Nigeria: Customs starts 35% tariff on imported vehicles
Based on the new fiscal policy on imported vehicles as instructed by the Federal Government, the Nigeria Customs Service (NCS) has commenced full accomplishment of the 70% tariff on imported vehicles. Finally, importers and car dealers has paid 20%
See MoreOECD: BEPS project update with developments of Asian countries
In order to stop tax avoidance and evasion Asian countries are actively taking part with the Organization for Economic Cooperation and Development (OECD)’s plan. The OECD’s Action Plan is far reaching and will help support local Asian
See MoreOECD: International VAT and GST Guidelines
Recently, The Organization for Economic Co-Operation and Development publish their latest global VAT and GST Guidelines which emanates from the OECD’s Committee on Fiscal Affairs. They also and sets the consumption tax model for countries around
See MoreUS: BEPS to Compound Global Tax Risks
Enterprises are expecting that tax risks are likely to increase more in the coming years, according to a survey of tax and finance executives in twenty five countries by the advisory firm Ernst and Young. The survey looked at the views of companies
See MoreSwitzerland and Singapore sign OECD agreement against tax evasion though banking secrecy
Forty seven countries participated in the Declaration on Automatic Exchange of Information in Tax Matters, adopted by the OECD on 6 May 2014. These countries included Switzerland and Singapore, two financial centers that have in the past been
See MoreSpain Fined Over State Aid in Basque Provinces
Spain has been ordered by the European Court of Justice to pay a penalty amounting to EUR 30 million for failing to recover state aid granted by three Basque Provinces and ruled to be contrary to EU law. The state aid provisions of EU law are
See MoreNew Zealand to increase Tobacco Taxation
New Zealand is to reduce the duty-free allowances for tobacco and raise its excise duty in a move described as an attempt to reduce the amount of smoking. The move will also increase government revenue from excise tax on tobacco, at least in the
See MoreJapan Takes Action on Some BEPS Items
Japan’s Cabinet Office Tax Commission has given its attention to four base erosion and profit sharing (BEPS) items, including the controversial Action 13 which relates to transfer pricing documentation. The other items under consideration by Japan
See MoreGermany: OECD Report Suggests Lower Labor Taxes
The Organisation for Economic Co-operation and Development (OECD) has stressed the need for Germany to implement economic reforms to achieve sustainable growth. The priorities include making the tax system more equitable and environmentally
See MoreEU – Customs tariff duties suspension on industrial and agricultural products
The European Commission has issued a notice to economic operators in relation to the suspension of autonomous common customs tariff duties on certain industrial and agricultural products. A list of the products affected by the measure is available
See MoreEU Member States React To EU FTT Declaration
Some EU member states have commented on the intention of a number of member states to go ahead with the introduction of a financial transactions tax (FTT) under the EU’s enhanced cooperation provisions. The member states that are not participating
See MoreTurkey: Improves VAT compliance procedures
Turkey is to make a number of changes aimed at improving the value added tax (VAT) compliance regime. These changes include the possibility for large taxable persons to receive VAT refunds faster. the VAT legislation is to be consolidated into a
See MoreSouth Africa Consults on Alcoholic Beverage Taxes
South Africa has issued a discussion paper for comment on taxation of alcoholic drinks. This document looks at the issue of whether a uniform tax should be imposed on alcoholic drinks rather than a separate excise duty for different types of
See MoreOECD – Public consultation on transfer pricing documentation, country-by-country reporting
The Organization for Economic Co-operation and Development (OECD) has announced that a public consultation will take place 19 May 2014, for further consideration of transfer pricing documentation and country-by-country reporting. This follows the
See MoreEU – Update on financial transaction tax
The ECOFIN Council, consisting of economic and finance ministers of EU countries, has looked at a proposal for a financial transaction tax (FTT) directive. The member states involved in the measure want to implement a revised version of their
See MoreEU – European Bankers Warn Of FTT Fallout
The European Banking Federation (EBF) considers that the introduction of a financial transaction tax (FTT) by some European Union member states will create uncertainty for business in the whole EU. Even if the FTT is implemented by only some of the
See MoreEU To Reduce Bureaucracy for Trade Sanctions
The European parliament has given its approval to new rules that will permit a rise in customs duties on the EU’s trading partners by means of an executive decision. This will enable the Commission to more efficiently enforce EU rights under
See MoreEU Member States Criticized for Lack of Transparency in FTT
At the EU’s ECOFIN meeting of economic and financial ministers on 6 May 2014 a joint statement was issued by ten of the member states that are going ahead with the financial transactions tax (FTT) In all, eleven EU member states have decided to
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