Australia: Exposure Draft issues for imposing GST on low value imports
The Goods and Services Tax (GST) treatment for importing of low value goods (LVG) valued at less than AU$1,000 has led to various reviews over many years but the Government of Australia is now preparing to legislate the “destination principle”.
See MoreGreece: Budget 2017 has been passed
The final draft Budget 2017 has been voted and passed on 10th December 2016 and it was submitted to the parliament on 21st November 2016. Note that, the draft Budget 2017 does not contain new tax
See MoreBulgaria: Amendments to VAT has been gazetted
The amendments to the Value Added Tax (VAT) Act has been published in the State Gazette on 6th December 2016. This amendments will be applicable from 1st January 2017. The most important amendments are summarized below: New rules for input VAT
See MoreRussia: Submits a bill related to tax deductible R&D expenses
The government on 23 November 2016 submitted a bill to the lower house of the parliament on amending the list of deductible costs relating to research and development (R&D) for corporate income tax purposes. The main requirements are discussed
See MoreKazakhstan: Law introducing tax amendments signed by president
The President of Kazakhstan has signed a Law entitled “Law No. 26-VI” on 30th November 2016 that introduces changes to the tax legislation. The Economic Ministry declared that the Senate had adopted a draft law (in
See MoreKazakhstan: Draft law introducing tax amendments adopted
The Ministry of Economy has announced on 17th November 2016 that the Senate had adopted a draft law (draft Law No. 26-VI; in Russian) introducing changes to the tax legislation. This draft law is sent to the President for signing and contains the
See MoreGreece: Final draft Budget 2017 submitted to parliament
The final draft budget for 2017 has been submitted to the parliament by the Deputy Finance Minister on 21st November 2016. It is available in Greek language. It is estimated to be passed on 10th December 2016. The proposal of draft Budget for 2017
See MoreNigeria: Value Added Tax (Amendment) Bill 2015 passed by Senate
The amended Value Added Tax (VAT) Bill 2015 has been passed by the National Assembly on 13th October 2016. The Bill covers upwardly revised penalties and punishment for the commission of VAT violations. The Bill was passed by the Senate without
See MoreNigeria: Draft revised national tax policy
The Federal Inland Revenue Service (FIRS) has published a public notice on 11th November 2016, which was issued by the Finance Ministry on the stakeholders' forum. This forum had been convened from 7th to 8th November 2016 to discuss the draft
See MoreCroatia presented a tax reform package
The Minister of Finance submitted a tax reform package with the main objective of simplifies the tax system On 27 October 2016, and those are given below: Corporate income tax The corporate income tax rate will be reduced from 20% to 18% and the
See MoreECJ: Advocate General’s opinion in the British Film Institute case
The Advocate General of the European Court of Justice (ECJ) issued an opinion on 29 September 2016 in the British Film Institute case. This case concerns the VAT exemption for cultural services. The Court of Appeal (England and Wales) (Civil
See MoreWorld Bank issues 2017 report on ease of doing business
On 25 October 2016 the World Bank issued the 2017 issue of the annual report on ease of doing business entitled Doing Business 2017: Equal Opportunity for All. According to the report 137 jurisdictions carried out important reforms in the past year
See MoreUK: Statistics on funds raised through the EIS and SEIS
The schemes known as the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts for
See MoreGreece: Draft Budget 2017 has been submitted to parliament
The draft Budget for 2017 has been submitted to the parliament (Committee of Economic Affairs) on 3rd October 2016. Now, it is available on the official website of the Finance Ministry. The following main things are enclosed with the Budget:
See MoreUK: HMRC survey of mid-sized businesses
n 25 August 2016 HMRC published the results of a survey of mid-sized businesses. This covers the types of business dealt with by HMRC’s Mid-Size Business Unit. These businesses are seen by HMRC as a distinct group owing to their contribution to
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 MoreOECD: Kyoto meeting takes forward the new inclusive framework for tackling BEPS
An initial meeting was held in Kyoto on 30 June and 1 July 2016 to take forward the new inclusive framework for tackling base erosion and profit shifting (BEPS). Delegates representing more than 80 countries at various stages of development
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