Posts by admin

Ireland: VAT rate raise from 21% to 23%

December 7, 2011

The government of Ireland announce an increase of its standard VAT rate from 21% to 23% from January 2012. This increase...

Tax Cuts in Brazil

December 7, 2011

The Brazilian Finance Minister announced a number of tax cuts, including financial transactions tax, known as IOF. According to this...

TIEA Signed between Japan and Jersey

December 7, 2011

On December 2, 2011, a tax information exchange agreement (TIEA) between Japan and Jersey was signed, in London by the...

Oman and Netherlands DTA will in force from 1 January 2012

December 1, 2011

It has been reported that the income tax treaty between the Sultanate of Oman and the Kingdom of the Netherlands...

Thailand: Import Tariff Exemptions

November 30, 2011

Thailand’s government has approved the waiving of duties on their imports of machinery and spare parts, until the end of...

Switzerland adopts four DTAs

November 29, 2011

On 29 November 2011 it has been published that Switzerland’s Federal Council has adopted the dispatches on four further double...

Expansion of Preferential Tariffs in South Korea

November 29, 2011

With effect from January 1, 2012 a further expansion of its tariff exemption programme for products from least-developed countries (LDCs)...

China’s pilot scheme on VAT in Shanghai

November 23, 2011

A pilot scheme to replace the existing business tax on the country’s service sector with value added tax (VAT) has...

Automated Transactions Tax has been approved by the French Senate

November 23, 2011

The French Senate approved plans to establish a tax on automated transactions in France, on 23 November 2011, to curb...

Austria: Lawmakers approve 2012 Budget

November 22, 2011

During a third reading, Austria’s National Council recently adopted the country’s 2012 budget, providing for a deficit of 3.2%, as...

Taiwan: Income Tax Exemption on Royalties

November 22, 2011

The income tax exemption for royalties paid to foreign enterprises will be limited to the extent of their domestic use...

Annulment of contractors’ tax by US

November 21, 2011

The United States Congress has finally approved a legislation to repeal the 3% withholding tax on payments made to contractors...

China plans VAT and Service tax reform in Shanghai

November 18, 2011

Chinese State Administration of Taxation published a new proposal for Chinese VAT and Business Tax reforms plans for a 2012 to consolidate...

Philippines: Thresholds for VAT exemptions increased

November 7, 2011

The threshold amounts for value added tax (VAT) on sales and leases of residential lots and houses has been increased...

Germany expects additional tax revenues in 2011

November 7, 2011

The tax estimate unveiled recently by the German finance ministry predicts higher tax revenues both this year and in the...

Philippines: Retirement account tax regulations issued

November 4, 2011

The Philippines Bureau of Internal Revenue (BIR) enacted new revenue regulations to implement the tax provisions of the Personal Equity...

China: Tax thresholds for small businesses raised

November 3, 2011

From November 1, the minimum thresholds for business tax have been increased by China’s Ministry of Finance, aiming at provision...

France: Increases Targeted VAT

October 31, 2011

To reduce the country’s deficit next year and to preserve its AAA rating, the French government is considering the idea...