China: VAT rates reformed
The Standard VAT rate levied on the import or sale of goods and the condition of processing, installation services and repair is 17 percent. A Reduce rate of 13 percent applies to goods for example newspapers, books, magazines, edible vegetable
See MoreTaiwan: With China agreed to continue trade talks
Recently, Taiwan and China have agreed to continue discussions on goods tariff reductions within their economic cooperation framework agreement (ECFA), despite the long-running dispute over the cross-strait agreement for trade in services that was
See MoreLithuania: Approved notification form for investment projects
The head of the State Tax Inspectorate under the Ministry of Finance approved the form PLN210 and its appendices by way of Order VA-34 on 5 June 2014. From 1 January 2015, companies that are preparation to take advantage of the investment project
See MoreCzech Republic-Luxembourg ICTT enters into force
The Income and Capital Tax Treaty (ICTT) between Czech Republic and Luxembourg has entered into force on July 31, 2014 and it will apply from January 1,
See MoreCanada: Interest rates of prescribed income tax unchanged for Q4 2014
The Canada Revenue Agency has declared that the interest rates of prescribed income tax for taxable benefits overpaid and underpaid taxes for the fourth quarter (Q4) of 2014 i.e. from October 1, 2014 to December 31, 2014 will stay
See MoreUnited States: ADD/CVD Roundup for July 2014
Following table shows the Federal Register notices related to ADD/CVD cases for July 2014 in United States. Country Product Investigations Case Number Links Brazil Polyethylene Terephthalate Film, Sheet, and Strip Five-Year
See MoreUruguay- reduction of VAT rate on electronic purchases
In Uruguay the Vat rate applicable on purchases of goods and services acquired by bank debit cards, credit cards and wire transfers has been reduced by 2% from 1 August 2014. Also a further 1% cut will be applied from August 2015. The reduced rate
See MoreFATCA between Germany and USA has come into force
It was announced by the German Ministry of Finance that a law enabling the implementation of the United States' Foreign Account Tax Compliance Act (FATCA) has come into force on July 23, 2014. The agreement is a type 1A Inter-Governmental agreement
See MoreEstonia- Amendments to the Value Added Tax Act
The President of the Republic of Estonia announced on 3 July 2014 amendments to the Value Added Tax Act of the country. The amendments of the Act will be implemented from 1 December 2014. The amended Act establishes limits on deductible VAT on
See MoreGerman Government has refused for a reform of the income tax system to eliminate “cold progression”
The German Government has refused calls for a reform of the income tax system to eliminate so-called "cold progression" before 2017. Cold progression, also known as bracket creep, occurs when inflationary wage increases push taxpayers into higher
See MoreEstonia- New Double Tax Treaty with Luxembourg
Estonia and Luxembourg signed a double tax treaty on 7 July 2014. According to the new agreement reduced rates would be provided for dividends, interest and royalties. The agreement will enter into force after completing internal ratification
See MoreTransfer Pricing Brief: July 2014
Brazil Financial Service- a tax on financial transactions also applies in the case of foreign exchange transactions. Germany Transfer Pricing Rules- Guidance issued by the BMF in June 2014 defines important terms for transfer pricing
See MoreOECD: releases public request for input on BEPS Action 11
The OECD released a public request for input on the base erosion and profit shifting (BEPS) action plan Action 11 on 4th August 2014. Action 11 aims to establish methodologies to collect and analyse data on BEPS.: Action 11 aims to develop
See MoreTIEA between Ecuador and Honduras
On July 31, 2014, Foreign Affairs Ministry of Honduras announced the signing of a Tax information exchange agreement (TIEA) with
See MoreUS: No Need to Price Oil Rig Transaction Says IRS
In order to use an oil rig, the drilling service provider does not require the kind of special measure for evaluating rents to its sister subsidiary, contemplated by an international project to combat base erosion, an Internal Revenue Service
See MoreSouth Africa: Tax authority proposes to revise “secondary adjustment” treatment
South African tax authority has been proposed that South Africa’s transfer pricing legislation relating to “secondary adjustments” be amended. The proposal placed to the Draft Tax Laws Amendment Bill 2014. Generally, a “secondary
See MoreFATCA agreement between US and Czech Republic signed
United States and the Czech Republic signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on 4 August 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Czech Republic will report the information required under FATCA about
See MoreFATCA between US and Isle of Man enter into force
Isle of Man and the United States Foreign Account Tax Compliance Act (FATCA) Agreement entered into force on 30 June 2014 and consequently takes effect for the Isle of Man from 1 July 2014. Under the agreement, Foreign Financial Institutions (FFIs)
See More