Italy and Switzerland Agree an Amendment to Their Existing Double Tax Agreement (DTA)
Italy and Switzerland have agreed an amendment to their existing Double Tax Agreement (DTA) to enhance tax information exchange
See MoreSixth round of trilateral FTA among China, Japan and South Korea
On January 18, 2015, the Ministry of Trade, Industry and Energy (MOTIE) of South Korea announced that the 6th round of negotiations for a trilateral free trade agreement (FTA) between China, Japan and South Korea was held in Tokyo, Japan on
See MoreUK: Legislation to Implement Country-By-Country Reporting
The Government of UK has published draft legislation to implement country-by-country reporting (CbCR) based on a template developed by the Organization for Economic Co-operation and Development (OECD). The legislation will be included in the Finance
See MoreUkraine: Tax Compromise Law Comes into Effect
The State Fiscal Service of Ukraine has released a report stating that the law on tax compromise took effect on January 17, 2015. This law concerns the voluntary revision of unpaid tax liabilities by payers of profit tax and value added tax (VAT).
See MoreCzech Republic-US: FAQs on application of FATCA agreement published
The General Tax Directorate of Czech Republic has released frequently asked questions (FAQs) about the implementation and application of the US Foreign Account Tax Compliance Act (FATCA) agreement between the Czech Republic and the United States on
See MoreCzech Republic: Information on mandatory electronic submissions for VAT purposes
The General Tax Directorate of Czech Republic has released information regarding compulsory electronic submissions in VAT proceedings on its website. As effect from 1st January 2014, VAT returns and other documents must be submitted electronically.
See MoreFrance: VAT Regime Modified
The French VAT authority has issued a number of decrees regarding modifications to the VAT regime. The modifications, effective on 1 January 2015, include: VAT rates The VAT rate on construction services provided in designated deprived areas has
See MoreUS: IRS Opens 2015 Tax Filing Season
The Internal Revenue Service (IRS) has announced the opening of the 2015 tax filing season and has highlighted a growing array of online services, including features that help taxpayers understand how the Affordable Care Act (ACA) will affect them
See MoreThird Meeting of Second Phase of Negotiations on China-Pakistan Free Trade Area Held in Islamabad
The Third Meeting of the Second Phase of negotiations on the China-Pakistan Free Trade Area was successfully held in Islamabad on January 6-8, 2015. The two sides had talks on various topics including the implementation of reduced taxes in the first
See MoreEconomic Partnership Agreement between Japan and Australia enters into force
On January 15, 2015, the Japan-Australia Economic Partnership Agreement entered into force, opening up opportunities for increased trade and investment by Australia with Japan which is the third largest economy in the world and Australia’s second
See MoreFrance and Singapore Sign Bilateral Double Tax Agreement
A revised double tax treaty was signed between Singapore and France on 15 January 2015. In the case of the Singapore, the treaty covers the income tax. In the case of France, the treaty covers the income tax, corporation tax, contributions on
See MoreChina will look to reach agreements with more nations this year
China will step up the pace of its free trade negotiations this year as it seeks to build stronger trade ties with more partners and reduce the dominance of the United States’ currency in the global trading system. Zhang Shaogang, director-general
See MoreIceland: Final regulation on transfer pricing documentation
Accordance with the Regulation No. 1180/2014 the Ministry of Finance issued the final regulation on transfer pricing on 16 December 2014, which entered into force on 1 January 2015. The final regulation clarifies that the transfer pricing rules and
See MoreNorway: Ratification of Double Taxation Treaty Protocol with Brazil
As per the media report, Norway has ratified its Double Taxation Treaty protocol to amend its Double Taxation Treaty (DTA) agreement with Brazil on December 4,
See MoreNorway: Ratification of Double Taxation Agreement (DTA) With Bulgaria
As per the media report, Norway has ratified its Double Taxation Agreement (DTA) with Bulgaria on December 4,
See MoreCanada: Deadline for interest payment on family income-splitting loans
The interest payment deadline on family income-splitting loans for 2014 is on 30th January 2015 given that the attribution rules not apply to investment income earned on the loans. The suggested interest rate for family loans continues at the lowest
See MoreSingapore and Uruguay sign Income Tax Treaty
An Income and Capital Tax Treaty between Singapore and Uruguay was signed on 15th January 2015. Further details of the treaty will be reported
See MoreBulgaria: National Revenue Agency begins new electronic service
A new electronic service of the tax administration became available on 15th January 2015. The service permits companies and individuals to file tax returns and tax compliance documents through the National Revenue Agency (NRA)’s website by using a
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