World Tax Brief: August 2019
HungaryIncentive on small business: On 12 July 2019, the Hungarian Lawmakers approved the 2020 budget. The budget reduced the rate of small enterprise tax (KIVA) from 13% to 12% and cancel the simplified entrepreneurial tax (EVA). Payment
See MoreWorld Tax Brief: July 2019
SloveniaCorporate income tax rate: On 18 June 2019, the Ministry of Finance proposed changes to corporation tax rates. As a result, the CIT rate increased by one percentage point from 19% to 20% from 2020 onwards. In addition, a minimum
See MoreWorld Tax Brief: June 2019
Puerto Rico Incentives-Industry/manufacturing: On 14 May 2019, Governor of Puerto Rico signed the Senate Bill 1147 (the Opportunity Zones Development Act), offering tax incentives for investments in qualifying Opportunity Zones. The act
See MoreWorld Tax Brief: May 2019
MexicoIncentives-Industry/manufacturing: On 29 April 2019, the Mexican Tax Administration has published the Miscellaneous Tax Code of 2019. Accordingly, the regulations grants special tax incentive decree for interest on corporate debt
See MoreWorld Tax Brief: April 2019
Greece Main corporate tax rates: On 21 March 2019, the Public Revenue Authority issued two circulars (E.2046/2019 and E.2047/2019) for reducing corporate tax rates and dividend tax rates. Accordingly the standard corporate tax rate in
See MoreWorld Tax Brief: March 2019
Hong Kong Incentives for industry/manufacturing: On 27 February 2019, the Secretary of State presented the 2019/2020 Budget to the Legislative Council. The budget cuts profit tax for 2018/19 by 75%, subject to a ceiling of HKD 20,000, giving
See MoreWorld Tax Brief: February 2019
Colombia Main corporate tax rate: On 28 December 2018, Colombia enacted the Tax reform bill for 2019. The Tax Reform reduces the corporate income tax (CIT) rate from 33% in 2018 to 32% for 2020, 31% for 2021 and 30% for 2022 and onwards. The 4%
See MoreWorld Tax Brief: September 2018
Chile Business income taxation: On 21 August 2018, the Chilean president announced that a bill on tax reform would be submitted to Congress. The tax reform laws would propose a single integrated corporate tax system that would eliminate the
See MoreWorld Tax Brief: August 2018
Austria CFC rule: On 11 July 2018, the Federal Council of Austria adopted the text of the Annual Tax Act 2018 as approved by the National Council (lower house) on 4 July. For the first time, Austria has introduced a comprehensive CFC regime.
See MoreWorld Tax Brief: July 2018
Bangladesh Main corporate tax rate: On 28 June 2018, the Parliament passed the national budget for fiscal year 2018-2019. The corporate tax rate has been reduced to 40% from 42.50% for non-publicly traded banks, insurance and financial
See MoreWorld Tax Brief: June 2018
Hong Kong Main corporate tax rate: On 16 May 2018, the Legislative Council passed the Inland Revenue (Amendment) Bill 2018 providing special tax measures including a 75% one-off reduction in profits tax, for the year of assessment 2017/18 is
See MoreWorld Tax Brief: April 2018
Japan PE rules: On 28 March 2018, Japan’s Diet enacted the tax reform plan for 2018 and changes the domestic PE definition in line with BEPS recommendations. The scope of the agent PE would be extended to effectively include commissionaire
See MoreWorld Tax Brief: March 2018
Namibia Main corporate tax rate: On 7 March 2018, the Finance Minister presented the Budget for 2018/19 to the parliament. Accordingly, from 2019, the tax rate for betting and gaming entities may increase to 37% from current 32%. Tax Base: On 7
See MoreWorld Tax Brief: February 2018
India Main corporate tax rate: The Finance Minister of India presented the Union Budget 2018-19 on 1 February 2018. Accordingly, a reduced corporate income tax rate of 25% will be applied to Indian companies with gross receipts not exceeding INR
See MoreWorld Tax Brief: January 2018
Belgium Corporate income tax rate: On 29 December 2017, the Belgian corporate tax reform law was published in the official gazette. Under this reform, as from 1 January 2020, the corporate income tax rate will be reduced to 25% from 29.58%.
See MoreWorld Tax Brief: December 2017
Australia Sanctions for tax evasion: On 18 December 2017, the Australian Taxation Office was published a draft law companion guideline (LCG) 2017/D7 on Diverted profits tax (DPT) for public consultation. The draft Guideline addresses Schedule 1
See MoreWorld Tax Brief: November 2017
Argentina Main corporate income tax rate: On 31 October 2017, Argentina's Minister of the Treasury, announced a tax reform plan that would gradually reduce the corporate income tax rate for reinvested earnings. The rate would be gradually reduced
See MoreWorld Tax Brief: October 2017
Costa Rica Main corporate tax rate: Costa Rica Publishes Corporate Income new income tax brackets for the 2017-2018 tax year on 27 September 2017. Although the brackets are adjusted, the rates remain the same (30%). Consequently, small
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