Finland: Tax administration issues an updated version of the guidance on withholding taxes
An updated version of the guidance on withholding tax on dividends, interest and royalties paid to non-residents has recently been published by the Finnish Tax Administration. According to updated version, foreign corporate entities and foreign
See MoreSlovak Republic: DTA with Armenia enter into force
The 2015 Double Tax Agreement (DTA) between Slovak Republic and Armenia was entered into force on 1st of February 2017. It will be applicable from 1st of January 2018. In accordance with this treaty, tax withholding rates are 5% or 10% in case of
See MoreUK: Supporting mid-sized business: maintaining and growing UK plc
HM Revenue and Customs (HMRC) published a corporate report entitled "Supporting mid-sized business: maintaining and growing UK plc", on 10 February 2017 and it provides directors or owners of medium-sized businesses and those that advise them with
See MoreSlovak Republic: Bill on CbC reporting approved
The Parliament approved the bill regarding country-by-country (CbC) reporting on 1st February 2017. It must be published in the Collection of Laws for becoming law. This bill will become effective as from 1st March 2017. It was submitted to the
See MoreBulgaria: Amendments to regulations on Excise Duties and Tax Warehouses Act gazetted
The amendments in the regulations for the application of the Excise Duties and Tax Warehouses Act have been published on 7th February 2017 in the State Gazette. The major amendments have been effective from the same day of its publication and the
See MoreSlovenia publishes procedures on monthly corporate income tax advance payments
The tax authority issued guidelines on 3 February 2017 clarifying monthly advance payments of corporate income tax resulting from the increase in the corporate income tax rate from 17% to 19% as from 1 January 2017. In Slovenia, the advance payments
See MoreBelgium: Parliament adopts draft bill on innovation income deduction
On 2 February 2017, the Belgian parliament adopted the new innovation income deduction, which will replace the abolished patent income deduction. The new innovation income deduction applies retroactively from 1 July 2016. Furthermore, on 2 December
See MoreDenmark: Publishes Budget for 2017
The Ministry of Finance on 8 February 2017, published the Budget for 2017 as enacted on 15 December 2016. The enacted budget details also available on the ministry of finance's
See MoreFinland-Turkmenistan DTA entered into force
The income tax treaty between Finland and Turkmenistan entered into force on 10 February 2017. The agreement was signed in the capital city of Turkmenistan, Ashgabat, in December 2015. The agreement follows the model tax treaty of the OECD,
See MoreUK: Increasing cash basis thresholds for unincorporated businesses
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreUK: Reforming the cash basis expenditure rules
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreAustralia, Austria Social Security Agreement expected to be entered into force
On 1 March 2017, the Social Security Agreement between Australia and Austria along with its administrative arrangement will enter into force that was signed on 2 August 2016. The agreement and the administrative arrangement will apply from 1 March
See MoreRomania: VAT registration procedure updated
The Romanian tax authority published Order no. 605, a new VAT registration procedure in the official gazette on 1 February 2017. From 1 February 2017, businesses are no longer required to submit the Form 088, which is a declaration of intention to
See MoreMalta, Singapore TIEA enters into force
On 31 January 2017, the Tax Information Exchange Agreement (TIEA) between Singapore and Malta was entered into force. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities including
See MoreCroatia: Regulation on individual income tax law published
The Regulation regarding the Individual Income Tax Law was published on 6th February 2017 by the tax administration. The Regulation describes the tax treatment for the income of students working via student employment agencies, employment related
See MoreBelgium ratifies Social Security Agreement with Morocco
On 23 December 2016, Belgium ratified the Social Security Agreement with Morocco, as published in the Belgian Official Gazette of 2 February 2017. Once in force and effective, the new agreement will replace the existing agreement of
See MoreDouble tax treaty between Hungary and Iran enters into force
The double tax treaty between Hungary and Iran came into force on 1 January 2017. The treaty defines the term "resident" as a person that under the laws of either country is liable to tax there by reason of domicile, residence, place of
See MoreIndia and Cyprus Income tax treaty renegotiated
The Income Tax Treaty between Cyprus and India signed on 18 November 2016, have become available the treaty’s details. Both countries generally provide for the credit method to avoid double taxation. This treaty gives the following withholding tax
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