France: Considers EU Data Transfer Tax
Reports suggest that France aims to put forward the idea of a tax to be imposed on data transfers outside of the European Union (EU) at the upcoming European summit meeting due to be held on October 24 and 25. Together with Germany and the UK,
See MoreChina: New rules on entry, exit of foreign individuals
In China, with respect to the administration of the entry and exit of foreign individuals new rules and processes are to be applied. The new ordinance (“Ordinance on the Administration of Entry and Exit of Foreign Individuals in China.”) is
See MoreChina: Resident certificate procedure for tax arrangement with Hong Kong
There was an announcement by the State Administration of Taxation (SAT) of China. And it was announced that the tax authority of Mainland China can determine tax resident status of a business or entities operating in Hong Kong. In certain
See MoreChina: Exemptions from VAT for exported services
Recently China’s State Administration of Taxation issued guidance on the rules for value added tax (VAT) exemptions for exported services. The guidance provided by Announcement 52 of 13 September 2013, implements the VAT exemptions for exported
See MoreCanada: Tax cuts for Manufacturers
The Ministry of Finance of Canada has declared the tax deductions provided to the manufacturing and processing sector on September 18, 2013 to write off investments in new equipment and machinery will be prolonged by two years. An extension to the
See MoreCanada – New way of voluntary disclosure in Quebec
New Voluntary Disclosure (LM-15-V) application has been introduced by the Revenue Quebec for taxpayers who want to justify their tax status on or after September 19, 2013. Additional information on the application of the voluntary disclosure
See MoreCanada – Evaluation of GST/HST information
The Canadian Revenue Agency has began to judge the “hefty penalties” regarding the GST/HST annual information return that many large businesses and financial institutions in Canada are needed to report. The penalties (which can be as high as
See MoreBrazil: Tax Earnings Up on Income Tax Collection
Brazil’s tax administration, the country’s federal tax revenue rose 2.68% year-on-year to BRL 83.2bn in August 2013, has released on 26 September 2013. The statistics show that from January to August the government collected BRL722.2bn in tax
See MoreAustralia: Profit shifting through the artificial loading of debt
Two key issues have emerged for taxpayers, with the arrival of an Australian Treasury Paper, addressing profit shifting through the artificial loading of debt in Australia. Effective from 1 July 2014, the safe harbour for debt has been diminished
See MorePGA Highlights: August 2013
In United States, following events have been occurred under the several PGA during the month of August 2013. Agencies Summary Link CBP Special Import Quota for Upland Cotton: Special import quota for upland cotton has been
See MoreUS – Final regulations on determining amount of tax paid for purposes of the foreign tax credit
Final regulations (T.D. 9634) providing guidance on determining the amount of taxes paid for purposes of the foreign tax credit (FTC) has been issued by the IRS. These final regulations adopt without substantive changes, the proposed regulations
See MoreUK: Judicial decisions on capital allowances
The Upper Tribunal rejected an appeal from HMRC against a capital allowance claim in a recent decision involving Lloyds TSB Equipment Leasing. The claim related to finance leases in relation to two liquid natural gas (LNG) vessels that were leased
See MoreIncome and Capital Tax Treaty between Luxembourg and Tajikistan entered into force
The Income and Capital Tax Treaty between Luxembourg and Tajikistan entered into force on 27 July 2013. The treaty will applicable from 1 January
See MoreIncome and Capital Tax Treaty between Luxembourg and Seychelles entered into force
Income and Capital Tax Treaty between Luxembourg and Seychelles entered into force on 19 August 2013. The treaty will applicable from 1 January
See MoreKenya-Nigeria:Signed tax treaty
Kenya and Nigeria has signed a tax treaty on September 6, 2013. No further details are currently
See MoreNew Income and Capital Tax Treaty between Hungary and Switzerland
The Income and Capital Tax Treaty between Hungary and Switzerland was signed on 12 September 2013. After entering into force and becoming effective the new treaty will replace the existing Hungary – Switzerland Income and Capital Tax Treaty of
See MoreThailand Scraps Luxury-Goods Tax
The government of Thailand had announced to eliminate import duties on luxury watches, clothes and cosmetics. Accordingly by the end of the year the duty on some luxury goods will be cut from 30% to
See MoreThailand raised alcohol excise taxes
In Thailand the excise taxes on liquor, beer and wine will increase by 7 -15% effective on 4 September 2013. The price will be higher particularly for
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