Each of the Crown Dependencies – Jersey, Guernsey, and the Isle of Man – have tabled legislation that will introduce new substance requirements for tax-resident firms engaged in certain industries from January 1, 2019.
Seychelles has enacted numerous legislative amendments that are intended to enable Seychelles to comply with the OECD's base erosion and profit shifting (BEPS) minimum standards.
Significant changes to the way that businesses should account for value-added tax on vouchers will become effective on January 1, 2019.
Canada's small business tax rate will be reduced from 10 percent to nine percent from January 1, 2019, as part of a suite of new year tax changes.
Greece will gradually lower the rate of corporate tax over the next four years, under proposals announced in September and recently approved by the Greek parliament.
On December 11, 2018, the UK Government tabled The Value Added Tax (Input Tax) (Specified Supplies) (Amendment) Order 2018 before the House of Commons to close a VAT avoidance loophole that is exploited by some UK insurers.
On December 18, 2018, Luxembourg's parliament approved legislation that will implement the European Union Anti-Tax Avoidance Directive.
Lawmakers in the Philippines have endorsed plans for a tax amnesty scheme that will cover estate taxes, general taxes, and delinquent accounts, covering liabilities up to December 31, 2017.
The French Government has decided to bring forward the introduction of a national tax on digital companies following the failure of European Union member states to agree on an EU-wide digital services tax.
On December 13, 2018, the United States Internal Revenue Service issued proposed regulations on the operation of the base erosion and anti-abuse tax, contained in Section 59A of the Internal Revenue Code.
Representatives from the OECD are in Seychelles until December 14 to support the territory to implement its recommendations to tackle base erosion and profit shifting.
The Swiss Federal Government has endorsed a report that recommends that Switzerland does not yet need to introduce new or higher taxes to account for automation.
Ukraine has reportedly postponed consideration of a bill that would reform the country's corporate tax system to shift the burden of tax from company profits to distributions.
The European Commission has published proposed implementing regulations for reforms to VAT rules for e-commerce that will be effective from January 2021.
The Belgian tax agency has issued a reminder to value-added tax-registered persons of their obligations to file VAT returns and pay VAT during the holiday season.
The European Court of Justice has ruled that the UK can unilaterally abandon the process of leaving the European Union, providing parliament approves the move.
The Australian Securities and Investments Commission has highlighted the significant impact that recent accounting standard changes will have for financial reports that must be prepared for the year to December 31, 2018, and second quarter reports.
Last year, the tax burden in OECD countries reached its highest level recorded, at 34.2 percent of gross domestic product, up 20 basis points on 2016, largely due to increasing taxes on personal consumption and companies.
European finance ministers were again unable to reach an agreement on a proposed digital services tax, despite attempts by Austria, France, and Germany to broker a compromise.
A new double taxation agreement between Switzerland and Pakistan entered into force on November 29.
On November 27, 2018, the UK Government published consolidated guidance on the customs, VAT, and excise regulations that have been drafted to deal with the possibility that the UK may leave the EU on March 29, 2019, without a deal on a transition period that would delay Brexit until 2020.
The European Court of Justice has ruled in favor of three Belgian companies that had challenged the legality of France's decision to refuse a refund of withholding tax collected on dividends paid by a resident company to a loss-making non-resident company.
Switzerland's Government has recently decided on a number of trade matters and reviewed its plans for changes to how it administers vehicle taxes.
In a new report released on November 22, 2018, the UK's Economic Affairs Committee called for a one-year delay to the implementation date of Making Tax Digital for VAT.
On November 22, 2018, the Dutch Ministry of Finance announced changes to the country's tax ruling regime intended to ensure that only taxpayers meeting certain substance requirements are granted tax rulings.
The Swiss Government is to press ahead with its plans to implement the recommendations made by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, despite domestic opposition.
Australia is to require businesses seeking to tender for significant federal government procurement contracts to demonstrate their record of tax compliance.
Releasing a progress update, the OECD said international efforts to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide.
Companies looking for auditing services may benefit from a more competitive market if changes are recommended as part of a recently launched Competition and Markets Authority (CMA) review into the industry.
An agreement has been reached between the European Union and the United Kingdom on Brexit, which, if approved by UK lawmakers, would establish a transition period, until the end of 2020, during which EU law would continue to apply to the UK.