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Japan: Adoption of Grandchild in Order to Save on Inheritance Tax Can Be Valid

(Feb. 23, 2017) Japan’s Supreme Court decided, on January 31, 2017, that adoption of a grandchild can be valid even if the main purpose of the adoption is to save part of the heirs’ inheritance tax upon the grandparent’s death.  (Heisei 28 (ju) 1255, S. Ct. (Jan. 31, 2017), COURTS IN JAPAN (click on the […]

China: New Law Replacing Pollution Discharge Fee With Environmental Protection Tax

(Feb. 8, 2017) On December 25, 2016, China’s National People’s Congress (NPC) Standing Committee passed the Environmental Protection Tax Law.  When it takes effect on January 1, 2018, the Law will replace the existing pollution discharge fee system with a new environmental protection tax.  (Zhonghua Renmin Gongheguo Huanjing Baohu Shui fa, NPC website (Dec. 25, […]

Brazil: New Law Taxes Online Audio and Video Streaming Services

(Jan. 10, 2017) A complementary law enacted on December 29, 2016, by the Brazilian federal government amended the services tax law (Imposto sobre Serviços de Qualquer Natureza, ISS, Lei Complementar No. 116, de 31 de Julho de 2003, PLANALTO) to allow for the taxation of online audio and video streaming services at a minimum rate […]

Brazil: New Regulations to Curb Tax Evasion and Money Laundering

(Jan. 9, 2017) The Brazilian Internal Revenue Service (Secretaria da Receita Federal do Brazil, RFB) enacted three normative instructions on December 28 and 29, 2016, designed to standardize the sharing of information with other countries and to facilitate the identification of the “final beneficiaries” of companies for the purpose of curbing tax evasion and money […]

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, […]

Cambodia: Draft Financial Management Law Considered

(Nov. 18, 2016) It was reported on November 15, 2016, that a draft Law on Financial Management 2017 is being discussed in the Cambodian National Assembly, with the expectation that legislators will pass the draft document in December and that it will enter into force in January 2017.   (Janice Loke, Cambodia: Draft 2017 Law on […]

Ecuador: New Rules on Amending a Tax Return

(Nov. 16, 2016) Ecuador published a resolution from the national Internal Revenue Service (Servicio de Rentas Internas or SRI) in the country’s official gazette issue of October 31, 2016. The resolution, which was immediately applicable, contained regulations on amending a tax return.   (Gustavo Guerra, Ecuador: Regulations to File Amending Tax Returns, TAX NEWS SERVICE (Nov. […]

Belarus: Further Amendments to Tax Rules

(Nov. 14, 2016) On October 26, 2016, Belarus published amendments to its Tax Code that had been adopted on October 18, 2016, as Law No. 432-Z. (Viktar Strachuk, Belarus: Tax Code Amendments for 2017 – Additional Details, TAX NEWS SERVICE (Nov. 7, 2016), International Bureau of Fiscal Documentation online subscription database (IBFD); Tax Code of […]