US, El Salvador sign customs cooperation agreement
The US signed a Customs Mutual Assistance Agreement (CMAA) with El Salvador on 8 October 2024. The CMAA aims to strengthen border security and trade facilitation between the two countries. CMAAs are bilateral agreements between the United
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Australia consults regulation of accounting, auditing, and consulting firms following PwC tax leaks scandal
On Friday, 3 May, 2024, the Australian Treasury introduced two public consultations following the PwC tax leaks scandal. This includes a consultation on the regulation of accounting, auditing and consulting firms in Australia and a consultation
See MoreUK: Extension of interim securitization regime
Securitization companies are used by some businesses to raise funds by issuing debt to the market and holding assets as security. The transactions depend on the quality of the debt issued and this in turn depends on the rating given by the credit
See MoreOman calls for forceful implementation of International Financial Reporting Standards (IFRS)
Recently, financial report by Middle East official was setting out principles on the significant developments and key changes to keep up with the standards of International Financial Reporting Standards (IFRS). The importance of capitalizing on the
See MoreChina: Announces accelerated depreciation method for deferring corporate income taxes
The accelerated depreciation methods will be allowed in China to promote technology innovation and economic development. The Executive Meeting of the State Council of China announced on 24 September 2014 that the R&D made on or after 1 January
See MoreNew Zealand: Approved new tax rate on employer loans
The Revenue Minister has approved the new interest rate on employer’s loan, which will be 6.13% (previously it was 5.90%). This new interest rate will be effective from 1 July of
See MoreNigeria: Tax implications for adopting IFRS
Under the IFRS regime, the circular proposes clarifications as to how specific assets, expenses, and income will be acted for tax motives. It also highlights the position of Nigerian tax authority on other issues, like the tax treatment of costing
See MoreNetherlands: Increased depreciation allowed for second half of 2013
In Netherlands an amendment to the depreciation rules is effective from 1 July 2013 allowing entrepreneurs to immediately deduct from tax up to half of the amount of corporate investments in new assets. The temporary “bonus” depreciation rules
See MoreBrazil: Increase in revenue limit to opt for presumed profit method
The government of Brazil has again increased the gross income limit for companies to opt for taxation under the presumed profit regime. Companies electing to use the presumed profit method are taxed on a statutory rate applied to their gross
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