UK: Draft VAT Notice and Legislation on Making Tax Digital
On 18 December 2017 HMRC published draft VAT regulations, a draft explanatory memorandum and draft VAT Notice, for consultation. The regulations relate to the introduction of Making Tax Digital (MTD). Comments from interested parties are invited by
See MoreIceland: National Budget proposal for 2018
Iceland's Ministry of Finance and Economic Affairs published an overview of the budget proposals for 2018 on 14th December 2017. The main tax changes in 2018 included in the fiscal budget proposal are as follows: The capital gain tax rate will
See MoreBulgaria: Multilateral Competent Authority Agreement signs for exchange of CbC reports
Bulgaria has signed the Multilateral Competent Authority Agreement (MCAA) on November 17, 2017 for the exchange of country by country (CbC) reports under action 15 of the OECD’s BEPS
See MoreHungary: Parliament approves new tax measures
On 14 November 2017, the Hungarian Parliament approved a package of tax which includes measures related to the tax procedural rules and also some other provisions that will affect corporate and individual taxpayers. The new tax legislative package
See MoreUAE: Prime Minister signs VAT Executive Regulation
The Finance Ministry, announced on November 27, 2017, that Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, signed the Executive Regulation regarding the Federal Decree-Law No. (8) of 2017 on
See MoreSlovak Republic: VAT registration will simplify from January 1, 2018
At present, foreign businesses have to apply for a VAT registration if they are picked up or dispatch goods on a B2B basis through Slovak Republic or if they make sales from Slovakia where the place of taxation is the country of arrival. This
See MoreFrance: Government publishes draft second Amendment Financing Act for 2017
On 15 November 2017, a second draft amending Finance Bill for 2017 was submitted to the French Council of Ministers and was submitted to the French Parliament. The draft law emphasized the following tax measures for the coming year. Anti-Evasion
See MoreChina passed a draft law to reinforce VAT reform
On 30 October 2017, the State Council executive meeting decided to abolish the business tax, which has been in force for over 60 years and decided to put an end to the provisional regulations on business tax and revise the provisional regulations on
See MoreChina: Tax benefits to boost small businesses
On 6 November 2017, according to a joint announcement by the Ministry of Finance and the State Administration of Taxation, tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank
See MoreItaly: Updated annual VAT declaration from 2018
Italy updated their annual VAT declaration process that will be effective from 2018. Italy changed the reporting frequency of VAT invoice listing submission from quarterly to bi-annually. There will also be various specific clarification on the
See MoreUK: Survey of business attitudes to VAT registration
Research commissioned by HMRC into business behaviour in relation to value added tax (VAT) registration looked into reasons why businesses register for VAT and their awareness of various aspects of VAT. The survey found that VAT registered
See MoreHungary: Proposal of increasing VAT registration thresholds
Hungary is working out a plot to strengthen its VAT registration threshold from HUF8 million to a hefty HUF12 million. This will be effective from 1 January 2019. The threshold will not be applicable for non-resident businesses, which must be
See MoreIndia: GST rate reduced to 18% from 28%
On 10 November 2017, the Goods and Services Tax (GST) Council reduced the tax rate on 178 items from 28% to 18%. GST Council also brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC). Only 50 items, mostly
See MoreUAE: MoF announces Executive Regulation for VAT
The Finance Ministry (MoF) announced the Executive Regulation for the Federal Decree-Law No. (8) of 2017 regarding Value Added Tax (VAT) at a Cabinet meeting on November 7, 2017, directed by the Vice President and Prime Minister of the UAE, Sheikh
See MoreMalaysia: 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 MoreArgentina: Treasury Minister announces tax reform plan
The Treasury Minister, Nicolas Dujovne, on October 31, 2017, announced a tax reform plan. This proposed tax reform includes tax procedure law, corporate income tax reduction, criminal law, individual income tax, social security contributions,
See MoreItaly: Cabinet approves 2018 budget bill
The Council of Ministers of Italy approved the draft Budget Law for 2018 on 16 October 2017. The main tax measures according to the approved Budget law are as follows: -incentives specifically on the temporary accelerated depreciation regime, the
See MoreSwitzerland reduces e-book VAT
As of January 1, 2018, Switzerland is to reduce the value-added tax on e-books from 8% to 2.5%. This means that the VAT rate for electronic books will be the same as in printed books. The standard VAT rate will also reduced from 8% to 7.7% on the
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