UK: Spring Budget 2017 date confirmed
Philip Hammond, the Chancellor of the Exchequer, has announced that the government will publish its next Spring Budget on Wednesday 8 March 2017. The Spring Budget sets out the government’s plans for the economy based on the latest forecasts from
See MoreGuernsey, United Kingdom amending protocol enters into force
On 6 December 2016, the amending protocol and exchange of letters of income tax treaty between Guernsey and United Kingdom entered into force that was signed on 9 March 2016 by Guernsey and on 29 February 2016 by the United
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 MoreBelgium: New changes in anti-hybrid and anti-abuse rule
According to official gazette published on 8 December 2016, in Belgium, legislation implementing changes to the “Parent-Subsidiary directive” and introducing a spread or installment payment regime relating to the exit tax liability. The law
See MoreNetherlands: Proposes withholding tax on profit distributions
The Deputy Minister of Finance presented a bill to the Parliament regarding to a proposal for changes to the tax treatment of certain profit distributions on 16 December 2016. According to the bill, it would modify the dividend withholding rules and
See MoreItaly-Ministerial Decree published on statutory interest rate
The Ministry of Economy and Finance of Italy issued Ministerial Decree on 7 December 2016 which was published in the Official Gazette No. 291 of 14 December 2016. According to article 1 of the Ministerial Decree the statutory interest rate will be
See MoreUK: Draft Budget of Scotland 2017-18
On 15 December 2016, The Scottish Draft Budget 2017-18 was presented to Holyrood by Derek Mackay, the Scottish Finance Secretary, setting out Scotland’s tax and spending plans for the upcoming year. The Scottish Government is committed to
See MoreDTA between Chile and Italy approved
The Income Tax Treaty (2015) between Chile and Italy has been approved by the Chilean Senate on 14th December 2016 for the avoidance of double
See MoreDTA between Chile and Czech Republic approved
An Income and Capital Tax Treaty (2015) between Chile and Czech Republic has been approved by Chilean Senate on 14th December 2016 for the avoidance of double
See MorePoland: Parliament approves bill to apply simplified accounting
The parliament approved a draft law which aims at facilitate business in Poland on 16 December 2016. Along with other things, the law launches some changes to the Accounting Law in so far that it raises the threshold of annual net income which
See MoreMalta, 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
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