Czech 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 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 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 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 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 MoreIMF working paper looks at policy adjustments required in MENA and CCA countries
On 8 June 2016 the IMF published a Middle East and Central Asia departmental paper on “Learning to Live with Cheaper Oil: Policy Adjustment in Oil Exporting Countries of the Middle East and Central Asia”. The paper looks at policy challenges in
See MoreWTO: Trade Policy Review of Ukraine
Ukraine acceded to the World Trade Organization (WTO) in 2008. The WTO’s first review of the trade practices in Ukraine took place on 19 and 21 April 2016. A detailed report was prepared by the WTO Secretariat in connection with the trade
See MoreNetherlands: IMF paper comments on the tax system
On 11 February 2016 the IMF issued a staff report and selected issues paper in connection with discussions with the Netherlands under Article IV of the IMF’s articles of agreement. The selected issues paper covers the possibility of further tax
See MoreIsrael: Reduces tax rates applies from 2016
The Parliament of Israel has published the Law for the Amendment of the Israeli Tax Ordinance on 5th January 2016, which reduces the standard corporate income tax rate from 26.5% to 25%. This amendment enters into force from 1st January 2016 and
See MoreUkraine: Cabinet Ministers approve amendments to tax code
The Cabinet of Ministers of Ukraine approved a draft budget for 2016 and amendments to the Tax Code on December 10, 2015. The amendments were submitted to the Parliament on December 11, 2015. The Cabinet of Ministers approved a compromise on tax
See MoreAustria: Reduced VAT rate increase in 2016
Austrian government announced in the 2016 Budget that the reduced VAT rate will increase to 13% from 10% on the following services: Cultural events, including entrance to public museums and galleries Domestic air travel Sales of certain
See MoreChina: Tax incentives for small and low-profit enterprises
On August 19, State Council of China decided to improve the tax breaks available for small and low-profit enterprises. Small and low-profit enterprises can pay their income taxes at the rate of 20% with following conditions: any industrial
See MoreRomania: Parliament confirmed VAT rate cut to 20% 2016
The Romanian Parliament yesterday agreed the standard VAT rate would be reduced from 24% to 20% on 1 January 2016. The rate would be reduced again to 19% in January 2017. The Government plan to cut VAT rate 19% in 2016 but IMF and EU was opposed to
See MoreSlovak Republic: VAT rate on meat products reduced
Slovakia cut 10% VAT rate on fresh meat products from the standard rate of 20%. Hopefully, this new rate will entry into force from 1st January
See MoreRomania: Government Amends the Fiscal Code
Law no. 571/2003 regarding the Fiscal Code has been amended and supplemented by the publication of Government Emergency Ordinance no. 6/ 2015. This Ordinance introduces provisions on the taxation of income from the transfer of immovable property
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