Uruguay enacts limits on tax incentives
Uruguay has issued Decree No. 226/013 which introduces a new ceiling on the tax credit for donations to art and cultural projects. The new ceiling applies from 14 August 2013. Under the new provisions, the maximum amount of tax credit on donations
See MoreUK: HM Revenue and Customs (HMRC) revises SDLT group relief regulations
The UK tax authority HMRC has introduced a clarification confirming that intra-group transactions are eligible for group relief related to Stamp Duty Land Tax (SDLT). The declaration follows a meeting by HMRC with representative bodies concerning
See MoreCanada – Amendments in foreign income verification statement
It has been officially confirmed by the Canada Revenue Agency (CRA) that the revised Form T1135 applies to tax years ending after June 30, 2013 whereas the old form T1135 (Foreign Income Verification Statement) will still be approved for tax years
See MoreArgentina – Mandatory online tax return system
From 1 August 2013 is has become compulsory for every Argentine taxpayers to use the online tax return system (SIFERE) to report gross revenue to local jurisdictions. Resolución General 7 was published in the official gazette on July 23, 2013 which
See MoreRomania: Late payment penalty provision
Government Emergency Ordinance no. 50/2013 regarding certain fiscal measures has been published in the Official Gazette of Romania (Part I, no. 320/2013). The Fiscal Procedure Code enforces a new regime in relation to penalties imposed for tax debts
See MoreItaly: Requirement of additional anti-fraud reporting on taxable supplies
All resident companies in Italian are now obliged by the Italian tax office to produce an annual report detailing all individual supplies (both sales and supplies received) of goods or services above Euro 3,600 to other businesses or consumers. In
See MoreIreland announces submission of Financial Statements in iXBRL
Since November 2012, financial statements in iXBRL format have been accepted in ROS. Corporation tax and income tax filers have had the option of filing financial statements in an iXBRL format since then. iXBRL allows financial information to be
See MoreChile: Taxpayers must submit new affidavit following transfer pricing rules
Taxpayers who are engaging in transactions with entities domiciled abroad will have to agree with the new transfer pricing compliance requirements. Taxpayers will have to submit the Transfer Pricing (TP) annual information return form to the Chilean
See MoreBelgium: No credit for withholding tax on dividends
Belgium has affirmed that 25% withholding tax imposed on dividends if those dividends are received by Belgian investment companies would no longer be creditable and refundable. This would implement a decision of the European Court of Justice and
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreUruguay: New rules regarding foreign tax credit
The tax authorities of Uruguay issued Resolution No. 1,815/2013 regarding new rules on foreign tax credit on 26 June 2013. The resolution sets out the requirements for benefiting from foreign tax credits under the domestic law or tax treaties.
See MoreUK: Finance Act 2013 receives the Royal Assent
The 2013 Finance Act became law on 17 July 2013. The main provisions include a reduction of the corporate tax rate from 22% to 21% in 2014/15 and to 20% in 2015/16. The Act also includes the legislation introducing the General Anti Abuse Rule
See MorePhilippines: New regulation on tax deduction in the event of failure to withhold tax
The Philippines issued Revenue Regulation 12-2013 (Rev. Reg. 12-2013) on 13 July 2013. Rev. Reg. 12-2013 is applicable to payments made to both domestic and foreign beneficiary and it will effective from 28 July 2013 for payments that are related
See MoreHong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
See MoreECJ: Decision on state aid and Finland’s tax loss carry forward rules
A case was brought before the European Court of Justice (ECJ) concerning the question of whether Finland’s rules for carrying forward tax losses were contrary to the state aid provisions in Article 107 of the Treaty on the Functioning of the
See MoreChile: Circular notifying transfer pricing changes
The Chilean Internal Revenue Service (IRS) has released Circular No. 29 on June 14, 2013 that includes instructions regarding the new transfer pricing rules introduced by Law 20,630. The circular recognizes the OECD TP Guidelines as a valid source
See MoreECJ: European Commission refers the matter of cross-border loss relief for UK groups
The European Commission has requested the European Court of Justice (ECJ) to determine that the conditions imposed by the UK tax rules on cross-border group relief mean that in practice it is almost impossible for companies to receive this loss
See MoreCanada: Extended CIT return deadline
Businesses in parts of Canada including Alberta have recently been affected by extreme weather conditions. This has caused damage to premises and delays in completing administrative tasks. In response to this problem the Canada Revenue Agency (CRA)
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