Canada: Family tax cut to be effective instantly

October 31, 2014

The Prime Minister of Canada has announced tax changes on 30 October 2014 that would give tax savings to families starting in 2014. The initiation of this new family tax cut credit would outcome in tax savings of up to $2,000 for families with

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Bahrain – Hungary: Treaty has been approved

October 31, 2014

The Bahrain - Hungary Income Tax Treaty of 2014 has been approved by the Hungarian parliament on 25 October 2014.Further details of the treaty will be reported

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Hungary-Jersey: Exchange of information agreement has been approved

October 31, 2014

The Hungary - Jersey Exchange of Information Agreement of 2014 has been approved by the Hungarian parliament on 25 October 2014. Further details of the agreement will be reported

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Slovak Republic: Tax amendments for 2015 has approved by the Parliament

October 30, 2014

The Parliament of Slovak Republic has approved the proposed changes regarding the Income Tax Act on 30th October 2014 and it is to be in effect from 1st January 2015. The amendments are basically held on thin capitalization rules, local transfer

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US Signed Draft Agreement With Mexico On Sugar Trade Dispute

October 30, 2014

The draft agreement has signed between US and Mexico which aims to suspend US anti-dumping and anti-subsidy duties on Mexican sugar. The US Department of Commerce (DOC) had announced on October 27, 2014, preliminary anti-dumping duties ranging from

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Cyprus: Association of Cyprus Banks (ACB) Plans to Implement FATCA

October 30, 2014

In against to tax evasion, member banks of the Association of Cyprus Banks (ACB) are currently in the process of implementing the Foreign Account Tax Compliance Act (FATCA). They have expected to implement the act in the upcoming intergovernmental

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Romania: Prime Minister Confirms To Keep Flat Tax Regime

October 30, 2014

Prime Minister, Victor Ponta has reconfirmed that the country’s flat corporate and personal income tax rate of 16 percent will remain in place at least until the next government elections in 2016. Ponta gave the assurances at an awards ceremony

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US: IRS Reminds To US Tax Preparers For PTIN Renewals

October 29, 2014

The Internal Revenue Service has reminded the nation’s more than 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2015, since the current PTINs will expire December 31, 2014. IRS

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Sri Lanka: Govt. Imposes Land Transaction Tax On Foreigners

October 29, 2014

Foreigners will only be able to purchase land in Sri Lanka through long lease agreements and purchases will be subject to payment of a land lease tax (LLT), under the Land (Restrictions on Alienation) Act. According to current regulations which have

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OECD– Releases Comments on Discussion draft regarding “Transfer Pricing Comparability Data and Developing Countries”

October 29, 2014

The OECD invited comments on 6 June 2012 from interested parties on its Discussion Draft on Transfer Pricing Comparability Data and Developing Countries for proposed revisions to Chapter VI of the Transfer Pricing Guidelines. The OECD published the

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Sri Lanka: Government Intends to Reduce Tax In “2015 Budget”

October 28, 2014

Sri Lanka's President, Mahinda Rajapaksa, in his additional role as the Minister of Finance and Planning, presented Sri Lanka's 2015 Budget on October 24, 2014. The Government plans to to stimulate the country's further economic development through

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Nigeria: VAT free services for stock exchange commissions

October 28, 2014

According to a current order in Nigeria, stock exchange commissions are free from value added tax (VAT). The order was publicly presented on 27 October 2014. Besides, the effective date of the VAT exemption is 25 July 2014 and it is effective for a

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OECD: Go into French Tax improvement Debate

October 28, 2014

The Organization for Economic Cooperation and Development (OECD) has recommended a number of direct tax reforms to build on the French Government's efforts to improve the nation's competitiveness in Europe.  The report provides that the tax wedge

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OECD: 9th Meeting of Forum on Tax Administration took place in Dublin

October 28, 2014

The 9th Meeting of the Forum on Tax Administration (FTA) took place in Dublin on 23-24 October 2014 in Dublin, Ireland. Nearly forty delegations, including international and regional tax organizations, participated in the Ninth Meeting of the OECD

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Israel: Details of Budget for 2015

October 28, 2014

The government has approved the 2015 Budget proposal on 7 October 2014, which will now be transferred to the parliament for its enactment. A 10% tax rate would be charged on payments to illegal immigrants. Payments regarding conclusion of service

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Court decides that the provision of tax treaties between Germany & Russia do not obstruct the application of thin capitalization rules

October 27, 2014

The Federal Arbitration Court of the Moscow decides that the provision of tax treaties between Germany & Russia do not obstruct the application of thin capitalization rules. The Federal Arbitration Court of the Moscow Circuit (FAC) decided in

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Oman calls for forceful implementation of International Financial Reporting Standards (IFRS)

October 27, 2014

Recently, financial report by Middle East official was setting out principles on the significant developments and key changes to keep up with the standards of International Financial Reporting Standards (IFRS). The importance of capitalizing on the

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Qatar and Turkey- new income tax treaty

October 27, 2014

Negotiation of a new income tax treaty is on the way, between Qatar and Turkey. The treaty of December 25, 2001 between these two countries will be replaced by this new agreement. Before, it can enter in to force; the new treaty must be signed and

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