Important tax amendments in Greece in 2013

January 24, 2013

A very important tax amendment has been passed by Greece’s Parliament regarding income and corporate tax. In the new tax bill the corporate income tax rate has been increased from 20% to 26% in 2013. But the good news is the reduction of the

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New Tax Breaks for SMEs in Thailand

January 24, 2013

The government of Thailand has reduced the corporate tax rate from 23% to 20% this year. No further help will be provided to SMEs with revenues up to THB 50 million. The Cabinet of Thailand has approved a package of tax measures proposed by the

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New Swiss tax assistance law in effect

January 24, 2013

The Swiss Federal Council has announced that the new Tax Administrative Assistance Act (TAAA) will come into force on 1 February 2013. When the TAAA comes into effect the existing ordinance covering double taxation agreements will be repealed. The

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Malta: Taxation of directors’ fees clarified

January 24, 2013

The tax authority of Malta clarifies the tax treatment of fees received by non-resident directors from companies resident in Malta. For this clarification, Malta tax authority has released a guidance note. Where the company is a resident, income

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Malaysia has passed the budget for 2013

January 24, 2013

The Government of Malaysia has passed the Budget for 2013, on 10 January as the Finance Act

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Colombian Tax Reform

January 24, 2013

The Colombian tax system is reformed by the Law No. 1607 of 2012 and it took effect from 2013. The major changes are as below: The reform introduces a new minimum tax (IMAN) that is a progressive flat tax based on the amount of income derived. The

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Brazil: Withholding Tax Changes on Profit-Sharing Payments

January 24, 2013

Provisional Measure No 597 of December 26, 2012 came into effect on 1 January 2013.This introduces a new regime for the taxation of profit-sharing payments received by employees from their employers. The change permits employed persons to obtain up

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Treaty between Finland and Cyprus signed

January 21, 2013

Finland and Cyprus signed an agreement on 15 November 2012 in Nicosia for the avoidance of double taxation, with both sides pointing out its significance for facilitating investments and strengthening bilateral ties. The agreement generally follows

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Spain’s Budget for 2013

January 21, 2013

The Spanish Government approved the Budget for 2013 as law 17/2012 on 28 December 2012. The Law generally applies from 1 January 2013. Key points of the budget are summarized below: Corporate taxation For capital gains the indexation percentage

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Peru and Portugal signed a DTA

January 21, 2013

Peru and Portugal signed an agreement on 19 November 2012 to avoid double taxation and prevent fiscal evasion. No further details of the agreement are currently

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Malaysia: Gazette publishes regarding tax deduction at source

January 20, 2013

Monthly tax deduction at source by the employer on income from employment has been published as gazette on 27 December 2012. The amendment has taken place by the Income Tax Deduction from Remuneration Amendment Rules No. 2 of 2012 which is effective

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Ecuador: Minimum monthly salary

January 20, 2013

The minimum monthly salary of Ecuador has been set to USD 318 by the Ministerial Decree 00215/2012 of the Minister of Labour, effective from 1 January 2013. The rate was previously USD

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Brazil to increase monthly minimum salary

January 20, 2013

Brazil's government will raise the minimum monthly salary by 9% in 2013. The Official Gazette of 26 December 2012 published Decree 7,872/2012 introducing a new monthly minimum salary. The rate has increased to BRL 678 from BRL 622. This new rate is

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Tax amendments of Indonesia to be introduced in 2013

January 20, 2013

Number of tax amendments has been made to the tax system of Indonesia which will be introduced in 2013. One of the amendments is the change of individual income tax threshold which will be increased to IDR 24,300,000 from IDR 15,840,000 as effective

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Vietnam: to cut CIT rate in 2014

January 06, 2013

The Ministry of Finance of Vietnam allotted a draft revision to the Law on Corporate Income Taxation on 12 December 2012. The proposed draft revision emphasized on the corporate income tax rates which will decrease from 25% to 23 % in 2014 also the

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Nigeria introduced new TP regulations

January 06, 2013

Nigeria has announced new Transfer Pricing Regulations on October 22, 2012. This will be applicable retroactively to August 2, 2012. The TP Regulations provide that all transactions between connected parties should be at arm’s length. Taxpayers

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Mexico: Budget for 2013 has been approved

January 06, 2013

Congress has approved the Budget for 2013 and published in the Official Gazette on 13 December 2012. In new budget some changes has approved: The corporate income tax rate it will reduce to 29% as from 2014 but 4.9% income tax withholding rate will

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Income tax treaty between Portugal and Georgia

January 06, 2013

Georgia and Portugal signed an income tax treaty on 21 December

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