reduce plastic waste
The UK has set a goal to eradicate all avoidable plastic waste by 2042 and is examining how economic incentives can be used to encourage sustainable behaviour. A number of measures have already been taken to reduce waste such as the Landfill Tax;
See MoreUK: update on corporate taxation and the digital economy
In March 2018 the UK has issued an updated position paper on corporate taxation and the digital economy, following an earlier consultation on the issue. The UK government considers that the engagement and participation of users is important for
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