Indonesia CFC rules: The Ministry of Finance (MoF) has updated the Controlled Foreign Company (CFC) rules through the issuance of Regulation No.PMK-107/PMK.03/2017 (PMK-107) which is dated and effective 27 July 2017, and applicable starting fiscal year 2017. This regulation replaces MoF Regulation 256/PMK.03/2008 of 31 December 2008.
See the story in Regfollower
Vietnam Small business: Ministry of Finance has proposed to cut taxes for small and medium-sized firms. Accordingly, if the proposal is approved, micro firms with less than VND3bn annual revenue will have the tax reduced to 15% from 20%. Firms with VND3bn to VND50bn revenue will have to pay tax at a rate of 17%. Companies that are members of a group and whose equity is 25% owned by a parent corporation will not be eligible for the lower tax rate.
See the story in Regfollower 
Slovak Republic Incentives: On 16 August 2017, the Ministry of Finance has approved a draft Law on R&D tax credit. Under this draft, law government proposed an increase in the basic deduction for research and development (R&D) costs from the current 25% to 100%. Also, the possibility of increasing this basic deduction by an additional 100% of the adjusted year-on-year increase in R&D expenditure is provided by the amendment to the Income Tax Act.
See the story in Regfollower
Latvia Business income taxation: The Latvian government has approved a new corporate tax law on 28 July 2017. Starting 2018 changes regarding several taxes may come into force, including, most importantly, a new corporate income tax (CIT) system.  Unlike the current CIT regime, the proposed CIT regime is based on a cash-flow taxation model, which provides that CIT is payable at the moment of profit distribution (including deemed profit distribution). In case of profit reinvestment CIT shall not be applied. The applicable CIT rate will increase from the current 15% to 20%.
See the story in Regfollower
Belgium Corporate income tax rate: The federal government of Belgium announced a major tax reform for the 2018 budget. With this reform, the rate of corporate income tax would be gradually reduced. Currently, the normal rate is 33.99%, and this will be reduced to 29% in 2018 and 2019, and will further reduce to 25% in 2020.

Reduced rates: Under the budget proposal, small and medium-sized enterprises will be entitled to a reduced tax rate of 20% as of 2018 on that part of the taxable profit not exceeding 100,000 EUR, otherwise a 25% tax rate will apply under the current rules.

Surcharge: Under the budget proposal, the rate of surcharge will be reduced from 3% to 2% in 2018 and will cease to apply from 2020.

Groups: For the first time in Belgian income tax history, tax consolidation would be introduced as from 2020. Therefore, starting from 2020 a fiscal unity will be introduced for corporate income tax purposes. As a result of such fiscal unity, the tax results of the various companies that are part of the same group will be consolidated for tax purposes and will lead to one unified tax result for the entire group.

Late payments of tax due: The interest rate to compute the penalty for inadequate prepayment of the corporate income tax is increased to 3%.

PE rules: The permanent establishment (PE) definition will be extended according to the recommendations of BEPS action plan 1 and 7 as of 2020. Losses of foreign establishments will only be tax deductible in Belgium if in the country of the PE the compensation for the losses is permanently ‘lost’.

See the story in Regfollower
Malawi Sanctions for noncompliance: On 15 August 2017 the Minister of Finance, announced new measures for domestic taxes. The domestic tax measures became effective on 1 July 2017. Most of the measures were included in the 2017/18 Budget Statement and were implemented through the relevant Amendment Acts for 2017 that were published in the Official Gazette on 25 July 2017. One of the major changes is to introduce harmonized tax-related penalties.
See the story in Regfollower
Saudi Arabia Assessment and Appeal: Saudi Arabia issued Royal Decree No. M/113 of 25 July 2017 amending the country’s income tax law with regard to penalties and appeals procedures. According to the Decree, the General Authority of Zakat and Tax is expressly given the power to impose tax penalties. The period to appeal an assessment and an initial decision are reduced from 60 days to 30 days.
See the story in Regfollower
Korea Corporate tax rate: The government of South Korea is planning to increase the tax rate for large companies with the hope of reducing inequality. With this aim, Korea’s Ministry of Strategy and Finance announced the 2017 tax reform proposals on 2 August 2017. Under the proposed tax reform, the nominal tax rate of companies will be increased to 25% from 22% whose taxable income exceeds 200 billion won ($178 million). Companies with income in the 20-200 billion won range will be subject to the current rate of 22 percent.
See the story in Regfollower
Luxembourg Incentives: Luxembourg has announced a new regime that offers a special tax incentive for certain income from intellectual property rights. On 7 August 2017, a bill of law proposing the introduction of a new Luxembourg intellectual property (IP) tax regime was published. Under the proposal, up to 80% of the net income and capital gains derived from specific protected IP assets would be exempt from corporate income tax and municipal business tax, and these eligible IP assets would be fully exempt from net wealth tax.
See the story in Regfollower 
Uruguay Tax Base: The Executive Power of Uruguay submitted to Congress for consideration the 2016 Accountability Bill on 20 June 2017. The Bill includes provisions on Internet services and the software industry. If enacted, the provisions of the bill would apply as of 1 January 2018. According to the bill, net Uruguay-related revenue from the production or distribution of cinema movies and tapes, broadcasting services relating to cinema movies and tapes and television transmissions and other similar means of transmission would no longer be determined on the basis of the remuneration received for use in Uruguay.
See the story in Regfollower
Kenya  Incentives:  The Finance Act 2017 has been legislated on 23rd June 2017 and amended laws relating to various taxes and duties. In relation to Special Economic Zones (SEZs), the Act provides for an Investment Deduction Allowance for capital expenditure on buildings and on machinery for use in the SEZs at a rate of 150% outside Nairobi and Mombasa counties where the capital expenditure is incurred on construction of building/purchase and installation of machinery by or for SEZs, effective 1 January 2018.
See the story in Regfollower
China Incentives: China’s Premier Li Keqiang announced a new plan to further attract foreign investments, including tax deferral, tax incentives and exemption treatment on dividend income reinvested into China.
See the story in Regfollower