The government plans to launch a new tax reform have recently caused heated controversy, given the proposal to zero-rate retained earnings for corporate income tax (CIT) purposes, following the Estonian model. Although the bill is still being drafted, the opinions expressed by the institutions involved in formulating tax strategy make it clear that the reform will affect not only certain classes of subjects of law or types of companies, but every taxpayer.
Given the rapid pace of change, this series of articles will explore the progress in drafting and debating the proposed amendments, with examples to illustrate how particular changes to the tax regime might affect the overall tax burden in the long-term, as well as sharing our views on things to consider in planning corporate tax policy. The new tax regime is to apply from 1 January 2018.
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