PGA Highlights: August 2013

September 25, 2013

In United States, following events have been occurred under the several PGA during the month of August 2013. Agencies Summary Link CBP Special Import Quota for Upland Cotton: Special import quota for upland cotton has been

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US – Final regulations on determining amount of tax paid for purposes of the foreign tax credit

September 19, 2013

Final regulations (T.D. 9634) providing guidance on determining the amount of taxes paid for purposes of the foreign tax credit (FTC) has been issued by the IRS. These final regulations adopt without substantive changes, the proposed regulations

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UK: Judicial decisions on capital allowances

September 19, 2013

The Upper Tribunal rejected an appeal from HMRC against a capital allowance claim in a recent decision involving Lloyds TSB Equipment Leasing. The claim related to finance leases in relation to two liquid natural gas (LNG) vessels that were leased

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Income and Capital Tax Treaty between Luxembourg and Tajikistan entered into force

September 19, 2013

The Income and Capital Tax Treaty between Luxembourg and Tajikistan entered into force on 27 July 2013. The treaty will applicable from 1 January

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Income and Capital Tax Treaty between Luxembourg and Seychelles entered into force

September 19, 2013

Income and Capital Tax Treaty between Luxembourg and Seychelles entered into force on 19 August 2013. The treaty will applicable from 1 January

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Kenya-Nigeria:Signed tax treaty

September 19, 2013

Kenya and Nigeria has signed a tax treaty on September 6, 2013. No further details are currently

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New Income and Capital Tax Treaty between Hungary and Switzerland

September 19, 2013

The Income and Capital Tax Treaty between Hungary and Switzerland was signed on 12 September 2013. After entering into force and becoming effective the new treaty will replace the existing Hungary – Switzerland Income and Capital Tax Treaty of

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Thailand Scraps Luxury-Goods Tax

September 19, 2013

The government of Thailand had announced to eliminate import duties on luxury watches, clothes and cosmetics. Accordingly by the end of the year the duty on some luxury goods will be cut from 30% to

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Thailand raised alcohol excise taxes

September 19, 2013

In Thailand the excise taxes on liquor, beer and wine will increase by 7 -15% effective on 4 September 2013. The price will be higher particularly for

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Changes in e-Filing Tax Payments in South Africa

September 19, 2013

E-filing on debt pull transactions will be eliminated from September 4. The SARS disclosed that the procedure will take place over one month after an alert message will appear on e-filing, where a debt pulls transactions is no longer available.

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Portugal: Corporate income tax proposals for 2014

September 19, 2013

Currently, Portugal thinking to take initiatives that would reform the corporate income tax law. The Corporate Income Tax (“CIT”) 2014 Reform Proposal, which is currently under public consultation. The main measures contained in the proposals

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Relaxation of VAT penalties in Peru

September 19, 2013

The Peruvian tax authority published Resolution No. 277-2013/SUNAT which became in force from 8 September 2013. The resolution has relaxed the application of penalties in the VAT Collection

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Italy: Update on new VAT declaration

September 19, 2013

Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian

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OECD: Engaging and involving SME taxpayers

September 19, 2013

The OECD recently published a paper entitled “Together for Better Outcomes” dealing with the issue of how to involve and engage small and medium enterprise (SME) taxpayers and other stakeholders in the tax compliance process. This study was

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Netherlands: Voluntary disclosure relief system relaxed

September 19, 2013

The Dutch Finance Ministry has announced plans that for those taxpayers who have undeclared assets disclosure system between September 2, 2013, and July 1, 2014 is going to be relaxed. If two-year period is expired, generally a voluntary disclosure

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Netherlands: Tax Plan 2014

September 19, 2013

The Tax Plan 2014 will be presented to the Lower House of parliament (Tweede Kamer) by the Minister of Finance on 17 September

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 Japan: Planning to relax the Corporate Tax Relief Measures

September 19, 2013

Japan’s Prime Minister has requested that his Government should take account of tax incentives for the corporate part along with relax the economic impact if he adopts to proceed with the consumption tax hike due in April next year. It is also

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Italy: VAT registration threshold has been raised for SME

September 19, 2013

Governing body of the member states’ VAT system, the EU VAT Directive has offered the scope for countries to increase the threshold of VAT registration for resident companies to up to Euro 100,000. This offers the opportunity for countries to

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