Bahamas increases value-added tax

The rate of Value Added Tax (VAT) was increased from 7.5 percent to 12 percent on 1 July 2018. The new rate applies to all policies going into effect on or after 1 July 2018. Medical insurance premiums are subject […]

Turkey amends tax exemption of mutual termination agreements

Amendments to the income tax law clarified that mutual termination agreements should benefit from income tax exemption within the limit of the mandatory severance payments amount to which the employee is entitled on termination. The exceeding amount should not benefit […]

Lithuania drafts social security and income tax reform

Draft tax reform legislation would substantially eliminate social security contributions for employers and double them for employees. Employers currently pay 31.18 percent and employees 9 percent. The reform would see employers pay 1.47 percent and employees 19.5 percent.  The government argues that […]


Australia introduces a superannuation guarantee amnesty

The Australian Minister for revenue and financial services announced an amnesty period during which employers can self-correct past noncompliance with superannuation guarantee requirements. The amnesty agreement will be available for a 12-month period from 24 May 2018, to 23 May […]

Colombia incentivizes pension contribution

Decree 2250 grants tax benefits to any voluntary pension contribution to the compulsory pension fund, starting December 2017. Voluntary contributions are through payroll and pretax. Tax breaks apply only to contributions up to 30 percent of monthly income or 40 […]

Australia Superannuation and “Single Touch Payroll”

The Treasury Laws Amendment (2018 Measures No. 4) Bill, which is currently before the House, states that from 1 July 2018, employers who underpay or fail to pay their employees’ superannuation will not only face financial penalties but also up […]

Belgium enacts bonus tax exemption

As of 1 January 2018, bonuses paid to employees as warrants or options, that do not exceed 20 percent of total gross earnings, are exempt from employer and employee social security contributions.