Malta, Singapore sign automatic exchange of information agreement
On 15 December 2016, the Malta and Singapore signed the Competent Authority Agreement on Automatic Exchange of
See MoreMalta: Guidance on the use of MAP published
On 15 Dec 2016, The Commissioner for Revenue has published guidance issued under the provisions of article 96(2) of the Income Tax Act (ITA) on the use of Mutual Assistance Procedure
See MoreSlovenia: Publishes new individual income tax rates for 2017
The Ministry of Finance published the individual income tax rates on 9 December 2016, which is applicable from 2017. The new individual income tax schedule is set out below: Amount (EUR) Rate (%) up
See MorePortugal- Extension of the deadline for filing Country-by-Country reporting notification
The Secretary of State for Tax Affairs’ Office of Portugal published Decree no.254/2016-XXI (dated 12 December 2016) on 15 December 2016 which extends the deadline to submit the mandatory Country-by-Country (CbCR) notification for the fiscal year
See MoreUK-Draft Finance Bill 2017: RTC for tackling offshore tax evasion
On 5 December 2016, HMRC published the consultation document tackling offshore tax evasion: A Requirement to Correct (RTC), which discussed the proposals to require any person, who has, undeclared UK tax liabilities in respect of an offshore
See MoreGermany: Approves the bill on amendments to change-in-ownership rules
The Federal Council permitted the bill on amendments to the change-in-ownership rules on 16 December 2016. The bill will enter into force after its publication in the Official Gazette. According to the section 8c of the Corporate Income Tax Act and
See MoreUK ratified DTA with Turkmenistan
On 14 December 2016, the United Kingdom ratified the double tax treaty (DTA) with Turkmenistan by way of the Double Taxation Relief and International Tax Enforcement Order 2016, as published in Official Gazette No. 1217 of 14 December 2016. Once in
See MoreItaly- Senate approved the draft Budget Law for 2017
The draft Budget Law for 2017 was approved by the senate on 7 December 2016. As per the approved draft Budget Law for 2017, the corporate income tax rate will be decreased to 24% from 2017. More details will be provided upon publication of the
See MoreHungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax measures are as follows: Tax
See MoreBelgium launches broader innovation deduction
The Government of Belgium formally pronounced the innovation deduction as the successor of the Belgian patent income deduction on 2 December 2016. The new regime is intended to increase the competitiveness of the Belgian economy while complying with
See MoreBelgium issues TP documentation forms and instructions
During June 2016, Belgium has introduced mandatory transfer pricing documentation and country-by-country (CbC) reporting requirements in accordance with Base Erosion and Profit Shifting (BEPS) Action 13 of the Organisation for Economic Co-operation
See MoreGreece: Draft bill on electronic payments has been submitted
A draft bill regarding electronic payments has been presented to the parliament on 12th December 2016. The term "electronic payments" states to payments via debit, credit or prepaid cards but also to other means of payment, e.g. digital wallets. All
See MoreBulgaria: Amendments to Excise Duties and Tax Warehouses Act gazetted
The amendments to the Excise Duties and Tax Warehouses Act (EDTWA) have been gazetted on 6th December 2016. An overview of the amendments is given below: Administrative simplifications of various procedures Starting from 1st January 2017, a
See MorePoland: Parliament approves bill to simplified flat tax
The parliament approved a draft law which intends at facilitating for business in Poland on 16 December 2016. Along with other things, the law launches changes on the flat rate tax on specified income derived by individuals in so far that it raises
See MorePortugal-Parliament approved Budget for 2017
The parliament of Portugal approved the Budget for 2017 on 29 November 2016. The approved Budget introduces a new sugar tax on soft drinks. If certain conditions are satisfied then countries that are not blacklisted will be able to have a more
See MoreFinland: Tax authority published the social security contribution rates for 2017
The Finnish tax authority published, on 14 December 2016, the applicable rates of social security contributions payable by employees and employers for 2017. For employees: A health insurance contribution consisting of two components; a health
See MoreIreland: CbC reporting notification deadline
On 1 January 2016, Ireland’s new Country-by-Country (CbC) reporting requirements took effect. The Irish CbC requirements require certain Irish parented groups, and in specific instances, domestic subsidiaries of foreign parented groups, to report
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 More