Venezuela – Palestine: DTA sign
Venezuela and Palestine signed a double taxation agreement (DTA) on May 17, 2014. No further details of the agreement are currently
See MoreUS: Taxpayers Giving Up US Passports As FATCA Approaches
The FATCA may be causing some taxpayers to give up their US citizenship. According to statistics issued by the US Treasury Department statistics and included in the Federal Register, more than one thousand United States taxpayers relinquished their
See MoreUS: Study Moves to Curb State Corporate Tax Incentives
The Council on Foreign Relations (CFR) in the US has recently published a memorandum that looks at the tax relief and subsidies the US federal and state governments grant every year as an incentive to attract business investment. The memorandum
See MoreUS: IRS Releases Transfer Pricing Audit Roadmap
On 14 February 2014 a Transfer Pricing Audit Roadmap was issued by the Large Business and International (LB&I) division of the IRS. This sets out the procedures in relation to the conduct of a transfer pricing audit and the timeline to follow.
See MoreUS: BEPS to Compound Global Tax Risks
Enterprises are expecting that tax risks are likely to increase more in the coming years, according to a survey of tax and finance executives in twenty five countries by the advisory firm Ernst and Young. The survey looked at the views of companies
See MoreUS Taxpayers Not Sensitive To State Income Tax Rates
The US Center on Budget and Policy Priorities has put together a report indicating that people relocating within the US do not generally regard State taxation as an important driver in their decision. This is the case even though there can be
See MoreUS Businesses Urge Two-Year Renewal of Tax Extenders
In the US the Business Roundtable (BR) has written to the Senate in relation to certain tax issues. The BR is a business grouping of CEOs from large US companies who have USD 7.4 trillion in annual revenues and together make up more than a third of
See MoreUK – Spain DTA to Enter into Force
The UK’s tax authority has confirmed that the double taxation agreement (DTA) signed with Spain in 14 March 2013 will enter into force on June 12, 2014. The agreement will apply to corporation tax in the UK from 1 April 2015; to
See MoreIMF Suggests Revenue Enhancing Tax Reforms for Uganda
The International Monetary Fund (IMF) has suggested that tax changes should be put through in Uganda to deal with the problems with government finances. The tax base has to be broadened to counteract the effect of the large shortfall in tax revenue
See MoreTaiwan- FATCA Agreement Expected In June 2014
Taiwan is expecting to finalize a FATCA agreement with the US by end of June 2014. The FATCA Act requires the IRS to gain information about accounts of US citizens and residents with foreign financial institutions. To ensure that this can be done
See MoreTaiwan Approves 45 Percent Top Income Tax Rate
Tax reforms passed in Taiwan include a 45% rate of income tax on incomes above TWD 10 million per annum. Also included in the reform is an increase in the basic income tax threshold to TWD 90,000 for single taxpayers and TWD 180,000 for married
See MoreSwitzerland – San Marino: Signes TIEA
Switzerland and San Marino signed a tax information exchange agreement (TIEA) on May 16, 2014. The agreement provides for the exchange of tax information on request on specific tax matters. The conclusion of agreements for the exchange of tax
See MoreSwitzerland and Singapore sign OECD agreement against tax evasion though banking secrecy
Forty seven countries participated in the Declaration on Automatic Exchange of Information in Tax Matters, adopted by the OECD on 6 May 2014. These countries included Switzerland and Singapore, two financial centers that have in the past been
See MoreSwiss Discuss Banking Sector Tax Disputes With The US
Recent discussions between the US and Switzerland have centered on a US tax dispute settlement program for category two, three, and four banks and the current US criminal investigations into category one banks that are domiciled in Switzerland. The
See MoreSpain Fined Over State Aid in Basque Provinces
Spain has been ordered by the European Court of Justice to pay a penalty amounting to EUR 30 million for failing to recover state aid granted by three Basque Provinces and ruled to be contrary to EU law. The state aid provisions of EU law are
See MoreNorway: Regulations regarding exemptions to the interest
On 24 April 2014, Norway’s Ministry of Finance issued regulations regarding exemptions to the interest deduction limitation rules. Under regulations issued in April 2014 certain securities transactions are exempt from the interest restriction
See MoreSouth Korea Prioritizes FTA Talks with China and Vietnam
South Korea is continuing to discuss free trade agreements (FTAs) with China and Vietnam. In relation to the negotiations with China safety measures are being drafted in respect of fisheries and agriculture which are very sensitive sectors in South
See MoreRomania: Higher Taxes Expected From Oil and Gas Review
Recently the energy industry consulting firm Global Data issued a report according to which royalties on oil and gas in Romania are likely to increase by around ten percent on average from 2015. Windfall taxes on the industry are about to expire but
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