Venezuela: Government publishes decrees regarding tax reform
On 29 January 2020, three decrees were published in the Official Gazette for introducing a new tax code, amending the VAT Law and customs Law. It was approved by the Constituent Assembly on the similar day. Withholding taxes due One of three
See MoreCroatia: Government publishes tax reform effective as from 1 January 2020
On December 11, 2019, the Croatian Government published Law in the Official Gazette to require taxpayers/ intermediaries to report information on certain tax arrangements. Some of the changes are given below: Corporate income tax/Profit
See MoreNigeria: President signs Finance Bill 2019 into Law
On 13 January 2020, the President, Muhammadu Buhari, signed the 2019 Finance bill into law. It was submitted alongside the 2020 budget to the National Assembly. The new law contains over 90 changes to 7 different tax laws. Corporate income
See MoreFrance: Government officially publishes Finance Act 2020
On 29 December 2019, Government published 2020 Finance Bill in the Official Gazette after the Court’s approval. Corporate income tax The Finance Act reduces the corporate tax rate for all companies, including those with a turnover of €
See MoreAustria: Government publishes Program for 2020-2024 regarding tax measures
The Government released its Program for 2020-2024 regarding several tax reform measures. Corporate tax The Program proposed to increase the threshold of corporate income tax from EUR 30,000 to EUR 100,000 and reduce the corporate income tax
See MoreItaly enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
See MoreEcuador: President made objections on second tax reform bill
On 14 December 2019, the President, Moreno, made objections on the second tax reform bill approved by the National Assembly. Accordingly, he proposed to limit the application of the thin-capitalization rules to inter-company loans. Accordingly,
See MoreFrance: Parliament adopts Finance Bill 2020
On 19 December 2019, The French parliament adopted the Finance Bill for the year 2020 but it is still require to review by the constitutional court. Provisions include in the Finance Bill are given below: Corporate Tax rate The draft Finance
See MoreKazakhstan: Government extends deadline for new VAT obligations on digital service
On 6 November 2019, the government announced the extension of the deadline for applying VAT obligations. The new deadline is due on January 1, 2021, instead of January 1, 2020. Recently, the State Revenue Committee has proposed the introduction of
See MoreAlgeria: President seals Finance Act 2020
The president of Algeria, Abdelkader Bensalah, signed the Finance Act 2020 into Law, on 11 December 2019, during a Council of Ministers he chaired. The Law includes tax incentives like profit tax and VAT exemptions for start-ups corporations and
See MoreNigeria: House of Representatives passes Finance Bill 2019
On 28 November 2019, the House of Representatives passed the Finance Bill 2019. It was passed its third reading by the National Assembly on 21 November 2019. Major proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate
See MoreBulgaria: Government publishes Law on Amendments to the Corporate Income Tax Act
On 6 December 2019, Law on Amendments to the Corporate Income Tax Act was published in the Official Gazette and it was adopted by the National Assembly on 21st November 2019. Similar amendments in Controlled Foreign Company (CFC) and transfer
See MoreCroatia: Parliament approves tax reforms
On 29 November 2019, the Croatian Parliament approved the Tax Reform. On 23 November 2019, the fourth tax reform round sent to Parliament for second reading. It will come into force from 1st January 2020. As for income tax, the non-taxable
See MoreNigeria: Senate passes third reading of Finance bill 2019
On 21 November 2019, the Senate passed the Finance Bill 2019, which seeks an amendment of Nigeria’s tax laws and make them more responsive to the tax policies of the Federal Government, among other things. The President stated that the amendment
See MoreNigeria: Finance Bill 2019 passes second reading in parliament
On 6 November 2019, the Finance Bill 2019 passed its second reading at the Senate. Main proposed amendments are given below: A lower (i.e. 20%) corporate income tax rate (CIT) applies for companies with turnover between NGN25-million and
See MoreBulgaria: Council of Ministers approves the Budget for 2020
On 31 October 2019, the Council of Ministers approved the draft budget for 2020 and submitted it to the National Assembly for final approval. The draft budget includes the following measures: Procedures to improve the business environment and
See MoreAustria: The upper house approves the tax on digital advertising
On 10 October 2019, the upper house of Austria's Parliament passed a digital advertising tax bill. The bill was approved by the Austrian lower house of Parliament on 19 September 2019. The Bill includes the following changes: Under the Digital
See MoreAlgeria: Council of Ministers approves Finance Bill for 2020
On 13 October 2019, the Council of Ministers approved the draft Finance Bill for 2020, which has been sent to parliament for approval. This draft includes tax incentives like profit tax and VAT exemptions for start-ups corporations and for new high
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