OECD: Global Forum released new compliance ratings on tax transparency for 10 jurisdictions
The Global Forum on Transparency and Exchange of Information for Tax Purposes published a review reports on 4th August 2014, demonstrating progress toward implementation of the international standard for exchange of information on request. The
See MoreASEAN cross-border framework launched
The ASEAN Capital Markets Forum (ACMF) announced the ASEAN Framework for cross-border offering of collective investment schemes (CIS) is now operational in Malaysia, Singapore and Thailand (member jurisdictions). This Framework allows fund managers
See MoreCzech Republic – Excise duty on diesel and VAT on electronic services
Changes to the tax procedure and rules income tax law have passed through the first reading. At the third reading, the Chamber of Deputies has approved the following things: By re-initiating “green” diesel oil, an amendment has used to the
See MoreOECD: releases public request for input on BEPS Action 11
The OECD released a public request for input on the base erosion and profit shifting (BEPS) action plan Action 11 on 4th August 2014. Action 11 aims to establish methodologies to collect and analyse data on BEPS.: Action 11 aims to develop
See MoreUkraine: Certain corporate income tax incentives to be abolished
The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives. The main abolished incentives are summarized below: limiting privileged corporate income
See MoreCzech Republic: Excise duty on cigarette raised to EU minimum
The Czech Republic has approved legislation increasing the excise duty on cigarettes by CZK3-4 to bring its rates into line with EU law. It was prescribed that from January 1, 2014, the overall excise duty (excluding VAT) on cigarettes shall stand
See MoreVenezuela: Foreign exchange rate for customs activities
At the beginning of July 2014, the central bank of Venezuela has published guidance establishing the foreign currency rate of exchange for the customs duty implications of certain transactions. According to the notice, the exchange rate is 6.30
See MoreSwitzerland: Threatens to raise carbon tax
Switzerland’s carbon tax would jump up toCHF72 per ton from 2016, which is currently iCHF60 (USD67) per ton , if the power-related emissions of this year do not fall down to 76% of 1990 levels. If the emissions only fall to 78% of the baseline
See MoreOECD – Approved updated 2014 model tax convention
The OECD (Organization for Economic Co-operation and Development) recently declared that the OECD Council has approved 2014 update to the OECD Model Tax Convention, scheduled to be published in the next few months. The 2014 Update brings following
See MoreASEAN: Common Food Control Requirements to Remove Trade Barriers
A Workshop on Review and Development of Guidelines on ASEAN Common Food Control Requirements (ACFCRs) was held on 14 – 15 July 2014 at the ASEAN Secretariat, Jakarta, to review the existing ACFCRs published in 2006 and the proposed new draft
See MoreUS: House Passes Permanent Ban On Internet Access Taxes
The House Tuesday passed a bill that would make permanent the ban on taxing Internet access. The U.S. House of Representatives has voted to this bill that Congress has temporarily extended three times over the past 16 years. The bill not only ban
See MoreSlovak Republic: Amendments to the VAT Act
The VAT act amendments would generally apply with effect from January 1, 2015. The main changes are given below: The place of supply of telecommunication, broadcasting and electronic services provides to non-taxable persons. The special scheme
See MoreCyprus signs the OECD Convention on Mutual Administrative Assistance in Tax Matters
Cyprus signed the CoE-OECD Convention on Mutual Administrative Assistance in Tax Matters and its Protocol on 10 July 2014. The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010. The
See MoreArgentina- Membership status on OECD Committee on Fiscal Affairs
Argentina signed an agreement on 26 June 2014 to become an associated member of the Organization for Economic Co-operation and Development (OECD) Committee on Fiscal Affairs
See MoreRomania: Under pressure on VAT recovery process
Romania has formally requested by the European Commission to improve its Value Added Tax (VAT) recovery process. The caused for opinion from the European Commission, the step before proceedings at the European Court of Justice, states that the
See MoreFTA negotiation commences between Hong Kong and ASEAN
The first round of the proposed free trade agreement (FTA) between Hong Kong and the Association of Southeast Asian Nations (ASEAN) was held on July 10 and 11. The major area covered in the negotiation include the elimination or reduction of
See MoreUS: Re-establishes Duty-Free Aid Commitment To Africa
The Government of the USA has reviewed Madagascar’s eligibility for African Growth and Opportunity Act (AGOA) tariff benefits, effective immediately, but has withdrawn Swaziland's eligibility, with effect from January 1, 2015. President Obama has
See MoreChile: Exemption from Least Developed Countries’ exports
The World Trade Organization (WTO) has said that Chile has joined a number of developing countries that have opened their markets to products from least-developed countries (LDCs) by waiving duties and quotas on June 30, 2014. Since 28 February
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