Greek Tax Provisions has been challenged by European Union

September 30, 2014

It was asked by the European Commission to end the Greek discriminatory taxation of foreign-flagged ships and amend legislation on duty-free service stations. Greek-flagged ships and certain vessels managed from Greece are exempt from income tax as

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US: IRS Urges Tax-filing and Payment Extensions Expire Oct. 15

September 30, 2014

The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free

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Chinese E-commerce tax plan for 2015

September 30, 2014

China is assessing the introduction of tax on E-sales (online) of goods in 2015. The new plan would contain a tax system administered through E-commerce platforms in the biggest online shopping economy all over the world. There is wide scale

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DTA between Australia and Switzerland ratified by Australia

September 30, 2014

On 24th September 2014, Australia completed its domestic ratification procedures with respect to the DTA signed with Switzerland. Once in force and effective, the new treaty will replace with the treaty between Australia and Switzerland Income Tax

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India: Decision on whether the Taxpayer could be regarded as an “assesse in default”

September 30, 2014

Recently, The Supreme Court (SC) of India issued its decision in the case of CIT v. NHK Japan Corp. (SLA No. 24913 of 2012) on 11 August 2014, that a Taxpayer cannot be regarded as an "assesse-in-default" on account of non-withholding of taxes when

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US: Selection of Problematic Tax Prepares Could Be Improved By IRS

September 30, 2014

According to a report released by the Treasury Inspector General for Tax Administration (TIGTA), IRS could improve its selection of problematic paid preparers for further enforcement actions. TIGTA reported that, as the majority of individual

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Sixth Meeting of China-ASEAN Free Trade Area Joint Committee

September 30, 2014

The Sixth Meeting of the China-ASEAN Free Trade Area Joint Committee and the First Round of Upgrading Negotiations of the China-ASEAN FTA was held in Hanoi, Vietnam, on September 23-24. The Chinese delegation composed of the Ministry of Commerce,

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Double Taxation Agreement between Qatar and Latvia

September 30, 2014

Latvia signed a Double Taxation Agreement (DTA) with Qatar on September 26, 2014. Furthermore, on 10 September 2014, the cabinet of Qatar authorized the signing of the initialed income tax treaty between Qatar and Latvia and it have initialed on 24

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Slovenia: Plans to Increase Tax Collection

September 29, 2014

Slovenia's new government plans to improve tax collection and reduce public spending in a bid to cut its budget deficit. Following the parliamentary vote of confidence for his government, Prime Minister said "Our fiscal policy will be restrictive;

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Iceland-Albania: Signed an income tax treaty

September 29, 2014

Iceland and Albania signed an income tax treaty on 26 September 2014. Further details will be reported

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Spain plans to impose penalty on VAT fraud

September 29, 2014

In order to reduce rising fraud, Spain is planning to introduce a range of penalty measures on VAT in 2015. These include; EU Rapid Mechanism is to be activated to introduce the reverse charge on the domestic supplies of phones, games, tablets and

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IRS Warns Financial Institutions of Scams Designed to Identify Theft Attempts

September 29, 2014

The Internal Revenue Service has said that it does not require financial institutions to provide specific account holder identity information or financial account information over the phone or by fax or email. In addition, the IRS clarified that it

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China and South Korea remain divided in Free Trade Agreement negotiations

September 28, 2014

China and South Korea made some progress in their latest round of negotiations for a FTA but remain divided over the thorniest matter of how soon and how much they will open their markets for sensitive industries, the Seoul government said

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Philippines: Reduces the corporate income tax rate

September 27, 2014

The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate

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Australia: Parliament changes thin capitalization rules

September 27, 2014

The Australian Parliament passed previously announced legislation on 25 September 2014 which includes changes to the thin capitalization rules, a rewrite of the exemption for foreign non-portfolio dividends received by Australian companies, and

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EU – Pan-European implications of VAT decision on cross-border services

September 27, 2014

The Court of Justice of the EU recently issued a judgment in a case that may have implications for multinational organizations with either branch operations or head office in EU Member States particularly those entities in the financial services

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Slovenia: APA concluded for transfer pricing purposes

September 27, 2014

On 1 August 2014, the amendments to the Financial Administration Law (the Law) entered into force. According to the law, the Tax Procedure Act effective from 2007 introduced a system of tax rulings and from 1 August 2014 advance pricing agreements

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U.A.E-Japan Income Tax Treaty ratified

September 26, 2014

The Income Tax Treaty between Japan and United Arab Emirates has been ratified by way of Decree No. 70/2014. Further details of the treaty will be reported

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