Changes in e-Filing Tax Payments in South Africa
E-filing on debt pull transactions will be eliminated from September 4. The SARS disclosed that the procedure will take place over one month after an alert message will appear on e-filing, where a debt pulls transactions is no longer available.
See MorePortugal: Corporate income tax proposals for 2014
Currently, Portugal thinking to take initiatives that would reform the corporate income tax law. The Corporate Income Tax (“CIT”) 2014 Reform Proposal, which is currently under public consultation. The main measures contained in the proposals
See MoreRelaxation of VAT penalties in Peru
The Peruvian tax authority published Resolution No. 277-2013/SUNAT which became in force from 8 September 2013. The resolution has relaxed the application of penalties in the VAT Collection
See MoreItaly: Update on new VAT declaration
Italy has provided detailed requirements for the new Italian VAT declaration (Spesometro) providing detailed analysis of VAT transactions above €3,600. The Spesometro VAT return which was first proposed in 2010 is the latest effort by the Italian
See MoreOECD: Engaging and involving SME taxpayers
The OECD recently published a paper entitled “Together for Better Outcomes” dealing with the issue of how to involve and engage small and medium enterprise (SME) taxpayers and other stakeholders in the tax compliance process. This study was
See MoreNetherlands: Voluntary disclosure relief system relaxed
The Dutch Finance Ministry has announced plans that for those taxpayers who have undeclared assets disclosure system between September 2, 2013, and July 1, 2014 is going to be relaxed. If two-year period is expired, generally a voluntary disclosure
See MoreNetherlands: Tax Plan 2014
The Tax Plan 2014 will be presented to the Lower House of parliament (Tweede Kamer) by the Minister of Finance on 17 September
See MoreJapan: Planning to relax the Corporate Tax Relief Measures
Japan’s Prime Minister has requested that his Government should take account of tax incentives for the corporate part along with relax the economic impact if he adopts to proceed with the consumption tax hike due in April next year. It is also
See MoreItaly: VAT registration threshold has been raised for SME
Governing body of the member states’ VAT system, the EU VAT Directive has offered the scope for countries to increase the threshold of VAT registration for resident companies to up to Euro 100,000. This offers the opportunity for countries to
See MoreIsrael – Government Approves Budget 2013-2014
The Budget for the fiscal year 2013-2014 has been accepted by the Israeli government initiating important changes to both individual and corporate tax regulations. The laws regarding tax rates will take effect as of January 1, 2014, and the
See MoreIndia: CBDT amends rules relating to furnishing information on payments to nonresidents
India’s Central Board of Direct Taxes (CBDT) allotted Notification No. 67/20131 on 2 September 2013, revising the existing Rule 37BB of the Income Tax Rules 1962 which recommends the system for furnishing information electronically by a person
See MoreGreece: New tax crime sheet
A new tax crime sheet was introduced on 12th September 2013, aimed at streamlining fines enforced by tax agencies. For non-issuance of tax papers like invoices, retail receipts, etc in respect of purchases or services rendered of up to €5,000,
See MoreFrench Tax Bills for 2014 announced
On 11 September 2013 the French Finance Ministry finalized its 2014 finance bill. The tax burden on the wealthiest individuals in particular will continue to rise, despite the Government's pledge to stabilize taxes next year. The French Government
See MoreCyprus amends Property Tax
The Government of Cyprus has declared details plans to amend the country’s Immovable Property Tax (IPT), exempting the lowest-valued properties. At present, the property tax in Cyprus is based on valuations made on 1 January 1980. If the
See MoreCanada: Insurance premium rate for employment
Canada’s Finance Minister has announced the employment insurance premium rate for employees that will be fixed for 3 years. According to the announcement, the employment insurance premium rate for employees will remain at its current level of
See MoreBrazil: Determination of capital gains for non-residents
The Resolution Ruling COSIT 16/2013 was issued by the Federal Revenue Office on 9 September 2013 and published in the Official Gazette. The ruling confirmed that capital gains obtained by non-residents must be determined according to the regulations
See MoreIncome Tax Treaty between Belgium and Uruguay signed
The Income Tax Treaty between Belgium and Uruguay was signed on 23 August 2013. Under the treaty the definition of a permanent establishment includes a building site, construction or installation project that continues for six months. The definition
See MoreBelgium: Notional interest deduction rate
June 2013 Legislation modifies the method which is used to calculate and determine the rate of the notional interest deduction. On the basis of the average return of the 10-year government bond (OLO) in the months July, August and September it is
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