Nigeria 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
See MoreColombian Congress Approves Tax Reform
New Colombian tax rules have come into effect from 1 January 2013. Purpose behind this tax reform was to decrease the country’s unemployment rate and address society’s high wealth differences. The reforms have decreased the corporate income tax
See MoreAmendments to Azerbaijani Tax Code
The Azerbaijani parliament adopted a draft law on amendments to the Tax Code on 21 December 2012, these came into effect from 1 January 2013. These changes are aimed at improving the tax system, reducing the tax burden and improving the tax culture.
See MoreCanada: CRA issues transfer pricing memoranda
The Canada Revenue Agency (CRA) has to follow the OECD Guidelines when performing transfer pricing audits. Two new transfer pricing memoranda (TPM-13 & TPM-14) have been issued. TPM-13 deals with referrals to the Transfer Pricing Review
See MoreIncome and Capital Tax Treaty between Saudi Arabia and Ukraine
To build tax cooperation, Saudi Arabia and Ukraine signed an Income and Capital Tax Treaty on 2 September 2011 which enters into force on 1 December 2012. The treaty will be effective from 1 January 2013. According to the treaty the default tax
See MoreTreaty between Georgia and Slovenia signed
Georgia and Slovenia signed an Income and Capital Tax Treaty on 7 December
See MoreHong Kong and Canada sign DTA
An extensive double taxation agreement between the Government of Canada and the Government of the Hong Kong was signed on November 11, 2012 for the avoidance of double taxation. According to agreement, the rate of withholding for dividends paid
See MoreDTA between Taiwan – Germany Enters Into Force
The double taxation agreement (DTA) between Taiwan and Germany entered into force on November 7, 2012. The treaty will be applicable from January 1, 2013. This agreement covers the avoidance of double taxation of dividends and capital
See MoreTreaty between China (People’s Rep.) and Japan applies to new Japanese taxes
The State Administration of Taxation (SAT) stated in Gong Gao No.49, that, Chinese and Japanese tax authorities have agreed after consultation that the taxes to which the China (People's Rep.) - Japan Income Tax Treaty applies include the Special
See MoreDouble Tax Agreement between Germany and Liechtenstein
Liechtenstein and Germany signed a bilateral double taxation agreement on 2011. The treaty will become effective from 1 January 2013. As per the agreement, there will be relief from withholding taxes for cross-border holdings as both countries
See MoreDenmark: New Anti-Avoidance rule approved by parliament
The Danish Ministry of Taxation approved the Bill on 14 December 2012 relating anti-avoidance rules about withholding tax on dividends. The key points of the Bill are summarized below: Under the Danish holding company rule dividends (resident to
See MoreThe Czech Republic and Denmark Income Tax Treaty enters into force
The Czech Republic and Denmark signed an Income Tax Agreement on 22 December 2012.The treaty will be applicable from 1 January 2013. The new treaty replaces the former Czechoslovakia – Denmark Income and Capital Tax Treaty (1982), as amended by
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