Qatar: GTA issues circular on new income tax law

April 01, 2019

In April 2019, Qatar's General Tax Authority (GTA) has issued Circular No. 14 of 2019 following previous Law No. 24 of 2018 (the new tax law). The circular provides guidelines to the taxpayers on certain transitional provisions for implementing the

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IMF report looks at Chile’s economy and tax reforms

September 22, 2018

On 20 September 2018 the IMF issued a report on the economic position of Chile following consultations under Article IV of the IMF’s articles of agreement. Chile has experienced strong economic growth in 2018 and is expected to reach around 4%

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El Salvador: Supreme Court declares various Legislative Decrees regarding tax reforms

July 31, 2018

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

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Peru enacts new tax legislation for a short period

July 22, 2018

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

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US: Central bank increases interest rates

June 26, 2018

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

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Sweden: Parliament approves draft bill regarding corporate income tax changes

June 15, 2018

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;

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Saudi Arabia: Amendments of Income Tax Law regarding Investment Tax on Natural Gas

April 30, 2018

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

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Philippines: Draft corporate tax reform bill submits in the House of Representatives

April 29, 2018

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

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Saudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law

March 27, 2018

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

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Korea: Important changes in tax rules

March 26, 2018

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.

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UK: Review of the corporate intangible fixed assets regime

February 22, 2018

At the Autumn Budget in November 2017 the UK government announced a review of the corporate intangible assets regime.  This regime introduced in April 2002 allows companies tax relief for the cost of acquisition of intangible fixed assets and

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Italy: CbC reporting requirements

December 17, 2017

The Italian Tax Authorities (ITA) issued a Protocol No. 275956 of 28 November 2017, regarding the change in the CBC reporting requirements. The Protocol instructs further implementation rules regarding the Law 208 issued on 28 December

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France: Parliament approves the first Amending Finance Bill for 2017

December 15, 2017

The French Parliament has approved the first Amending Finance Bill for 2017 that was validated by the French constitutional court. The administrative guidelines on temporary surcharge of large companies were released on 8 December 2017. This Bill

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Kazakhstan: Lower House Approves pending protocol to DTA with India

September 14, 2017

The Lower House of Parliament approved the pending protocol to the 1996 income tax treaty on September 6, 2017 with India for avoiding double taxation. This protocol was signed on January 6, 2017 and includes several amendments, including changes

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Malawi: New tax measures effective from July 2017

August 16, 2017

On 15 August 2017 the Minister of Finance, Economic Planning and Development in his 2017/2018 Budget Statement announced new measures for both customs and domestic taxes. The domestic tax measures became effective on 1st July, 2017. Most of the

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Mexico: Tax authority launches online tax resolution service

August 01, 2017

The Mexican ax authority has launched an online tax dispute resolution service. The project is a co-operation between the tax authority of the country and the tax administration service which allows people to submit their tax disputes digitally and

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Greece: Draft Bill on CbC reporting submitted to the Parliament

July 26, 2017

The draft bill implementing EU Council Directives 2016/881 regarding mandatory automatic exchange of tax related information (EU CbC reporting) was submitted to the Greek parliament on July 21,

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Greece: Draft law regarding TP documentation requirements for CbC reporting

July 25, 2017

The Parliament of Greece introduced a draft Law 4484/2017 on July 20, 2017 that amends to the Corporate Income Tax Law L.4170 / 2013 and 4474/2017. The suggested amendments contain additional transfer pricing documentation requirements corresponding

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