Poland: Ministry of Finance declares key changes under 2019 tax reform
Poland’s Ministry of Finance announced, significant changes in the tax law are planned in Poland as of 2019. The Ministry announced the following key measures, among others: Stricter conditions for the application of withholding tax exemption
See MoreGhana changes several Tax Acts
On 1 August 2018, The Parliament of Ghana published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment)
See MoreKorea: MOEF proposes tax revision bill for 2018
On 30 July 2018, South Korea's Ministry of Economy and Finance (MOEF) has issued an overview of the proposed 2018 Tax Revision Bill for strengthening social welfare and bringing about redistribution of income, promoting job creation and growth
See MoreEl Salvador: Supreme Court declares various Legislative Decrees regarding tax reforms
The Constitutional Chamber of the Supreme Court of Justice in El Salvador has declared unconstitutional Legislative Decree Nos. 762, 763 and 764 (together, the Legislative Decrees), through which El Salvador reformed its Income Tax Law and Tax Code
See MoreAustria: Parliament adopts the annual Tax Act 2018
On 11 July 2018, the Federal Council of Austria adopted the text of the Annual Tax Act 2018 as approved by the National Council (lower house) on 4 July. The legislation includes simplifications of tax laws, the abolishment of various fees and
See MorePeru enacts new tax legislation for a short period
Peru’s Congress enacted Law 30823 on 19 July 2018 granting President Power to enact new tax legislation for a short period on specific issues. The President has 60 calendar days till 17 September 2018 to issue new tax legislation. The issues are
See MoreRussia: 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 More