Greece: Bill amending Income Tax Code and VAT Code on electronic payments gazetted
The Bill amending the Income Tax Code, Procedural Tax Code and VAT Code on electronic payments and voluntary disclosure of undeclared income has been gazetted in the Official Government Gazette on 22nd December 2016. This draft bill regarding
See MoreLatvia: VAT on Budget 2017
The Latvian 2017 budget has introduced a range of changes to the VAT, which take effect from the 1st of January 2017. Refunds claim concerning over-payment in the monthly basis reduced from EUR 11, 328.97 to EUR 5, 000. The option for bi-annual
See MoreUkraine: High court decided to zero VAT rate for goods which are lower than market level
Recently Ukraine Higher Administrative Court decided to zero VAT rate if prices of goods are lower than market level. According to decision, goods exported from Ukraine at prices below the market level should be subject to zero rate VAT pursuant to
See MoreUkraine-Adopted amendments to Tax Code
The parliament of Ukraine adopted a draft law amending the Tax Code on 21 December 2016. According to the adopted law, costs for repairing and maintenance of non-productive fixed assets will no longer be considered as deductible expenses. Previously
See MoreGreece: Draft bill on electronic payments adopted
The draft bill regarding electric payments has been adopted by the parliament on 21st December 2016 and it was presented to the parliament for approval on 12th December 2016. On the basis of the adopted text, companies that receive transactions by
See MoreMontenegro: Draft Budget for 2017 adopted
The government of Montenegro has adopted the draft budget 2017 on 18th December 2016. The main changes are given as follows: the application of 11% increased tax rate for personal income more than the average salary will be extended until 2019;
See MoreGreece: Amendments to Income Tax Code, VAT Code and tonnage taxation
Three amendments to the law that amends the Income Tax Code, VAT Code and tonnage tax regime have been submitted to the parliament on 19th December 2016. The amendments are given below: The first installment of the tonnage tax and the Marine
See MoreChina will simplify VAT legislation very soon
On 2 December 2016, Mr. Shi Yaobin, Vice Finance Minister said that China will simplify VAT rates in future to ease tax burdens. "The current tax system has too many tiers and may confuse policy implementation and impede fair competition," Shi said
See MoreIndia: Publishes goods and services tax rates
India has published the following Goods and Services Tax (GST) rates into the future of the implementation of the new consumption tax in 2017: 0% (essentials) 5% (basic goods) 12% 18% (principle rate) 28% (luxury goods) The central
See MoreChina: New accounting treatments related to VAT
On 3 December 2016, the Ministry of Finance of China issued accounting rules on value added tax (VAT). The Rules address the different aspects of recording VAT in accounting records and aligning accounting rules with VAT regulations in the aftermath
See MoreCyprus: Tax department implemented electronic submission of VAT returns process
The Cyprus Tax Department has announced that it has completed implementation of the electronic registration system in the online TAXISnet service for electronic submission of VAT returns and the VIES summary table. Taxpayers are recommended to use
See MoreCroatia: Tax reform package has been gazetted
The amendments to the Corporate Income Tax Law, Individual Income Tax Law, and VAT law has been gazetted on 12th December 2016. The Laws were approved by the parliament on 2nd December 2016 and will be effective from 1st January 2017. The Finance
See MoreCzech Republic: Proposed VAT rate change for magazines and newspapers
The parliament has approved a change of the VAT rate for newspapers and magazines on 9th November 2016 in which advertising exceeds more than 50% of their content. The current VAT rate is 15% and the proposed VAT rate is 10%. It is expected that the
See MoreAustralia: 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
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