Singapore: Publishes e-Tax Guide on Transfer Pricing
The Inland Revenue Authority of Singapore (IRAS) has releases second edition of Transfer Pricing Guidelines on January 6, 2015. The e-Tax guide is separated into three main parts and it discusses ways to resolve transfer pricing disputes. It also
See MoreBelgium – Saudi Arabia Double Tax Agreement initials
In accordance with an update from the Saudi tax authority on 29th December 2014, Saudi Arabia and Belgium has recently initialed a Double Tax Agreement (DTA) after the second round of negotiations towards a
See MoreItaly:Parliament Approves a Law to Ratify a Pending Double Taxation Agreement (DTA) Protocol with Mexico
The lower of Parliament of Italy has approved a law on December 18, 2014 to ratify a pending Double Taxation Agreement (DTA) Protocol with
See MoreTurkey: Blacklist of taxpayers has published
The Finance Ministry in Turkey has published on its website the blacklist of taxpayers with unpaid tax and fines that exceeds TRL 100 million on 27th December 2014. The list contains both individual and corporate taxpayers. It also includes some
See MoreTurkey: Individual Income Tax Tables have updated
The Income Tax Announcement No. 287 issued by the Ministry of Finance has released in the Official Gazette on 30th December 2014. This presents individual income tax tables for the year 2015. The table applicable to employment income in 2015 is
See MoreJapan: Tax Reform Plan for 2015
The government of Japan outlined its Tax Reform Plan for 2015 on 30 December 2014. The main changes are summarized below: – The corporate income tax rate will be reduced from 34.62% (2014) to 32.11% (2015) and 31.33% (2016). – Exemption for
See MoreUS: IRS Updates Withholding of Tax on Nonresident Aliens And Foreign Entities
The US IRS has updated publication 515 regarding withholding of tax on nonresident aliens and foreign entities. The Publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign
See MoreItaly: Introduces New Reduced Tax Regime for Self-Employed Individuals
Italy has introduced new reduced tax regime for Italian self-employed individuals and which will be effective from January 1, 2015. The self-employed individuals including entrepreneurs and sole traders will be entitled to new 15 percent fixed tax
See MoreCzech Republic-US FATCA agreement enters into force
The Foreign Account Tax Compliance Act (FATCA) Model 1A agreement (2014) between Czech Republic and United States has entered into force on 18th December 2014. Further detail of this treaty will be reported
See MoreUS: Issues final regulation TD 9707 to provide guidance on the requirements to file IRS Form 5472
Final regulations TD 9707 provide guidance on the filing requirements for Form 5472 which is the information return for a 25% foreign owned US corporations or a foreign corporation engaged in a US trade or business. Final regulations TD 9707 is
See MoreTax Treaty News: December 2014
Canada - UK On December 18, 2014, the amending protocol of the Income Tax Treaty between Canada and United Kingdom has entered into force and that was signed on 21st July 2014. Japan - UK On December 12, 2014, the Income Tax Treaty between
See MoreTaiwan: Income tax treaty with Austria enters into force
The Double Tax Agreement (DTA) between Taiwan and Austria entered into force on 20 December 2014. Most of the treaty articles are applied from 1 January 2015. The agreement was signed on 12 July 2014. Under the provisions of the treaty the
See MoreCyprus: Double Tax Agreements With Spain And Norway Come Into Effect
Cyprus's double tax treaties with Spain and Norway come into effect as of January 1, 2015. All of the new treaties concluded by Cyprus are generally based on the Organisation for Economic Co-operation and Development (OECD) Model Tax Convention
See MoreMalaysia: IRB Issues Public Ruling On Qualifying Plant And Machinery For Claiming Capital Allowances
The Inland Revenue Board of Malaysia (IRBM) released a public ruling (No.12/2014) on qualifying plant and machinery for claiming capital allowances on December 31, 2014. The objective of this Public Ruling (PR) is to explain whether an asset is a
See MoreCanada-Korea (Rep.) Free Trade Agreement enters into force
The Free Trade Agreement (FTA) between Canada and Korea (Rep.) has entered into force on 1st January 2015 and signed on 22nd September 2014. South Korea has automatically removed duties on 81.9% of tariff lines from 1st January
See MoreAzerbaijan: approves tax code amendments to introduce excise tax and to set new tax rates
The Parliament of Azerbaijan has approved amendments of tax code introducing excise tax on precious metals, and setting new tax rates for imported cars, imported yachts, and domestically produced alcohol and tobacco. As per legislation, excise on
See MoreMexico: Developments of non-oil tax revenue
The Secretariat of Finance and Public Credit (SHCP) recently released statistics about Mexico's non-oil tax revenues. According to the statistics non-oil tax revenue reached MXN1.65 trillion in the time period of January to November of 2014 from the
See MoreBulgaria: Budget for the year 2015 adopts
The Bulgarian parliament has adopted the Budget Bill on 19th December 2014 for the year 2015 and this Bill applies as from 1st January 2015. It gives a tax increment on bank deposits from 8% to 10%. Additionally, the Bill continues the same social
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