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Sri Lanka: New Tax Law Designed to Facilitate Investment

(July 20, 2017) Sri Lanka’s parliament recently adopted new tax legislation. Sri Lanka’s Minister of Finance and Media, Mangala Samaraweera, described the new Inland Revenue Act as designed to make the country attractive to investors. Provisions that will broaden the tax base and simplify the system, he says, will create an investor-friendly atmosphere.  (Sri Lanka’s […]

United Kingdom: Office of Tax Simplification Placed on Statutory Basis

(Dec. 20, 2016) The Office of Tax Simplification, part of Her Majesty’s Treasury, was recently placed on a statutory basis by Part 12 of the Finance Act 2016 (Finance Act 2016, c. 24, Part 12 & Sched. 25, LEGISLATION.GOV.UK), which was brought into force on November 28, 2016, by a recent set of regulations of […]

Hungary: Broad Tax Reforms Adopted

(Nov. 28, 2016) The Hungarian Parliament adopted a number of tax reforms on November 22, 2016. The tax package is aimed at enhancing the competitiveness of small and medium enterprises by giving them more incentives, cutting bureaucracy, and combatting the black market.  (Parliament Adopts Tax Package Designed to Cut Red Tape and Provide SME Incentives, […]

Georgia: New Legislation Simplifies Tax Code

(Sept. 2, 2016) On May 13, 2016, the Parliament of Georgia unanimously approved amendments to the country’s Tax Code. (Law of Georgia No. 5092 on Amendments to the Tax Code of Georgia, MATSNE.GOV.GE (June 1, 2016) (official publication) (in Georgian).) The amendments mainly address corporate income taxation of profit-sharing companies, aligning the national tax system […]

Azerbaijan: Tax Reform Proposed

(Aug. 31, 2016) On August 4, 2016, the President of Azerbaijan, Ilham Aliyev, issued a decree approving the Basic Principles of the Tax Reform Planned for 2016 and Guidelines for Streamlining Tax Collection. The decree orders the Taxation Ministry to draft, within the next three months, a detailed proposal that would bring current tax legislation […]

Indonesia: Central Government Advocates Lower Local Real Estate Taxes

(July 21, 2016) Indonesia’s national government has asked municipal governments to reduce the building and land acquisition taxes they impose and to allow special tax treatment for real estate investment trusts (REITs). The purpose of the reductions would be to increase Indonesia’s competitiveness in attracting investment. (Anton Hermansyah, Govt to Give Local REITS Special Tax […]

Austria: Parliament Enacts Tax Reform

(Aug. 20, 2015) On July 23, 2015, Austria’s Parliament enacted a major reform of the country’s tax system that expands the progressive income tax scale for individuals to six brackets, ranging from an initial 25% rate to a ceiling rate of 55%. Other aspects of the reform include, inter alia, doubling the tax-exempt allowance for […]