Chile: Government publishes Tax Reform Law
On 24 February 2020, Government published Law No. 21.210 in the Official Gazette and effects as from 1 January 2020. This Law was approved by the Senate on 29 January 2020. The tax reform Law includes: Corporate income tax The Law includes a
See MoreChile: Senate approves Tax Reform Bill
On 29 January 2020, the Senate approved a Tax Reform Bill. Once in force, the proposed measures will generally apply as from 1 January 2020, except the VAT requirements for digital services, which will be implemented three months after the law is
See MoreVenezuela: 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 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 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 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 MoreNetherlands: Budget proposal for 2020
On 17 September 2019, the Dutch Government published the 2020 budget proposals, which includes the Tax Plan for 2020. The 2020 Tax Plan package consists of the following six bills: the 2020 Tax Plan Bill;the Other 2020 Tax Measures
See MoreBulgaria increases VAT registration threshold
Bulgaria is considering raising its VAT registration threshold. The current threshold will rise from BGN 50,000 to BGN 100,000 sales per annum. The new threshold will effective as from 1 January 2019. In addition, it is proposed a new reduced
See MoreChina aims to reduce taxes in 2019
On 5 March 2019, Mr. Li Keqiang, the Premier declared that the Chinese government is planning to reduce CNT 2 trillion in taxes and fees for companies during 2019. He also included that the government is planning to reduce Value Added Tax (VAT)
See MoreIreland announces Budget for 2019
On 9 October 2018, the Budget for 2019 was presented to Parliament by the Minister of Finance. The summary of 2019 Budget measures are following: Corporate Tax Film Relief The scheme provides relief in the form of a corporation tax credit related to
See MoreGreece: Prime Minister announces some amendments in tax legislation
The Prime Minister, Alexis Tsipras, announced on September 8, 2018, plans for tax cuts and pledged spending to heal years of painful strictness, less than a month after Greece emerged from a bailout program financed by its European Union partners
See MoreCroatia: MoF publishes a draft bill covering various sectors
The Finance Minister, Zdravko Marić, on August 16, 2018, published draft bill on amendments to the Law on administrative cooperation in tax matters. This Act shall enter into force on the eighth day after its publication in the Official Gazette
See MoreBangladesh: Parliament passes budget for FY 2018-19
On 28 June 2018, the Parliament of Bangladesh has passed the Tk 464,573 crore national budget for 2018-19 fiscal year. Finance Minister AMA Muhith moved the Appropriations Bill, 2018 seeking a budgetary allocation of Taka 571833,82,92,000 which was
See MoreNorway: Government releases the revised budget for 2018
The government of Norway released the revised Budget for 2018, which was approved by the Norwegian Cabinet on 15th May 2018. In the revised 2018 budget, the Government is proposing an increase of NOK 130 million in funding for the development
See MoreMalaysia: New government plans to reduce GST from 1st June 2018
On May 16, 2018, the new Malaysian government said it will reduce the tax on goods and services to zero from June 1 and effectively abolish it. In a statement from the Ministry of Finance, all registered traders have been instructed to comply
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