EU – Directive on pension rights
The European Parliament has given its approval to an EU Directive that aims to improve the arrangements relating to the maintenance of supplementary pension rights. The existing EU regulations only permit individuals to transfer their statutory
See MoreSingapore – Employer contributions to overseas pension funds
The Inland Revenue Authority of Singapore (IRAS) has issued information on its website explaining amended rules relating to the concessionary tax exemption available for contributions by employers to certain pension schemes. The exemption relates to
See MoreChina: Additional tax cuts for small business
China’s State Council meeting on April 2, 2014 decided on a number of changes including more tax cuts for micro and small-sized enterprises. These enterprises are defined as businesses with an annual taxable income under RMB 60,000 (USD 9,650).
See MoreSingapore Arranges First Wage Credit Payments
Singapore is paying out the first tranche of the payments under the Wage Credit Scheme (WCS) by 31 March 2014. Around 75 percent of the payments are due to small and medium enterprises (SMEs). The payments are intended to help new businesses and low
See MoreRussia – Investment in Russian SEZs Increases in 2013
The Special Economic Zones (SEZs) set up by Russia attracted an increased amount of investment in 2013, totalling RUB 30.2 billion in the year. Revenues of RUB 50 billion were earned in the zones, and 3,145 new jobs were created. The Russian
See MoreEU-European Parliament Backs New Money Laundering Law
The problem of money laundering has received increasing attention in recent years. Although many countries have their own money laundering laws the problem can be tackled more successfully with international cooperation. The European Parliament has
See MoreLithuania : Loss carry forward limitations, extended incentives and reduced VAT rates
Losses carry forward limitations: Beginning in 2014, the ability of corporations in Lithuania to carry forward tax losses, for corporate income tax purposes, is limited. In calculating their corporate income tax for 2014 and subsequent tax periods,
See MoreHong Kong: Ensure Support for SMEs
In response to a question in the Legislative Council, Hong Kong’s Secretary for Commerce and Economic Development confirmed that the Government will arrange continued support for small and medium-sized enterprises (SMEs). The numbers of SMEs and
See MoreBelgium increases withholding tax exemption for SME employers
A draft Royal Decree is approved by the Council of Ministers. It is relating to an increased exemption from professional wage-withholding tax (précompte professionnel) only for employers in the small- and medium-sized enterprise (SME) sector. For
See MoreArgentina – Extension of the new tax incentive regimes
Two tax incentive regimes in force in Argentina for certain investments have been extended. Law 26.895 which was published in the official gazette on 22 October 2013 has been extended to 31 December 2014. This relates to the period for taxpayers to
See MoreFor Far-East region Russia has sanctioned Federal Law
Russia’s President has signed Federal Law No. 267-FZ on September 30, 2013 to provide incentives for completing regional investment program within the Far East regions. In order to raise financing in the economy of the far-east region, the law
See MoreAustralia: Start date to offshore banking unit reforms delayed
The Government of Australia has delayed the start date (1 October) for the reforms to the offshore banking unit (OBU) regime. In the 2013 budget, the Australian government reported the proposition to change some OBU provisions to address existing
See MoreUK: Statistics for Research and Development Tax Relief
The HMRC published the statistics on 15 August 2013 for the uptake of the research and development tax relief in the UK. This tax relief allows an enhanced tax deduction for expenditure on research and development. In the case of large companies
See MoreHungary- Amendments to Tax Law
Hungary’s Act CXXIII of 2013 on the modification of Certain Laws on Public Burdens was announced on 30 June 2013. According to the amendments mining fee will increase from 1 August and 16% of the charge of the mineral oil and natural gas exploited
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
See MoreTaiwan: Pilot free trade zones to be established
Taiwan has revealed that pilot free trade zones are to be established to liberalize the island’s economy and upgrade the industrial structure. The Council for Economic Planning and Development (CEPD) aims to attract high value-added industries
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