Important tax amendments in Greece in 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
See MoreNew Tax Breaks for SMEs in Thailand
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
See MoreNew Swiss tax assistance law in effect
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 When the TAAA comes into effect the existing ordinance covering double taxation agreements will be repealed.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
See MoreMalta: Taxation of directors’ fees clarified
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
See MoreMalaysia has passed the budget for 2013
The Government of Malaysia has passed the Budget for 2013, on 10 January as the Finance Act
See MoreColombian Tax Reform
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
See MoreBrazil: Withholding Tax Changes on Profit-Sharing Payments
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
See MoreTreaty between Finland and Cyprus signed
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
See MoreSpain’s Budget for 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
See MorePeru and Portugal signed a DTA
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
See MoreMalaysia: Gazette publishes regarding tax deduction at source
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
See MoreEcuador: Minimum monthly salary
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
See MoreBrazil to increase monthly minimum salary
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
See MoreTax amendments of Indonesia to be introduced in 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
See MoreVietnam: to cut CIT rate in 2014
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
See MoreNigeria introduced new TP regulations
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
See MoreMexico: Budget for 2013 has been approved
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
See MoreIncome tax treaty between Portugal and Georgia
Georgia and Portugal signed an income tax treaty on 21 December
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