India: SKP Global Expansion Updates - November 2017

Last Updated: 1 December 2017
Article by SKP  

We are pleased to present the November issue of SKP Global Updates - our newsletter that covers employment, payroll, Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate tax related developments globally.

The key highlights of this issue include Mauritius extending the deadline for filling asset statement, change in the RRSP contribution limit in Canada, Malaysian 2018 National Budget of individual income tax and important tax provisions in 2018 budget in Ireland.

Africa

Mauritius

Deadline extended for filling asset Statement

Recently, the deadline for the submission of statement of assets and liabilities for the fiscal year ended 30 June 2017 for individual taxpayers, along with their income tax returns, has been extended until 1 October 2018 by the Mauritian government. For more information, click here.

Americas

Canada

Proposal for reduction in small business tax rate to 9% by 2019

It is proposed under private company tax proposals that the small business tax rate would decrease from 10.5% to 9% by 2019. This tax rate reduction would be reduced to 10% effective 1 January 2018 and to 9% effective 1 January 2019.

New requirements in Canada's Citizenship Act

In October 2017, a few new requirements in the Canadian Citizenship Act have come up. Following are some changes one needs to know before applying for Canadian citizenship.

  • As per the new rules, applicants need to be physically present in Canada for three out of five years for being eligible (earlier, it was four out of six years), and the criteria to be present for a minimum of 183 days per year in four out of six years is repealed.
  • A portion of time spent in Canada before becoming a permanent resident will count toward residency requirements. The time spent in Canada for becoming a permanent resident does not count towards the physical presence requirement. Once the applicant becomes the permanent resident he/ she has to be in Canada for additional two years to apply for citizenship.
  • Applicants between 18 and 54 years (earlier 14 and 64 years respectively) will have to pass the language and citizenship knowledge test.

Change in RRSP contribution limit

Registered Retired Savings Plan (RRSP) is a legal trust registered with Canada Revenue Agency which is used for retirement. The maximum age of the contributor has been increased to 71 years from 69 years. The RRSP contribution is based on the 'earned income'. If the taxpayer was not a resident and had income from employment or business income, then it may constitute as earned income. The annual contribution limit for RRSP, for the year 2018, is CAD 26,230 (increased from CAD 26,010 in 2017).

Mexico

Tax benefits in areas affected by Earthquake

Recently, a decree has been published in the federal official gazette to provide benefits to taxpayers who have their fiscal domicile, branch, agency or any other establishment in the areas affected by the earthquake. Following are the significant benefits provided by the decree :

  • Exemption has been given to entities in affected areas for provisional tax payment from September to December 2017 for the income of the legal entities, and certain individual taxpayers.
  • Exemption to present tax declaration of the fifth and sixth bimester of the fiscal year2017, which could be presented on January 2018.
  • Investments made from 19 September 2017 to 31 March 2018 in new goods of fixed assets will be eligible for immediate deduction.
  • Furniture, office equipment, cars, co-shielding machinery and aircrafts, other than those dedicated to agricultural fumigation, are nonapplicable. Goods will be considered new when they are used for the first time in Mexico.
  • Taxpayers who make salary income payments and provide subordinated personal services (with the exempt of similar salary income), which consists in defer for three partialities the payment of the income tax withholding corresponding to the months of September, October, November and December of 2017.
  • Value Added Tax (VAT) and Excise Tax on Production and Services (IEPS) will be payable in equal and successive partialities.

VAT Refund request which was submitted before 16th October 2017, will be processed within a period of 10 days.

To view the full article please click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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