Vietnam – Changes to tax administrative penalty rules

November 19, 2013

Vietnam’s tax authorities have issued a decree that amends the rules that apply with respect to penalties assessed for tax administrative violations. Decree 129/2013/ND-CP (16 October 2013) revises the tax administrative penalty rules. Among the

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Venezuela – Foreign currency rules regarding import objectives

November 19, 2013

The decree regardingthe share of foreign currency used for import activities has published in official gazette N° 40.259 and will be effective from September 26, 2013. This contains changes to the rules and authorization procedures for gaining

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USA – IRS Announces Pension Plan Limitations for 2014

November 19, 2013

On October 31, 2013, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k)

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USA – Inflation Adjustments for 2014

November 19, 2013

On October 31, 2013, the Internal Revenue Service announced annual inflation adjustments for the year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about

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Uruguay – Guidance on tax implications of fees paid to foreign companies

November 19, 2013

The tax administration of Uruguay issued guidance on 29 October 2013 about the applicability of Uruguay’s non-resident income tax and value added tax (VAT) on payments of certain fees paid to foreign companies. According to the guidance foreign

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UK Considering Tax For Foreign Property-Buyers

November 19, 2013

The UK Chancellor of the Exchequer refused to confirm reports that the Government is considering moves to impose Capital Gain tax on foreign investors for property sales in Britain, as a measure to control property prices in London. At present,

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UK Energy Firms Allegedly Using a Loophole To Cut Tax Bills

November 19, 2013

Several UK energy companies were accused on 30 October 2013 for abusing a legal loophole with a view to cut their tax bills. It was revealed by The Independent newspaper and Corporate Watch research that more than 30 UK businesses have been

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Treaty between Malawi and Norway enters into force

November 19, 2013

The Malawi - Norway Income Tax Treaty (2009) entered into force on 10 December 2012. The treaty generally applies from 1 January 2013 for Norway and from 1 July 2013 for Malawi. From this date, the new treaty generally replaces the Malawi -

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Switzerland: Budget Surplus despite Revenue Dip

November 19, 2013

The Swiss Federal Department of Finance released that the Confederation is forecasting the excess budget of this year CHF0.3bn (USD0.33bn) on 1 November 2013. Switzerland’s budget presented for a shortage of CHF0.4bn in 2013. Revenues are expected

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Spain: Tax ruling expanding capital gains tax to indirect transfer of Spanish real estate by Luxembourg entities

November 19, 2013

Spanish tax authority recently published a ruling regarding indirect transfer of Spanish real estate by a Luxembourg entity which is taxable in Spain under the provisions of the Luxembourg-Spain tax treaty. Investment funds from real estate and

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Spain: National budget bill 2014

November 19, 2013

National budget bill of Spain for 2014 was presented on 30 September 2013 in the Spanish Parliament. The 2014 draft budget has proposed an amplification of the surcharges for 2014. On the other hand, it has been also raised to hold the Wealth Tax

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Saudi Arabia –Signed the Multilateral Convention of OECD

November 19, 2013

The government of Saudi Arabia has signed the Multilateral Convention of OECD on Mutual Administrative Assistance in Tax Matters. This would provide spontaneous exchange of information, simultaneous tax examinations, and assistance in tax collection

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For Far-East region Russia has sanctioned Federal Law

November 19, 2013

Russia’s President has signed Federal Law No. 267-FZ on September 30, 2013 to provide incentives for completing regional investment program within the Far East regions. In order to raise financing in the economy of the far-east region, the law

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Portugal and Switzerland: Tax treaty enters into force

November 19, 2013

According to a press release, Switzerland, Portugal, Bulgaria, Slovenia and the Czech Republic signed treaty agreement for the avoidance of double taxation on 1 November 2013 regarding taxes on income and on capital. The four agreements are starting

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Portugal: VAT amnesty until end of December 2013

November 18, 2013

The tax office of Portugal has announces that- with reduced fines until 20 December 2013 outstanding VAT may be declared. Penalties will be reduced. There will be no late interest charge, or extra return charges for previously undeclared Portuguese

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Portugal: Lower tax burden in 2015

November 18, 2013

The Finance Minister of Portugal has indicated that the Government is aiming to reduce the tax burden on workers in Portugal within the framework of the 2015 State Budget (OE 2015). The State Budget 2014 of Portugal is designed to redress the public

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Portugal: Budget VAT announcements

November 18, 2013

The draft VAT Bill 2014 of Portugal contains a range of amendments to the Portuguese VAT rules. According to the draft amendments, VAT on irrecoverable debts may only be refunded within two years from the beginning of the fiscal year after the bad

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Canada and Poland –Tax treaty enters into force

November 18, 2013

Poland and Canada was signed income tax treaty on 14 May 2012, which was replaces income tax treaty from 1987. This tax treaty entered into force on 30 October 2013 and the effective date of treaty provisions are contained in Article 27. The treaty

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