Germany: Approves draft bill on combat of tax avoidance
The Federal Cabinet on 21 December 2016 approved the draft bill on the combat of tax
See MoreBrazil: Regulates special payment scheme for tax debts
Normative Instruction 1,677/2016, released in the Official Gazette on 12 December 2016, adjusts the special payment scheme for tax debts become certified to legal entities and the special payment rule was created by Law 155/2016. Law 155/2016
See MoreBrazil: Budget 2017 has been accepted by the president
The Budget for 2017 was accepted by the National Congress on 15 December 2016. According to the budget minimum monthly salary increases from BRL 880 to BRL 945.80 in 2017. The President needs to enact the Budget for
See MoreTaiwan: Finance Minister publishes draft rules on CFC and PEM
Finance Minister issued draft regulations on a controlled foreign company (CFC) and place of effective management commenced in July 2016 on 9 November 2016. The draft regulations intend to explain CFC income’s timing and amount addition CFC
See MoreAmendments to VAT Act enacted in Isle of Man
On 15 November 2016, the recently published Value Added Tax (VAT) Act 1996 (Amendment) Order 2016 was approved by Tynwald and applicable from 1 October 2016. According to the amended section 48 of the VAT Act 1996, the Treasury may require a taxable
See MoreMontenegro: Draft Budget for 2017 adopted
The government of Montenegro has adopted the draft budget 2017 on 18th December 2016. The main changes are given as follows: the application of 11% increased tax rate for personal income more than the average salary will be extended until 2019;
See MoreNetherlands: Proposes withholding tax on profit distributions
The Deputy Minister of Finance presented a bill to the Parliament regarding to a proposal for changes to the tax treatment of certain profit distributions on 16 December 2016. According to the bill, it would modify the dividend withholding rules and
See MorePoland: Parliament approves bill to apply simplified accounting
The parliament approved a draft law which aims at facilitate business in Poland on 16 December 2016. Along with other things, the law launches some changes to the Accounting Law in so far that it raises the threshold of annual net income which
See MoreGermany: Approves the bill on amendments to change-in-ownership rules
The Federal Council permitted the bill on amendments to the change-in-ownership rules on 16 December 2016. The bill will enter into force after its publication in the Official Gazette. According to the section 8c of the Corporate Income Tax Act and
See MoreNew Zealand: New GST refund procedure
The Tax Administration Order 2016, which specifies that, goods and services tax (GST) refunds must be paid by direct credit to a taxpayer's identified bank account from 7 February 2017, on 14 December 2016.GST refunds will be given by cheque only if
See MoreTaiwan: Finance minister announces pension income
The Ministry of Finance declared modification to the amounts of exempt pension income in 2017 on 12 December 2016. The taxable pension income is considered as follows: Pension income up to TWD 180,000 multiplied by the number of years of service is
See MoreGreece: Draft bill on electronic payments has been submitted
A draft bill regarding electronic payments has been presented to the parliament on 12th December 2016. The term "electronic payments" states to payments via debit, credit or prepaid cards but also to other means of payment, e.g. digital wallets. All
See MoreBrazil: Amendments to tax on services
The Senate approved changes to Complementary Law 116/2003 major tax on services on 14 December 2016. The modifications need to be ratifies by the President. The key changes are given below: The tax rate is increased from 0% to 2%; new services (e.g.
See MoreJersey: Country-by-country reporting announced
The Taxation Regulation 2016 of Jersey regarding Country-by-country reporting has been made on 14th December 2016 and the regulations will entry into force on 21st December 2016. It covers a country-by-country (CbC) reporting obligation for
See MoreJersey: Budget for 2017 has been approved
The budget for the year 2017 has been approved by the States Assembly or the parliament of Jersey on 14th December 2016. The draft budget had been presented by the Treasury and Resources Minister on 18th October
See MoreNigeria: Budget 2017 has been presented to the parliament
The President of Nigeria has presented the budget 2017 on 14th December 2016 to a joint session of the National Assembly. The Budget includes the following proposals: reviving the export expansion grant scheme due to the tax credit’s provision
See MoreMozambique: Budget 2017 has been presented to parliament
The Economic and Social Plan and the 2017 Budget has been submitted to the parliament on 6th December 2016 for discussion. It is expected that an annual economic growth rate will be 5.5% in
See MoreAzerbaijan-Budget Bill for 2017 submitted to parliament
Azerbaijan’s Budget Bill for 2017 had been submitted to the parliament on 15 November 2015. The Bill specifies various measures on tax, customs and social security to be taken in 2017. According to the plans stipulated on the Budget Bill, the
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