Canada: Small business income tax rate decreases
The New Brunswick has introduced Legislation (Bill 2) that would cut the small business income tax rate from 4.5% to 4% as of 1st January 2015. Bill 2 has taken first reading on 4th December
See MoreRussia: Taxation of Controlled Foreign Companies and other anti-offshore measures
The amendments to the Tax Code on CFC, has focused on the following matters: Controlled foreign companies Beneficial ownership Tax residence determination by the company's management place Taxation of real estate transactions Criminal
See MoreVenezuela: Amendment in Corporate Income Tax Law
A Presidential Decree No. 1.435 changes the Income Tax Law has released in official Gazette No. 6.152 of 18th November 2014 and applies to the taxable periods that start from 1st January 2015. The major amendments to the corporate income tax are
See MoreRussia: Law providing CFC rules signed
The President of Russia has signed a Federal Law No. 376-FZ for introducing the CFC rules on 24th November 2014. The law enters into force with effect from 1st January
See MoreWorld Tax Brief : November 2014
Chile Main corporate tax rates: Under the Law 20,780A, 20% of tax rate applies in 2014 to Chilean companies or permanent establishments of foreign companies. Under legislation enacted in September 2014 the corporate income tax rate will rise to
See MoreThe Finance Ministry clarifies income allocation and expenses to Russian PE
The Finance Ministry (MoF) has published a Letter No. 52359 for describing the allocation of income and expenses to a Permanent Establishment (PE) in Russia of a non-resident company and it has issued on 17th October 2014. In accordance with article
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
See MoreRussia: CFC law has been adopted by the Federal Council
The Federal Council has adopted the draft law on 19th November 2014 that initiates the CFC rules. There is no significant change in the adopted law compared to the previous draft. This law will enter into force with effect from 1st January
See MoreHungary: Presents tax laws for 2015
The tax laws for 2015 were presented to the parliament by the government on 28 October 2014. According to the tax laws, some changes for 2015, would include in the definition of related parties an additional provision relating to entities where
See MoreSingapore: E-filing Available for all Companies
From 2015 the Inland Revenue Authority of Singapore (IRAS) will make e-filing available to all companies onwards. Presently, only small companies can file their tax return electronically. The benefits of e-filing include: instant acknowledgement
See MoreJapan Seeks Corporate Tax Cut In 2015
Japan's Minister of Economy, Trade and Industry has stated that his objective is to reduce the country's corporate income tax rate by at least 2.5% next year. Earlier this year it was agreed that a preliminary corporate tax rate cut will be included
See MoreEstonia: publishes a new version of combined tax form to report both corporate and payroll taxes
Estonia tax authority has published a new version of combined form to report both corporate and payroll taxes and which will be effective beginning in 2015. The first filing of the new form must be completed by 10 February
See MoreDenmark: Government publishes package on measures to prevent tax evasion
The Danish government published a package of measures to prevent tax evasion and the use of tax havens on 6 November 2014. The Package highlighting on the following measures: Taking an active role at the international level by, inter alia,
See MoreUK: HMRC warns on late tax return penalty
The UK tax authority HMRC has warned that the taxpayers in UK who have not filed their 2013-2014 tax return yet must submit their return online. Otherwise they need to pay a penalty of GBP100 (USD160). The deadline for paper-filing for the tax year
See MoreWorld Tax Brief : October 2014
Argentina Withholding taxes due: Tax must be withheld by the payer at the time of making the payment. In the case
See MoreRussian Parliament to Consider Revised Draft of CFC Law
On 22 October 2014 the Russian parliament received a new version of the draft law on controlled foreign companies (CFCs). Parliamentary hearings on the latest draft law are to take place on 11 November 2014. Generally the draft law aims to
See MoreBasis of imposing tax of Resident Companies is wider than non-resident companies in Ireland
Resident company is taxed on its worldwide income and capital gains. It excludes most distributions received from other Irish-resident companies. A non-resident company operating through its Irish Branch is taxed on the profits obtained from that
See MoreOECD Report on Tax Compliance by Design
A new OECD report entitled “Tax Compliance by Design: Achieving Improved SME Tax Compliance by Adopting a System Perspective” was published on 24 October 2014. The report looks at how to improve SME compliance by making better use of the
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