Denmark & Ghana DTA ratified by Denmark
The Danish government ratified the Denmark-Ghana Double Tax Treaty (DTA) on 19 December 2014, which was signed on March 24, 2014. Further details of the treaty will be reported
See MoreTIEA between Indonesia and Bermuda ratified by Indonesia
Indonesia has ratified its Tax Information Exchange Agreements (TIEA) with Bermuda and it was published in the official gazette on September 12,
See MoreJapan: Consumption Tax on nonresident providers of electronic services from 1 October 2015
Japan is moving forward with proposals to subject sales by non-resident providers of electronic services to consumers to the 8% Consumption Tax from 1 October 2015. The change comes as a result of pressure by local providers who are penalized by
See MoreSpain: Modified legislation on transfer pricing published
On 28 November 2014, Laws 26/2014 and 27/2014, which modify the most important Spanish tax laws were published in the Spanish Official Gazette. This new legislation will generally come into force on 1 January 2015. This new legislation modified in
See MoreCanada & UK: Protocol to DTA entered into force
The amending protocol of the Income Tax Treaty (1978) between Canada and United Kingdom has entered into force on 18th December 2014 that was signed on 21st July 2014. The protocol usually applies from the following dates: Canada 1st January
See MoreGreece: Released templates and guidelines for APA Negotiations
The Greek Ministry of Finance has recently released template application forms for preliminary consultations and formal negotiations, as well as additional guidelines on the overall APA procedure and changes on corporate income tax. On 6 September
See MoreFinland: Parliament approves Budget Bill For 2015
The Finnish Parliament approved the Budget of around 53.9 billion euros for 2015 on 19 December, 2014. A summary of the Budget is as follows: Total Budget amount is 53.9 billion euros. Deficit of 4.7 billion euros which will be covered by
See MoreExchange of Information on Taxation between Indonesia and Singapore
In a meeting on 15 December 2014, Singapore Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam and Indonesia’s Finance Minister Bambang Brodjonegoro noted the excellent cooperation enjoyed by both the Indonesian and Singapore
See MoreIndia & Japan: First bilateral APA signed
The Central Board of Direct Taxes (CBDT) signed a bilateral Advance Pricing Agreement (APA) with a Japanese company on 19 December 2014. This is India’s first bilateral APA which has been signed for a period of 5 years. Moreover, CBDT was proud to
See MoreEU Parliament approves Budget for 2015
On December 17, 2014, at its plenary session Members of the European Parliament (MEPs) approved the draft EU budget for 2015 and a top-up for the 2014 budget with 443 votes for, 250 against and 43 abstentions in the French city of Strasbourg. The
See MoreOECD Releases Discussion Draft on Revisions to Transfer Pricing Guidelines
A discussion draft was released by the OECD on 19 December 2014 setting out revisions to the OECD transfer pricing guidelines as a result of actions 8, 9 and 10 of the action plan on base erosion and profit shifting. These actions are quite closely
See MoreOECD Publishes Discussion Drafts on VAT and BEPS Issues
On 18 December 2014 the OECD published discussion drafts on the international VAT/GST guidance and on aspects of the action plan on base erosion and profit shifting. A discussion draft has been released on two new elements of the OECD International
See MoreLatvia: Parliament adopts the State Budget for 2015
The Latvian Parliament adopted the state budget for 2015 on 17 December, 2014. The state budget for 2015 preserves the existing tax policy and does not envisage an increase in current tax rates. The income gap will be reduced by increasing the
See MoreTurkey & Faroe Islands: Free Trade Agreement signed
The Free Trade Agreement (FTA) between Faroe Islands and Turkey has signed on 16th December 2014 in Ankara. Further details will be reported
See MoreDTA between Qatar and Japan initialed
The Government of the State of Qatar and the Government of Japan have agreed in principle on the Agreement between the Government of the State of Qatar and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal
See MoreLithuania Accepts the Amendments to the Law on State Social Insurance
The Lithuanian parliament adopted the amendments to the Law on State Social Insurance on 11 December 2014. If the President approves the amendments, they will enter into force on 1 January 2015. According to the amendments, the taxable base for
See MoreWTO Rejects Countervailing Case Appeal By US With China
The Appellate Body of the WTO announced rulings, on December 18, in favor of China in a complex case dealing with countervailing duty (CVD) determinations and anti-dumping duties, mostly resulting from US treatment of China as a "non-market
See MoreUS: Senate Passes Tax Extenders Bill
The US Senate approved the “Tax Extenders Bill” on 16 December, 2014. The bill, which extends the life of a number of tax breaks through 2014, passed the Senate 76 to 16. Only 60 votes were needed for approval. Dozens of temporary tax breaks,
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