Protocol to treaty between Indonesia and Mexico signed
Indonesia and Mexico signed an amending protocol to the Indonesia – Mexico Income Tax Treaty (2002) on 7 October 2013. The protocol was signed during the working visit of the President of the United Mexican States to Indonesia on 6 October 2013,
See MorePortugal: Extraordinary tax on electricity producers
The Ministry of Environment and Energy of Portugal has affirmed arrangements to impose an “extraordinary contribution” in 2014, to empower the nation to reach its ambitious deficit reduction target next year. It is expected that the draft budget
See MorePeru- Decree on VAT Collection System published
The Supreme Decree 243-2013-EF of Peru has been published which will enter into force on 30 October 2013. The Decree has established computational rules for the application of the VAT Collection System in relation to the importation of goods with
See MoreOECD: Welcomes Japanese tax increase
Recently, the Secretary General of the Organization for Economic Cooperation and Development (OECD) has welcomed the announcement by Prime Minister on 7 October 2013 that, the nation will increase its consumption tax from its current 5% levy to 8%
See MoreLiechtenstein and Malta sign DTA
A bilateral double taxation agreement (DTA) between Liechtenstein and Malta in respect of taxes on income and on wealth is signed on 27 September 2013. On the basis of OECD this treaty is made policies of both treaty partner states are
See MoreJapan: Published Fiscal Incentive Package
Japanese Prime Minister has confirmed on 4 October 2013 that, the Government is to provide a fiscal stimulus package to counteract the declining effects of a 3 percent consumption tax rate rise due next year. He also disclosed on 1st October
See MoreIndonesia-temporary tax payment relief
A new regulation providing a temporary cash flow relief for some taxpayers has been issued by The Ministry of Finance of Indonesia. The regulation is intended to sustain the positive cash flow of certain taxpayers for creating stable macro economy,
See MoreIndia: introducing VAT compliance with more fines
India will introduce a new range of fines to help improve the weak compliance record of many firms, following a recent increase in the number of Indian VAT audits. From 12 September 2013, India announcing an increased fine regime, including: Late
See MoreIndia: CBDT issues rules for application of GAAR
The government of India has allotted a General Anti Avoidance Rule (GAAR) in order to combat tax avoidance. The GAAR which was originally introduced in the 2012/13 budget will be effective from 1 April 2016. The Rules are applicable for tax years
See MoreGreece: Current transfer pricing legislation changes
Recently, major transfer pricing regulation changes have taken place in Greece. A bill was approved on 29 August 2013 by the Greek Parliament to expand the deadline for disclosing to the tax authority the inter-company transactions within a group
See MoreFrance: New 1% tax on EBITDA repealed
The French Minister of Economy officially announced on 6 October 2013 that the new 1% tax on Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) will be repealed and a new temporary surtax on the corporate income tax will be
See MoreFrance -Revision to VAT rates
The government of France is planning to raise the current standard VAT rate from 19% to 20 % and to increase the intermediate rate of VAT from 7% to 10% from 2014. This will increase the fiscal burden on households in France by around EUR 6bn
See MoreSwitzerland-US: Exchange of notes to FATCA agreement
The Swiss parliament sanctions a changed Implementation Act on 27 September 2013, concerning the Switzerland and United States FATCA Agreement (2013) of 14 February 2013. The Swiss financial institutions have to impose FATCA which is effecting
See MoreExchange of information agreement between Monaco and South Africa signed
Monaco and South Africa signed an exchange of information agreement, on 23 September 2013, relating to tax matters. The agreement is part of an effort to combat tax evasion and money laundering. At the same time as signing the agreement the two
See MoreExchange of Information Agreement between Barbados and South Africa signed
On 17 September 2013 Barbados and South Africa signed an exchange of information agreement relating to tax matters, in Bridgetown. This agreement is aimed at combating tax evasion and money
See MoreExchange of Information Agreement between Argentina and Aruba signed
Argentina and Aruba signed an exchange of information agreement relating to tax matters on 30 September 2013. The agreement aims to combat tax evasion by the exchange of tax information. The agreement applies to all taxes imposed by Aruba. In
See MoreJapan: Convention and protocol on Mutual Administrative Assistance in Tax Matters enters into force
The multilateral Convention on Mutual Administrative Assistance in Tax Matters, as amended by the 2010 protocol on 1st October 2013 which entered into force in respect of Japan. The Convention and the amending protocol generally apply from 1
See MoreTurkey-Cameroon DTA negotiations conclude
The tax authority of Turkey has announced that the government has concluded the first-round of negotiations with Cameroon for the conclusion of a double taxation agreement on October 2, 2013. The negotiations were held between 23rd and 27th
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