Japan: Plans for an increase in Consumption Tax from April 2017
The government has confirmed that Japanese consumption tax will rise from 8% to 10% from 1 April 2017. This latest date was announced in the 2015 Tax Plan. The increase in the consumption tax rate was first scheduled for 1 October 2015, but was
See MoreNigeria: Reduction of taxes on transfer of property
The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor's consent in respect of
See MoreJapan: Honda Succeeds in Transfer Pricing Case
The Tokyo District Court in the case of: Heisei 23 (2011) gyou-u No. 164 ruled on 28 August 2014 that, in using the residual profit split method, the profits to be attributed should include the special tax benefits enjoyed by the Brazilian
See MoreProtocol to treaty between Austria and Tajikistan approved by Tajikistan
Tajikistan's parliament approved the amending protocol on 7 January 2015 which was signed on 13 March 2013, to the Austria - Tajikistan Income and Capital Tax Treaty (2011). Further details of the protocol will be informed
See MoreMalta: Tax Rates for Basis Year 2015
Malta's income tax rates for the basis year 2015 are as follows: Chargeable Income (€) Single Rates From To Rate Subtract (€) 0 8,500 0% 0 8,501 14,500 15% 1,275 14,501 60,000 25% 2,725 60,001 and over 35% 8,725 Married
See MoreSouth Africa: Information Exchange Agreement With Cook Islands Enters Into Force
The exchange of information agreement relating to tax matters between Cook Islands and South Africa entered into force on January 8, 2015. In the case of the Cook Islands, the treaty covers the personal income tax, the company income tax, the
See MoreSpain and Andorra Sign Double Tax Agreement
Spain and Andorra have signed an agreement on January 8, 2015, by which both countries pledge to end double taxation with respect to taxes on income. The agreement refers to the treatment of dividends, interests, fees and capital gains in the same
See MoreAzerbaijan: Tax Withholding On Income from Bank Deposits Needs To Take Into Account the Relevant Rebate
Senior officials of Ministry of Taxes and banks in Azerbaijan held a meeting on January 9. It was decided in the meeting that the tax withholding on incomes from bank deposits will be applied on the interests charged by 1 January 2015 taking into
See MoreBelgium Federal Budget for 2015
Recently, the Belgian Government was gazettes the following federal end of year tax measures for corporate income tax in the State Gazette: Changes regarding Corporate income tax: The corporate income tax exemption for communal joint-venture
See MoreFinland: Uniform Tax Treatment Of Pension Benefits For Foreign Entities And Finnish Pension Institutions
Starting 2015, and subject to certain restrictions, foreign corporate entities comparable to Finnish pension institutions are entitled to a similar deduction. Under the provisions of Business Tax Act, Finnish pension institutions may deduct the
See MoreSingapore: New Revised Transfer Pricing Guidelines for 2015
The Inland Revenue Authority of Singapore (IRAS) publishes revised transfer pricing (TP) guidelines on 6 January 2015. The 2015 TP Guidelines are generally in line with the OECD Transfer Pricing Guidelines (2010) as well as some relevant areas of
See MoreKazakhstan: Law No. 269 has signed for tax code amendments
The President of Kazakhstan has signed Law No. 269 on 29th December 2014 for announcing the following Tax Code amendments that became effective from 1st January 2015. Corporate income tax Costs of deductible training paid by a company for an
See MoreLuxembourg: Double Taxation Treaty (DTT) Protocol With Denmark Enters Into Force
The Double Taxation Treaty (DTT) Protocol between Denmark and Luxembourg has entered into force on December 28, 2014. The notice was published in Luxembourg's Official Gazette on December 30,
See MoreFrance: New Tax Laws Permit Sister Companies To Consolidate
France’s 2015 Finance Act and the Rectificative Finance Act for 2014 have entered into force. According to new law, the changes are below; New rules permitting sister companies to f for tax purposes. A reduction in the real estate
See MoreUS-Qatar Sign FATCA Agreement
The United States and Qatar signed an Intergovernmental Agreement (IGA), on January 7, 2015, for implementation of the Foreign Account Tax Compliance Act (FATCA). The agreement is based on the Non-reciprocal Model 1B Agreement (No TIEA or DTC).
See MoreSpain: Cabinet Ratifies The Double Tax Treaty With Uzbekistan
The Cabinet has approved an Agreement, on December 26, 204, establishing referral to Parliament the Convention between the Kingdom of Spain and the Republic of Uzbekistan has to avoid double taxation and prevention of fiscal evasion with respect to
See MoreEcuador: Enacts tax reform Bill
Ecuador enacted a proposed tax reform bill on 29 December 2014. The legislation was effective from 1 January 2015. There are several changes in the tax reform bill to the current tax law. The changes are as follows: The general corporate
See MoreGCC: Free Trade Agreement With Singapore Enters Into Force
Gulf Cooperation Council's (GCC) Free Trade Agreement (FTA) with Singapore has entered into force on January 01, 2015. The GCC comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates and Singapore jointly announced the
See More