Turkey: Government introduces new tax plan
The Finance Minister, Naci Ağbal, announced significant tax increases on September 27, 2017 during the Medium Term Program meeting (2018-2020). A new legislative proposal increasing corporate income tax from 20% to 22% for financial sector and
See MoreNetherlands: Tax plan for 2018
The Dutch government has presented the tax plan for 2018 on 19th September 2017. If adopted, these proposals will be entered into force on 1st January 2018. 2018 tax plan contains various other amendments on a variety of topic and these are given
See MoreVenezuela: New reduced VAT rate for electronic purchases
The National Integrated Service of Customs and Tax Administration (SENIAT) declared that as of September 27, 2017, the standard value added tax (VAT) rate in case of electronic purchases will be reduced by 3% or 5%. In the General Assembly of
See MoreCanada: Finance Department announces public consultation on draft tax legislative proposals
The Finance Department released a public consultation on September 8, 2017 regarding draft legislative and regulatory proposals on the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and excise duty as well as income tax. GST/HST and Excise
See MoreTaiwan: MOF announces tax reform proposals
Taiwan’s Ministry of Finance (MOF) announced tax reform proposals on 1st September 2017 that would rebuild the income tax system. The proposals include the following: Corporate income tax rate increases from 17% to 20%; Standard dividend
See MorePakistan: FBR publishes explanatory notes to the Finance Act 2017
The Federal Board of Revenue (FBR) has published Circular No. 04 dated September 06, 2017 to explain the important changes made to Income Tax Ordinance, 2001 through Finance Act, 2017. The main changes include: A new concept of ‘Startup
See MoreVietnam: Finance Ministry proposes new tax plans
On 8 August 2017, the Ministry of Finance of Vietnam has announced the proposal to launch the tax reform program through two drafts on amending and supplementing the Laws on Corporate Income Tax, Personal Income Tax, Special Sales Tax, VAT and
See MoreSwitzerland: Federal Council initiates consultation on tax proposal 17
The Federal Council initiated the consultation on tax proposal 17 (TP17) on 6th September 2017. The proposal will make a significant contribution to having an appealing location and thus to added value, jobs and tax receipts. The reform will
See MoreBrazil announces a strategy to simplify tax complex control system
Brazil’s Inland Revenue provided four fiscal simplification measures aimed at reducing costs for businesses and enhancing the business environment of the country on 7th August 2017 at a meeting and those are given below: Improving the
See MoreMalta amendments fringe benefits rules
On 8 August 2017, the Minister for Finance (MoF) made amendments to Fringe Benefits Rules and Inland Revenue Department published a guide to provide explanations and instructions on the application of the Fringe Benefits Rules (SL 123.55). It
See MoreZambia: Revenue Authority extends tax amnesty period on interest and penalties
The amnesty on interest and penalties which was introduced by the Zambia Revenue Authority (ZRA) on 24th April 2017, came to a close on 31st July 2017. During this period, taxpayers were expected to submit outstanding tax returns and pay all
See MoreNigeria: Government clarifies 27 new industries and products to enjoy tax holiday under pioneer status
The Federal Government gave clarifications on August 9, 2017 regarding businesses that would qualify to enjoy pioneer status under the extra 27 new industries and products for inclusion in the list of “pioneer industries” and “pioneer
See MoreHong Kong: Government plans to introduce transfer pricing legislation by the end of 2017
On 31 July 2017, the Hong Kong government released the consultation report on measures to counter base erosion and profit shifting (BEPS) by enterprises. Hong Kong indicated its commitment in June 2016 to implementing the BEPS package put forward by
See MoreCanada: New tax proposal increases uncertainty for SMEs
A new federal tax proposal was announced on 18th of July 2017 by the Finance Minister and it could have a chance of uncertain consequences for small businesses and enterprises (SMEs). The Canadian Federation of Independent Business (CFIB) has
See MoreJapan: amendments to CFC rules in 2017 tax reform
The 2017 tax reform bills were passed by the 193rd ordinary session of the Japanese National Diet on 27 March 2017. Accordingly, the Japanese regulations on controlled foreign companies (CFC) have been fundamentally revised, taking into account the
See MoreNetherlands: The Dutch government publishes consultation on anti-tax avoidance directive
The State Secretary of Finance provided a letter to Dutch parliament in which he indicated that an internet consultation has been opened for a draft bill on 10th July 2017. The draft bill has been formulating in order to implement the first EU
See MoreCanada and EU: CETA agreement to enter into force
Recently the Prime Minister of Canada and the European Commission announced that they were agreed that the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) would enter into force on September 21, 2017. The CETA will create
See MoreIreland: Summer Economic Statement 2017
On 12 July 2017, the Minister for Finance and Public Expenditure & Reform, Mr. Paschal Donohoe T.D, published the Government’s Summer Economic Statement (SES). The Statement is an integral part of the reformed budgetary process that
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