Australian Taxation Office Launches Offshore Tax Amnesty

March 31, 2014

The Australian Taxation Office (ATO) is conducting another initiative to urge taxpayers to declare understated offshore income and to revise claims for tax deductions where these are overstated. Disclosures of income are to be regarded as

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Vietnam: Changes to VAT rules

March 31, 2014

Some changes have been made to the VAT regime in Vietnam, effective from January 2014. An important change relates to branches of export processing enterprises, which are being brought within the VAT regime. These enterprises will now be required to

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US – New York suspends driving licenses of tax evaders

March 31, 2014

Last year New York passed legislation providing for the suspension of the driving license of any individual owing a sum greater than ten thousand dollars in back tax. This has apparently been a successful policy as thousands of individuals have

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US – IRS Issues Revised Guidance on Business Expenses

March 31, 2014

The IRS has published a revised version of Publication 535 that gives guidance to taxpayers on claiming a tax deduction for business expenses. The publication contains instructions in respect of the years 2013 and 2014. This may be important for

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US – IRS Has Unclaimed 2010 Refunds For Almost 1m Taxpayers

March 31, 2014

The IRS has indicated that almost a million taxpayers are due tax refunds that have not yet been claimed, because they have not yet filed a federal tax return for 2010. As there is a three year deadline for such claims the returns must be filed by

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United Kingdom and Germany sign DTA Protocol

March 31, 2014

A protocol has been signed to the double tax agreement between the UK and Germany. This protocol which was signed on 17 March 2014 includes in the agreement the latest version of Article 7 (business profits) of the OECD Model. The taxation rights in

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United Kingdom – Belgium sign Protocol

March 31, 2014

The UK and Belgium have added a second Protocol to their double taxation agreement (DTA). The original protocol amended the article on exchange of information to conform to the latest OECD standard. The second protocol which was signed on 13 March

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Ukraine Seeks Tax from Bank Depositors

March 31, 2014

The Ukrainian Ministry of Finance has announced that it is to introduce a tax on interest received from bank deposits above UAH 100,000. This tax is expected to apply to only 1.5 percent of bank deposits in Ukraine but these deposits account for

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UK – VAT registration threshold will rise

March 31, 2014

The registration threshold for VAT in the UK is to increase to GBP 81.000 from April 2014. An enterprise or sole trader must register for VAT when sales reach this annual level. Following registration a trader must charge VAT on sales and pay this

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UK – Budget Supports Businesses to Deliver Growth

March 31, 2014

The UK budget announcements include measures in support of business. The research and development tax credit available to small businesses is to be increased from 11 percent to 14 percent. The Seed Enterprise Investment Scheme that gives tax relief

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Treaty between Bahrain and Hungary approved by Bahrain’s cabinet

March 31, 2014

Bahrain has approved the Income Tax Treaty signed 23 March 2014 with Hungary. The treaty is not yet in force and no further details of the treaty are currently

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Taiwan increases business tax rate for financial services

March 31, 2014

Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and

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Switzerland – Upper House passes China FTA

March 31, 2014

The Free Trade Agreement (FTA) between Switzerland and China has been adopted by the Swiss Council of States. The agreement contains provisions in respect of trade in goods and services, competition, investment promotion, intellectual property

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Switzerland – new agreements for the exchange of tax information

March 31, 2014

Switzerland signed tax information exchange agreements with Greenland and Andorra in March 2014. These accords provide for the exchange of information on request in respect of tax investigations. The conclusion of information exchange agreements is

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Switzerland signs new DTA with Argentina

March 31, 2014

Switzerland and Argentina have signed a new double taxation agreement (DTA). When it enters into force this agreement will replace the provisional agreement signed in 1997. The agreement contains provisions relating to the exchange of information

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Switzerland Plans Stricter Rules for Biofuel Tax Breaks

March 31, 2014

The Swiss Council of States has given its approval to a bill strengthening the provisions on the eligibility of enterprises for biofuel tax breaks. Biofuels may be partly or wholly exempt from mineral oil tax provided that they conform to certain

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Switzerland Adopts Anti-Tax Evasion Bill

March 31, 2014

The Swiss Council of States has approved a Bill in respect of the revised recommendations of the Financial Action Task Force (FATF). The Bill raises the qualifying threshold for serious tax offences and therefore helps the fight against tax evasion.

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Swiss Parliament rejects French IHT agreement

March 31, 2014

The Swiss Council of States has not accepted the text of a revised inheritance tax (IHT) agreement with France and has instead suggested that it should be renegotiated. Switzerland had asked for a renegotiation after France had communicated its

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