Posts by admin

Russia: Application on Participation exemption in case the subsidiary is reorganized

June 30, 2014

The Ministry of Finance has issued Letter No. 03-03-РЗ-15941 on April 8, 2014 clarifying the application of the participation exemptions...

Bangladesh: The 2014-15 Budget will provide for legalization of undisclosed income as in previous budgets

June 29, 2014

The move comes as no surprise not only because such opportunities were provided in previous budgets but also because powerful...

Japan: Planning to introduce B2B e-commerce tax

June 29, 2014

The Japanese International Taxation Discussion Group has suggested following methods for pick up “Consumption Tax” which are: Submission of VAT...

Austria: planning for Restructuring Tax Administration

June 29, 2014

Austrian Finance Minister planning for greater fiscal sovereignty for the federal states and municipalities, to decrease administrative costs and finance...

New Zealand and United States signs FATCA IGA to share tax information

June 29, 2014

On 12 June, New Zealand signed an intergovernmental agreement with U.S to improve international tax compliance and to implement the...

FATCA agreement between US and Latvia signed

June 29, 2014

Latvia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on June 27, 2014. Under the...

Thailand Government agrees to keep 7% VAT rate for one more year

June 29, 2014

The government of Thailand has announced to keep the country’s VAT rate on 7% for one more year. The Previous Thai...

Mexico: Tobacco tax rate increase rejected

June 29, 2014

The health secretary has rejected the tax proposal to increase tax on tobacco and it has been decided that tax...

Japan: Corporate tax rate will be lowered below 30%

June 28, 2014

Japan’s Prime Minister announced on 24 th June 2014, that the government will lower Japan’s corporate tax rate from 35% to below...

Saudi Arabia: Simplifying Expat Worker Fees

June 28, 2014

The Council of Ministers of Saudi Arabia revealed a decision to ease the levy on employer of expat workers. According...

EU Signs Historic Trade Pacts with Eastern States

June 27, 2014

The European Union (EU) and three of Russia’s neighbors signed sweeping trade-and-political agreements that will ultimately eliminate tariff barriers to...

Brazil: Reduces Different Import Tax Rates

June 27, 2014

The Foreign Trade Chamber (CAMEX) of Brazil has declared that the 10% import duty will be cut from wheat, capital...

Canada: Report of MAP program during 2013-2014

June 27, 2014

The Canada Revenue Agency (CRA) has issued an annual report regarding Mutual Agreement Procedure (MAP) Program that gives an outline...

Canada-Honduras FTA enters into force

June 26, 2014

The Free Trade Agreement (FTA) between Canada and Honduras has signed on November 5, 2013 and will enter into force...

Switzerland-Hungary: Signed Double Taxation Agreement

June 26, 2014

Switzerland and Hungary signed a double taxation agreement on 4 June 2014. Switzerland’s lower house of parliament has approved the...

Spain: Cabinet approves reduction to income tax rates

June 26, 2014

The Spanish Cabinet on June 20, 2014, approved the downsizing the corporate and individual income tax rates to encourage investment...

IMF alerts Slovak Republic on VAT rate cut

June 26, 2014

Slovakia has increased its VAT rate from 19% to 20% in 2011. IMF has warned that reducing the rate back...

Canada: Ready to execute 2014 Budget measures

June 26, 2014

The Ministry of Finance in Canada has introduced the receipt of Royal Assent for legislation to apply center elements and...