Malaysia: Prime Minister announces the Budget for 2018
On October 27, 2017, Malaysian Prime Minister Najib Razak presented the budget for 2018, outlining government plans to combat rising costs and limit the country's fiscal deficit. Some of the key fiscal tax measures are summarized as follows: Tax
See MoreKazakhstan: New Tax Code submits to Parliament
The First Vice-Minister of National Economy, Ruslan Dalenov, submitted the draft of the new tax code to the finance and budget committee of the lower house of the Kazakh parliament (the Mazhilis) on September 21, 2017 for consideration. It was
See MoreTurkey: Law No. 6824 introduces income tax and VAT relief
On 8th March 2017 Law No. 6824 on the restructuring of certain public claims and the amendment of certain laws and cabinet regulations was published in the official gazette. The Law changes both the Income Tax and VAT Laws, introducing a new income
See MoreTurkey: Tax amendments gazetted
The Law No. 6824 was published in the official gazette on 8th March 2017 that amend a number of laws. Under the Law, a compliant taxpayer is defined as a taxpayer not having tax debts or not including tax penalties over the amount of TRY 1,000. The
See MoreTurkey: Decree 2012/3305 on investment incentives regime amended
A Decree 2017/9917 regarding the investment incentives regime, which amends Decree 2012/3305, was published on 22nd February 2017 in the official gazette. This decree entered into force on the day of its publication. According to the amended
See MoreMozambique: Parliament approves new VAT Code
Some modifications have been occurred to the Value Added Tax (VAT) Code by using Law No. 13/2016 and those changes are approved by the Parliament of Mozambique. These changes are applied to facilitate implementation of net VAT system. The new system
See MoreTurkey: General Communiqué No. 10 on VAT Law gazetted
The General Communiqué No. 10 regarding Value Added Tax Law (Law No. 3065) was published on 3rd February 2017 in the Official Gazette. Under taking into account of the provisions of Law No. 6770, the Communiqué changes the General Communiqué on
See MoreLatvia: Amendments law on Micro-Enterprise tax enters into force
Latvia’s President Raimonds Vejonis has promulgated two legal amendments that the country’s legislature, the Saeima, adopted on December 20, 2016; the changes came into effect on January 1, 2017. The changed laws cover the taxation of
See MoreUK increases VAT-free threshold to £39
The VAT-free threshold has been increased by the United Kingdom for small packages that imported from outside of the EU as of 1st January 2017. The maximum value of goods is increased from £34 to £39. The EU plans to take away the relief according
See MoreChina declares tax exemption for oil and gas industry
On 29 December 2016, the Ministry of Finance together with the General Administration of Customs and the State Administration of Taxation published two notices concerning imports of goods and equipment. According to this notice, imports of goods and
See MoreChina announces tax incentives to promote research and innovations
On 27 December 2016, the General Administration of Customs, the Ministry of Finance and the State Administration of Taxation jointly published a notice to support scientific research and technological innovations. In accordance with the notice, the
See MoreUK: Consultation on making tax digital for unincorporated businesses
On 15 August 2016 HMRC issued a consultation document on Making Tax Digital: Bringing business into the digital age. The UK government announced at Budget 2016 that businesses, the self employed and landlords will be required by 2020 to update a
See MoreOECD: Addressing BEPS involving interest in the banking and insurance sectors
On 28 July 2016 the OECD issued a discussion draft outlining approaches to combating base erosion and profit shifting (BEPS) involving interest in the banking and insurance sectors. This is part of further work following the final report on BEPS
See MoreChile: Government declares a bill to boost productivity
The Ministry of Finance declared on 6th May 2016 that the government had approved a bill to increase productivity. Tax measures contain: Expand the definition of export services to incorporate further services for VAT exemption upon
See MoreECJ ruling on VAT on immovable property
On 28 April 2016 the European Court of Justice (ECJ) gave its preliminary ruling in the case Staatssecretaris van Financiën v. Het Oudeland Beheer BV . The case had been referred to the ECJ by the Hoge Raad der Nederlanden (Netherlands Supreme
See MoreUK: Reverse charge mechanism for wholesale supplies of telecommunications services
Owing to the threat of intra community missing trader fraud the UK government has drawn up a statutory instrument to introduce the reverse charge mechanism for accounting for value added tax (VAT) on wholesale supplies of telecommunications services
See MoreUK: Businesses trading below the VAT registration threshold
Revenue and Customs Brief 4 (2016) sets out simplifications available to businesses trading below the value added tax (VAT) registration threshold (which in the UK is currently GBP 82,000) and making supplies of digital services to consumers in
See MoreECJ: Advocate General issues opinion in BRE Ubezpieczenia case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 23 December 2015 in the case of Minister Finansow v BRE Ubezpieczenia Sp z.o.o. This case concerned a Polish insurance company (Aspiro) that provided insurance services
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