Peru 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 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 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 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 MoreSaudi Arabia: Ministerial Resolutions amends certain implementing articles of the By-law
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
See MoreKorea: Important changes in tax rules
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.
See MoreUK: Review of the corporate intangible fixed assets regime
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
See MoreItaly: CbC reporting requirements
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
See MoreFrance: Parliament approves the first Amending Finance Bill for 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
See MoreKazakhstan: Lower House Approves pending protocol to DTA with India
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
See MoreMalawi: New tax measures effective from July 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
See MoreMexico: Tax authority launches online tax resolution service
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
See MoreGreece: Draft Bill on CbC reporting submitted to the Parliament
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,
See MoreGreece: Draft law regarding TP documentation requirements for CbC reporting
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
See MoreCzech Republic: Chamber of Deputies passes legislation to implement CbC reporting
The chamber of deputies approved a legislation that implements a new information exchange duty, i.e. country-by-country (CbC) reporting into Czech legislation. The legislation will be effective when all legislative and processes are done. According
See MoreIndia: GST Rates for Goods and Services approved by GST Council
The GST Council held its 14th meeting in Srinagar on 18 May 2017 and 19 May 2017. In the meeting, the GST council has approved seven GST rules relating to Registration, Invoice, and Valuation, Input Tax Credit, Payment, Refund and Composition. The
See MoreHong Kong: Inland Revenue (Amendment) (No. 2) Ordinance 2017 gazetted
Inland Revenue (Amendment) (No. 2) Ordinance 2017 (Amendment Ordinance) was gazetted June 16 and will come into effect on July 1, 2017. The Amendment Ordinance enables Hong Kong to implement automatic exchange of financial account information in tax
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