UK: Temporary Non-Residence Regulations 2013
A new statutory instrument SI 2013/1810 has been issued by the UK Government in relation to the temporary Non-Residents (Miscellaneous Amendments). The Government announced its intention to introduce a Statutory Residence Test from 6 April 2013 in
See MoreUK: Regulations for Annual tax on enveloped dwellings
A new statutory instrument named SI 2013/1844 has been issued by HMRC regarding the Annual Tax on Enveloped Dwellings (Returns) 2013. This regulation will come into force on 12 August 2013. Finance Act 2013 introduced an annual tax on enveloped
See MoreUK: HMRC guidance on creative industry tax relief
HMRC has issued guidance on access to the creative industry tax relief. In addition to Film Tax Relief introduced in 2007 the UK has now introduced tax relief for animation and high end television with effect from 1 April 2013. Tax relief for video
See MoreTurkey: New e-invoice obligations
The Turkish VAT authorities have introduced a mandatory e-invoice system for all companies and individuals from September 1, 2013. An e-invoicing system was first introduced in 2010 and this is now being made compulsory for certain taxpayers groups.
See MoreTIEA between Japan and Guernsey entered into force
The mutual ratification procedures were completed for entry into force of the “Agreement between the Government of Japan and the Government of Guernsey for the Exchange of Information relating to Tax Matters and the Avoidance of Double Taxation
See MoreSwitzerland: Pay first tranche of tax on unrevealed assets
Switzerland has paid the UK tax authorities £258m in unpaid taxes on hidden assets representing the first tranche specified under the UK and Switzerland tax agreement. Converted into Swiss francs, almost CHF900m (USD969m) was transferred in tax and
See MoreSwiss Federal Tax Administration publishes instructions on tax agreements with Austria and UK
The Swiss Federal Tax Administration published on 16 July 2013, the latest version of the instructions on the agreements on cooperation in the area of taxation with other states and the federal international withholding tax act. The Agreements with
See MoreTransfer Pricing Brief: July 2013
Australia TPA Rule- New subdivisions 815-B to 815-E ITAA 1997 was enacted on 2 July 2013. Brazil Applicable Methods- Updates on applicable methods for import transactions. Germany TPA Rule-Legislation passed on 29 June 2013 and effective
See MoreWTO: 2013 World Trade Report
The World Trade Report for 2013 issued by the World Trade Organization (WTO) emphasizes that the development of world trade will be determined by a number of economic policies and social trends including shifts in patterns of production and
See MoreUN releases handbook on selected issues in administration of tax treaties
The United Nations Handbook on selected issues in the administration of tax treaties was issued on 28 June 2013. This follows a technical meeting held in New York on 30 to 31 May by the Financing for Development office of the UN’s Department of
See MoreUK: Finance Act 2013 receives the Royal Assent
The 2013 Finance Act became law on 17 July 2013. The main provisions include a reduction of the corporate tax rate from 22% to 21% in 2014/15 and to 20% in 2015/16. The Act also includes the legislation introducing the General Anti Abuse Rule
See MoreTreaty between Singapore and Barbados signed
On 15 July 2013, the Income Tax Treaty between Barbados and Singapore was signed, in Singapore. The treaty will enter into force when the ratification procedures have been completed. Under the treaty a permanent establishment will exist if a
See MoreIndia: Treaty between India and Uruguay enters into force
The Income and Capital Tax Treaty between India and Uruguay entered into force on 21 June 2013. The treaty generally applies from 1 January 2014 for Uruguay and from 1 April 2014 for India. This treaty was signed in September 8, 2011. Under the
See MoreSingapore: planning changes on Exchange of Information regime
Ministry of Finance (MOF) of Singapore’s launched a public discussion regarding suggested modifications in the draft Income Tax (Amendment) Bill 2013 relating to the recent changes made to the Exchange of Information (EOI) regime. The Monetary
See MoreRussia: Variation in mineral tax rates
The upper chamber of Russian parliament approved draft Law No. 297807-6 on July 10, 2013 which changes the Federal Law on Customs Tariff and introduces a differentiation in mineral tax rates. The law changes the previous flat rate of tax on natural
See MorePoland: Amendments on transfer pricing guidelines come into force
The amendment of the Transfer Pricing Ordinance was published in the Official Journal No. 768/2013 on 3 July 2013, in a decree of Poland’s Ministry of Finance.The decree implements the provisions of the 2010 OECD Transfer Pricing Guidelines for
See MorePhilippines: New regulation on tax deduction in the event of failure to withhold tax
The Philippines issued Revenue Regulation 12-2013 (Rev. Reg. 12-2013) on 13 July 2013. Rev. Reg. 12-2013 is applicable to payments made to both domestic and foreign beneficiary and it will effective from 28 July 2013 for payments that are related
See MoreOECD releases action plan on base erosion and profit shifting
Further to the previous work by the OECD in respect of base erosion and profit shifting and the consideration of this work by the G8 group of countries, the OECD has now produced an action plan of measures to combat the shifting of profits across
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