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Singapore – Budget 2014 to be presented on 21 February 2014

February 23, 2014

Singapore’s annual budget is prepared for each financial year, which begins on 1 April of every calendar year and ends...

Saudi Arabian Cabinet authorizes DTA with Sweden and Egypt

February 23, 2014

On 10 February 2014, the Saudi Arabia Finance Minister was authorized to sign draft double taxation agreements with Egypt and...

Russia: Clarification regarding tax treatment

February 23, 2014

On 18 December 2013 the Russian Ministry of Finance (MoF) published Letter No. 03-08-05/55702, clarifying the tax treatment of contractual...

Russia: Clarification regarding residence rules of partnership income

February 23, 2014

The Russian Ministry of Finance (MoF) allotted Letter No. 03-08-05/1229,on 17 January 2014, clarifying whether income received by a US...

Russia and China draft a new DTA

February 23, 2014

On February 5, 2014, Russia completed the drafting of a new double taxation agreement (DTA) with China to replace their...

Philippines: Importers Require Tax Authority Accreditation

February 23, 2014

The Philippines’ Department of Finance has issued a department order requiring all importers to be accredited by the Bureau of...

Peru – Reduced rate of general sales tax

February 23, 2014

Peru’s tax administration issued a resolution concerning the reduced rate of general sales tax on 1 February 2014. The general...

Pacific Alliance signs a free trade agreement

February 23, 2014

On February 10, at the eighth summit meeting of heads of state from the Pacific Alliance (PA), comprised of Chile,...

Oman and Spain sign DTA

February 23, 2014

The double taxation agreement (DTA) signed between Oman and Spain was submitted to the Economic and Financial Committee of Oman’s...

OECD issues the single global standard for the automatic exchange of information

February 23, 2014

On February 13, 2014 the OECD released the Common Reporting Standard (CRS), which seeks to establish automatic exchange of tax...

Netherlands: Important changes in the treatment of VAT offences

February 23, 2014

From 1 January 2014, the eventual submission of a correct VAT return in the Netherlands will no longer prevent prosecution...

United Kingdom and Anguilla sign protocol to TIEA

February 23, 2014

An exchange of letters and amending protocol to the Anguilla – United Kingdom Exchange of Information Agreement (2009) was signed between...

Malta intends to amend taxation rules

February 23, 2014

Malta is intending to amend the rules relating to the taxation (and withholding tax) on amounts distributed by corporations from...

Malaysia: Flat corporate tax rate introduced for SMEs which merge

February 23, 2014

On 14 February 2014, the International Trade and Industry Minister announced a flat rate of 20% for 5 years for...

Lithuania : Loss carry forward limitations, extended incentives and reduced VAT rates

February 23, 2014

Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate...

Kenya: Tax Appeals Tribunal Bill 2013 signed into law

February 23, 2014

The Tax Appeals Tribunal Bill 2013 was signed into law on 2 December 2013. The Act is not yet in...

Kazakhstan: Finance Ministry permits to sign DTA with Slovenia

February 23, 2014

On 3 February 2014, the government of Kazakhstan gave clearance for the Ministry of Finance to sign the income and...

Jersey ratifies TIEA with Switzerland

February 23, 2014

On 11 December 2013, Jersey ratified the Jersey – Switzerland Tax information Exchange Agreement (TIEA). Jersey signed the TIEA with...