Italy and Turkey: Social Security Agreement comes into effect

July 31, 2015

The Social Security Agreement between Italy and Turkey will come into force on 1st August 2015. The agreement was signed in 2012. According to new provisions in the agreement, employees allotted between Italy and Turkey may stay in their home

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Turkey-United States FATCA agreement signed

July 31, 2015

The FATCA agreement (2015) between Turkey and United States has been signed on 29th July 2015. Details of the agreement will be reported

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UK: Statistics on funds raised through the EIS and SEIS

July 30, 2015

The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are two of the tax advantaged venture capital schemes in the UK, the other being the tax relief for investment in venture capital trusts. Owing to demand for

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Changes to social security agreement between Chile and Netherlands

July 30, 2015

The amendments to the Social Security Agreement (1996) between Chile and the Netherlands were ratified by the Netherlands on 1st July 2015AA. The agreement was signed on 15th June 2005. It has been published in official Gazette No. 316 on 28th

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Canada: Ontario surtax relief

July 30, 2015

The Canada Revenue Agency (CRA) has suggested to the Investment Funds Institute of Canada (IFIC) that its systems will not be updated until 10th August 2015 to enable it to calculate the tax relief due from a mismatch of a mutual fund

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Denmark: National Tax Tribunal Decision on foreign exchange losses on sale of shares

July 30, 2015

The Customs and Tax Administration published National Tax Tribunal Case No. 122-0208149 on 30 June 2015. The Tribunal held that foreign exchange losses realized on the sale of shares of a subsidiary resident in another Member State are not

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Ukraine: Electronic VAT administration begins from August 2015

July 30, 2015

The President of Ukraine signed the Law on Amendments to the Tax Code of Ukraine concerning improvement of the administration of value added tax 643-VIII on July 28, 2015. The new electronic system will enter into force on August 1, 2015. The

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Chile: Circulars regarding tax reforms issued for corporate income tax purposes

July 30, 2015

The Internal Revenue Service has issued 7 circulars describing the changes announced by Law No. 20,780 of 29 September 2014 to the Income Tax Law: Circular No. 65, provides descriptions on anti-evasion measures; Circulars No. 66 and 67 give

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UK: Changes to EIS and venture capital trusts

July 29, 2015

In the UK the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and the venture capital trust (VCT) rules allow companies to raise capital by providing income tax relief on a percentage of the investment in shares of

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Protocol to treaty between Austria and Belgium approved by Belgium

July 29, 2015

On 5 June 2015 the Belgian Council of Ministers approved the amending protocol, signed on 10 September 2009, to the Austria - Belgium Income and Capital Tax Treaty (1971). The protocol will be subject to the approval of the parliaments of the

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Austria: Parliament and Federal Council approve Tax Reform Act 2015/16

July 29, 2015

The parliament (Nationalrat) and Federal Council (Bundesrat) approved the “Tax Reform Act 2015/16 (Steuerreformgesetz 2015/16)” with minor changes on 23 July

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DTA between Singapore and Thailand signed

July 29, 2015

An Income Tax Treaty between Singapore and Thailand (2015) was signed on 11 June 2015. Once the treaty is in force and takes effect, this new treaty will replace the Singapore - Thailand Income Tax Treaty of

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Singapore: Non-resident individual tax rates to increase from 2017

July 29, 2015

The Inland Revenue Authority (IRAS) announced on 12 June 2015 that tax rates for non-resident individuals will be increased from the year of assessment 2017 to maintain parity between the tax rates of non-resident individuals and the top marginal

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DTA between Andorra and United Arab Emirates signed

July 29, 2015

A double taxation agreement (DTA) between Andorra and the United Arab Emirates was signed on 28th July

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UK: Consultation on the taxation of termination payments

July 28, 2015

On 24 July 2015 the UK issued a consultation document in respect of the reform of income tax and national insurance on termination payments by employers. This follows a report from the Office of Tax Simplification on ways in which the complexity of

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Peru: Notice on certificates of residence for claiming Double Tax Treaty benefits

July 28, 2015

On 3 July 2015 the Tax Authority of Peru issued Notice 094-2015 specifying certificates of residence status for claiming Double Tax Treaty benefits. According to the Peruvian law withholding will be required when an expense is accrued or when a

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Russia: Input VAT deductibility on imported goods

July 28, 2015

The Finance Ministry has issued letter no. 03-07-15/31200 on 29th May 2015 to clarify the deductibility of VAT input tax on goods imported into Russia if the taxpayer has received a hard copy of the electronic customs declaration from the customs

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India: Delhi Tribunal allows use of multiple-year data for purposes of determining arm’s length price

July 27, 2015

In the case of DCIT v. Innodata Isogen India Pvt. Ltd. , the Delhi Bench of the Income Tax Appellate Tribunal upheld a decision of the Commissioner of Income Tax (Appeals) to allow the taxpayer to use multiple-year data in determining the arm’s

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