Canada: Announcement of mobile app for SMEs
The Canada Revenue Agency (CRA) has announced a mobile application for small- and medium-sized businesses (SMEs) that will let users to make reminders for key tax dates. After consulting with SMEs, the Government has developed the app to reduce red
See MoreRussia: No VAT on foreign IP sales
Intellectual property means the rights or license for copyrights, trademarks and patents to apply. According to the Federal Tax Service, the sales for Intellectual Property (IP) by a foreign company to a Russian company for apply outside of Russia
See MoreUS: No Need to Price Oil Rig Transaction Says IRS
In order to use an oil rig, the drilling service provider does not require the kind of special measure for evaluating rents to its sister subsidiary, contemplated by an international project to combat base erosion, an Internal Revenue Service
See MoreCzech Republic – Pending changes regarding VAT, investment fund managers
In Czech Republic, draft legislative or pending proposals contain: Revise of the income tax law proposes to allow for the waiver of penalties and interest Proposal of requiring a “review statement” listing information on taxable supplies
See MoreTaiwan: Ministry of Finance improved business tax for banks, insurance companies
Taiwan’s Government has increased business tax for banking and insurance industries from 2% to 5%, which will be effective on 1 July 2014. Nevertheless, a 2% rate may remain to apply for banks and insurance companies that involve in the essential
See MoreVietnam: Issues new Circular on Corporate Income Tax
The Ministry of Finance published Circular No. 78/2014/T-BTC (Circular No. 78) on 18 June 2014, which provides additional execution guidance in respect of Decree No. 218/2013/ND-CP (Decree No. 218) which was issued on 26 December 2013. Decree 218,
See MoreChina: Resident Enterprise must Report to SAT on foreign Investments
Chinese State Administration of Taxation has published a public notice that Chinese local companies must report additional information regarding foreign investments and income to improve the effectiveness of tax administration and oversight of those
See MoreKazakhstan: Tax holiday rules for corporate investors
The president has signed Law No. 209-V on June 12, 2014 for initiating a tax holiday for corporate investors in the industrial innovation’s field and it will be effective from January 1, 2015. According to the law, the tax authorities may grant a
See MoreGreece: Planning to cut tax rates for oil and gas companies
The tax rate of oil and gas explorers has been planned to reduce to 25% from current tax rate of 40% and 5% of the tax will be allotted for local communities. As per Greece energy minister, Ioannis Maniatis, the measure will be taken to attract
See MorePeru: New Bill to Promote Investment
The Peruvian Executive proposed to the Congress on 18 July 2014 ‘Bill 3627-2013-PE’ which would introduce a number of tax changes to promote private investment. The bill would create new procedures for consolidation of land used in investment
See MoreBrazil: Normative Instruction no. 1,037/2010 established the list of low-tax jurisdictions and privileged tax regimes
The Federal Revenue Authorities released Interpretative Normative Instruction (no. 1,474/2014) on 20 June 2014. Certain Swiss tax regimes will be considered ‘privileged tax regimes’ for Brazilian tax purposes. According to the new rule, regimes
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 MoreRomania: Higher Taxes Expected From Oil and Gas Review
Recently the energy industry consulting firm Global Data issued a report according to which royalties on oil and gas in Romania are likely to increase by around ten percent on average from 2015. Windfall taxes on the industry are about to expire but
See MoreFrance- Lawmakers Seek Simpler Tax Regularization Scheme
French members of parliament have indicated that offering taxpayers a chance for tax regularization through a lump sum 10 percent tax on assets repatriated would raise revenue for the government of around EUR 10 billion. Around half of this sum
See MoreUS – IRS to Restructure Services for Small Businesses
The IRS is considering a project to reorganize operations at its two largest business units, Wage and Investment (W&I) and Small-Business Self Employed (SB/SE). The aim would be to eliminate the duplication that may arise from the potential
See MoreBelgium – Tax benefits for investments in economic zones
Belgium has passed legislation providing for tax relief for employers making investments in particular economic zones. The relief is a partial exemption from salary withholding tax in respect of wages paid to new employees who are taken on within
See MoreUS: Notice 2014-32 announces amendments to recently finalized Section 367(b) regulations applying to certain cross-border triangular reorganizations
The US Treasury Department and US Internal Revenue Service have issued Notice 2014-32 revising the final regulations on certain cross-border triangular reorganizations. The Notice applies where the reorganization involves one or more foreign
See MoreFrance and Germany- Businesses Warn Against EU FTT
Representatives of businesses throughout France and Germany have expressed their strong reservations about the planned financial transactions tax (FTT) currently under discussion among some member countries of the European Union (EU). Medef, BDI and
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