Nigeria: Managing Transfer Pricing risks
The Nigerian transfer pricing rules are still relatively new, as detailed implementation of the transfer pricing law effectively began only with the release of the Transfer Pricing Regulations in 2012. Taxpayers must therefore make sure that they
See MoreEuropean Union: JTPF presents transfer pricing profiles of EU Member States
The EU Joint Transfer Pricing Forum (JTPF) has presented the transfer pricing profiles of all EU Member States. The profiles contain information about domestic transfer pricing frameworks, competent authorities’ contact details and other useful
See MoreEU Parliament Considers Change to EU Funding
The members of the European Parliament have given their support to planned measures to lower the share of VAT receipts of member states that go towards the funding of EU projects. According to plans adopted on 16 April 2014, the amount of funds
See MoreTax Freedom Day Comes Later For US Taxpayers
An organization known as the Tax Foundation (TF) computes the date of a day called Tax Freedom Day each year. This date is found by applying the average tax burden, expressed as a percentage, to the number of days in the year. The Tax Freedom Day is
See MoreUS: IRS Confirms Deductibility of Puerto Rican Excise Tax
The IRS has confirmed in a document published recently (Letter 2014-0006) that the IRS will not challenge the claim that Puerto Rico’s manufacturers excise tax is a tax that can be credited against United States federal income tax. In October
See MoreSpanish Tax Cuts to Favor Low Income Workers
The Spanish government has emphasized its intention to lower the personal income tax for all individuals and in particular for lower income groups. The Spanish government is to raise the tax incentives in respect of savings and investment and will
See MoreGermany and the EU Agree Energy Tax Break Revision
Germany is being allowed by the European Commission to continue to give energy tax incentives to 65 sectors under the renewable energy tax rules. There has been a long discussion as to whether the measures constitute illegal state aid under EU
See MoreEU – VAT refund claims are due by 30 June 2014
Businesses incurring costs in many EU countries may recover the VAT on those costs even if they are not registered for VAT in that particular country. In many of the EU jurisdictions there is a 30 June deadline in any year for making the reclaim.
See MoreEU – Changes to VAT place-of-supply rules in 2015
There will be a change to the EU VAT place-of-supply rules, which determine where VAT is collected and remitted for some types of service, with effect from 1 January 2015. This change will affect businesses providing services such as
See MoreEU Tackles Single Market Tax Obstacles
The European Commission has begun two public consultations, on discriminatory tax rules that my affect the position of individuals in European Union (EU) member states. These consultations are aim to help efforts to take away tax obstacles to
See MoreEU: Court of Justice decision affecting US regulated investment companies
On 10 April 2014, the Court of Justice of the European Union (CJEU) ruled in case C-190/12 concerning the Emerging Markets Series of DFA Investment Trust Company. The CJEU held that barring a non-EU investment fund, in this case a US investment
See MoreIreland – Taxation of Termination Payments Challenged
European Commission has requested Ireland to change its legislation on termination payments paid to individuals when their employment contracts end, as the Commission is of the opinion that the Irish rules are a restriction on the free movement of
See MoreEU – VAT guidance for e-services rule changes effective in 2015
The European Commission has issued guidance to help businesses cope with for the new value added tax (VAT) rules for in respect of e-services including telecom, broadcasting, and electronic services. The changes to the place of supply rules are to
See MoreEU Probes French Energy Tax Breaks
The European Commission is looking at the French tax decreases granted to the large energy consumers and consulting other interested parties on the matter. The tax reductions have been granted to reduce the amount of the renewable energy surcharges
See MoreLuxembourg supports revised Savings Tax Directive
The EU has adopted the revised Savings Tax Directive, strengthening the efforts to combat cross-border tax evasion by exchanging information on savings income. The revised text extends the scope of the Directive more entities and types of income
See MoreEU – Expanded scope of Savings Taxation Directive
According to information released on 21 March 2014 the European Council has given the go ahead to the amended Savings Tax Directive. Luxembourg agreed to the proposed changes and this removed the final obstacle to the adoption of the revised
See MoreEU Report Tracks Protectionist Trade Measures
The European Commission has issued the latest edition of the publication entitled Trade and Investment Barriers Report (TIBR). This looks at the amount of progress made in removing barriers to trade by local companies with third countries and
See MoreEU Leaders Reach Deal on Savings Tax Directive
The revised Savings Tax Directive has been formally adopted by the EU member states. This amended Directive helps to combat tax evasion by increasing the scope of automatic tax information exchange in respect of savings income, thereby helping to
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