ECJ to consider scope of the VAT exemption for financial services

February 28, 2015

The First Tier Tribunal in the UK has referred a question to the European Court of Justice (ECJ) concerning the application of the VAT exemption for financial services in the case of Bookit Ltd (Case C-607/14). The following issues have been

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OECD publishes comments received on VAT/GST guidelines

February 27, 2015

On 24 February 2015 the OECD published on its website the comments received on its consultation document on aspects of the International VAT/GST Guidelines. Almost fifty responses were received from professional firms, trade and professional bodies

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Russia: Guidance on definition of related parties

February 27, 2015

The Finance Ministry (MoF) has issued Letter No. 03-01-18/1989 on 23rd January 2015 describing the rules for definition of a company and its employees as related parties for transfer pricing determinations. The MoF considered that the meaning of

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Turkey- Korea (Rep.) Free Trade Agreement Signed

February 27, 2015

A new Free Trade Agreement (FTA) between Turkey and Korea (Rep.) was signed on 26th February 2015. After the FTA enters into force and becomes effective this new agreement will replace the 2012 agreement that entered into force on 1st May

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Finland-US FATCA Agreement Enters Into Force

February 27, 2015

Agreement between the Government of the United States of America and the Government of the Republic of Finland to Improve International Tax Compliance and to Implement FATCA entered into force on 20 February 2015. The agreement was signed on 05

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Hong Kong: Tax Measures Proposed in Budget 2015-2016

February 26, 2015

The Financial Secretary proposed a number of tax measures in his 2015-16 Budget speech on 25 February 2015. All of these measures require legislative amendments before implementation. Highlights of the measures are given below; Reducing profits tax,

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South Africa: Proposal to ChangeTransfer Pricing Documentation and CFC Rules

February 26, 2015

The South African Finance Minister Nhlanhla Nene proposed new transfer pricing documentation and reporting rules and proposed to revise controlled foreign company (CFC) rules relating to the digital economy, in his budget speech for 2015. The

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South Africa: Tax Proposals In Budget 2015

February 26, 2015

South Africa has increased income tax rates for the first time in 20 years. The first increase since 1995, the move is likely to be unpopular with the public and businesses suffering from persistently lacklustre growth since the 2009

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IMF/ TAXUD conference on Corporate Debt Bias: Economic Insights and Policy Options

February 25, 2015

The Fiscal Affairs Department of the IMF and the Directorate General for the Taxation and Customs Union held a conference on 23 and 24 February 2015 to discuss the corporate debt bias. This arises from the rule in most tax systems that interest on

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Hong Kong-Vietnam: Protocol To Tax Treaty Enters Into Force

February 25, 2015

The second protocol to the double taxation agreement between Hong Kong and Vietnam has entered into force, a government spokesman said on 23 February 2015. The second protocol was signed in January last year. It came into force on January 8, 2015,

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South Africa: Tax Free Savings Accounts from 1 March 2015

February 25, 2015

South Africa's National Treasury has published the final Notice and Regulations that allow for the introduction of tax-free savings and investment accounts (TFSAs) from the start of the next tax year on March 1, 2015. The main objective is

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Japan: Tax Reform Legislation Introduced

February 24, 2015

The Japanese Government submitted legislation to Parliament on February 17 2015, including the planned corporate tax cuts.  As the Prime Minister previously had previously promised growth strategies, the Government plans to reduce the country's

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Japan- Qatar: Income Tax Treaty Signed

February 24, 2015

The Japan - Qatar Income Tax Treaty (2015) was signed on 20 February 2015 in Tokyo. Once in force and effective, the treaty will replace the Japan - Qatar Transport Tax Treaty (2009). Further details of the treaty will be reported

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Singapore: Budget proposals for 2015

February 24, 2015

The Finance Minister of Singapore presented The Budget for 2015 to Parliament by on 23 February 2015. The proposals include measures regarding: Corporate taxation; Individual taxation; Goods and services tax; and Other taxes and measures. The

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Nigeria: Stock exchange rules regarding related-party transactions

February 23, 2015

The Nigerian Stock Exchange has issued rules for lending transactions with related parties or interested persons to guard against the risk that interested persons could influence an issuer, its affiliates or associated companies. One provision is

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Italy and Luxembourg: Protocol to DTA

February 23, 2015

The Protocol to the Double Taxation Agreement (DTA) between Italy and Luxembourg came into force on January 20,

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South Africa & Barbados- The Tax Information Exchange Agreement Enters Into Force

February 23, 2015

The Tax Information Exchange Agreement (TIEA) between South Africa and Barbados has been approved by Parliament in terms of section 231(2) of the Constitution; the date of entry into force is 19 January 2015. The agreement was signed on September

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Nigeria: Tax-free treatment period for pioneer certificates has been reduced

February 23, 2015

The Nigerian Investment Promotion Council (NIPC) has reduced the available tax-free treatment period from 5 years to 3 years on the basis of the “Pioneer Status Incentive” program. It appears however that the NIPC is still issuing pioneer

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