Taiwan: 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 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 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
See MoreBolivia: Amendments to tax code regulations
Decree 2993 released by the President in the Official Gazette on 29 November and the Decree amends the Tax Code Regulations orderly relate to the new rules recognized by Law 812 accepted by the chamber of senators on 1 July 2016. The Decree
See MoreMexico: Amendments to Hydrocarbons Revenue Law
The Decree amending the Hydrocarbons Revenue Law was released in the Official Gazette on 7 December 2016 and the amendments comprise with other changes, amendment to the adjustment mechanism and the method for calculating deductible costs and
See MoreNorway: Updates the White and black lists
The updated lists of white and blacklisted jurisdictions released in the Official Gazette on 1 November 2016. A white list and a black list apply to decide what countries fit to the definition of having a low tax level to apply CFC taxation. The new
See MoreIceland: Ministry of Finance presents the fiscal budget proposal for 2017
The Ministry of Finance presented the fiscal budget proposal to the Parliament on 6 December 2016, regarding to the fiscal policy and plan over a perspective of five years, which were approved in August and supports to a new unrefined budget law.
See MoreSpain: Government announced a new law to increase in corporate income tax and other taxes
The Royal Decree-Law 3/2016, of 2 December, has been published in the Official State Gazette, which adopts certain measures of reform in the tax area that, in general, will enter in force on January 1, 2017. Implementing tax measures aimed at the
See MoreAustralian government asking for comment on diverted profits tax legislation
In the 2016-17 Budget, the Australian Government announced that it would implement a Diverted Profits Tax (DPT) to impose a 40% penalty tax on profits that have been artificially diverted from Australia by multinationals. This exposure draft Bill
See MoreNetherlands: Fourth amending bill presents to lower house of parliament
The fourth amending bill to the Tax Plan 2017 No. 34 522 (No. 37) was released in the Official Gazette on 15 November 2016. It was presented by the Minister of Finance to the lower house of the parliament on 20 September 2016. The major amendment
See MoreArgentina: Income tax exemption announced
The Minister of Finance announced a future implementation of an income tax exemption on 22nd November 2016. The future implementation regarding income tax exemption is that second installment of the 13th month salary to be paid during December. In
See MorePakistan: President enacts Companies Ordinance 2016
The President approved the Companies Ordinance 2016 on 11 November 2016, which replaces the Companies Ordinance 1984. The main points of the new company’s ordinance are set out below: –Registration and operations of companies in Pakistan have
See MoreNetherlands: Additional amendments presents to the parliament for Tax Plan 2017
The State Secretary for Finance submitted additional amendments to the Tax Plan 2017 No. 34 522 to the lower house of the parliament on 3 November 2016. The major amendments are summarized below: Business operating cost Business expenses acquired
See MoreFinland: Tightening legislation against money laundering and terrorist financing presented in Parliament
The Finnish government presented a law proposal, on 3 November 2016, tightening legislation against money laundering and terrorist financing to the parliament. Objective of the proposal is to strengthen the money laundering and financing terrorism
See MoreCroatia presented a tax reform package
The Minister of Finance submitted a tax reform package with the main objective of simplifies the tax system On 27 October 2016, and those are given below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18% and the
See MoreCroatia: Tax reform package announced
The Finance Minister has presented a tax reform package on 27th October 2016 for simplifying the tax system. The key elements are listed below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18%. In case of
See MoreJersey: Budget for 2017 has been presented
The Treasury and Resources Minister has presented the draft budget 2017 on 18th October 2016. The main tax proposals are given below: Corporate Taxation From previous record, unilateral tax relief has been granted by the Comptroller under a
See MoreNetherlands presented tax plan 2017
On 20 September 2016, the Tax Plan 2017 was presented by the Minister of Finance to the lower house of the parliament. The most important proposals regarding corporate income tax and dividend withholding tax, which unless otherwise indicated will
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