Greece: 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
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
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