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Bulgaria: Bulgaria introduces VAT rules on food donations

Petar Varbanov The new Bulgarian VAT system applicable to free food donations was published in the Official Gazette on November 8 2016 and will apply from January 1 2017. It will result in the VAT-free supply of food donations to food banks, under certain conditions.

December 15 2016

Indonesia: New income tax for REIT schemes enacted

Freddy Karyadi Anastasia Irawati Following the regulation under the 11th Economy Package, the Indonesian government has issued a new tax regulation for real estate investment trust (REIT) schemes.

December 15 2016

Macedonia: Macedonia introduces preferential VAT rate to pellet products

Elena Kostovska The latest addition to the list of preferential VAT goods and services that benefit from a 5% VAT rate was introduced on October 14 2016, and is effective from the same date. It prescribes the application of the reduced VAT rate to the supply of pellet fuel, pellet boilers and pellet stoves.

December 15 2016

Special features - December 2016

Read this month's special features on Germany, Brexit and Mexico

December 15 2016

EU: European Commission’s public CBCR proposal moves beyond challenges

Bob van der Made Negotiations between the EU's 28 member states are continuing on the European Commission's proposal for public country-by-country reporting (public CbCR), but whether the measure is adopted remains unclear.

December 15 2016

Taxpayers face big financing costs from VAT Bill 2017

Amendments to Mexico’s VAT Law will significantly increase the costs for business taxpayers. Cesar De la Parra and Ignacio Mosquera of Chevez, Ruiz, Zamarripa y Cia explain the changes.

December 15 2016

Demonetisation seeks to abolish black money

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India: Demonetisation of high currency notes in India

With almost INR 14 million ($205,000) worth of INR 500 and INR 1,000 notes in circulation, this is so far probably the single biggest effort to root out black money and to curb fake currency and corruption.

Hariharan Gangadharan, December 15 2016

Australia: Australia proposes several legislative changes

James Newnham Recent updates to Australian tax law have included significant court rulings, the release of several proposals and draft guidance for public consultation, and the submission of legislation in parliament.

December 15 2016

Brazil: Withholding tax obligation on the substitution of shares; New rules on documentation for Brazilian non-resident capital gains taxation

Fernando Giacobbo Ruben Gottberg Brazilian Federal Revenue (RFB, by its Portuguese acronym) issued Normative Instruction (NI) 1.664, establishing the responsible party for withholding income taxes on non-resident capital gains arising from the substitution of shares (incorporação de ações).

December 15 2016

Luxembourg: Luxembourg’s transition from the EU Savings Directive to CRS

Alain Verbeken Alina Trotska Luxembourg is amending its domestic laws in line with EU changes to repeal the EU Savings Directive and introduce the common reporting standard (CRS) to facilitate the automatic exchange of tax information (AEOI).

December 15 2016

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