Finland: Proposal to amend the taxation of non-residents by assessment

19 February, 2015

Finnish Government proposes an amendment of the taxation for non-resident individual by assessment presenting a law proposal (HE365/2014) on 12 February 2015. The proposal entails that the taxation of non-resident individuals by assessment would be

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Chile: Changes to Thin Capitalization rules

19 February, 2015

The Circular 12 regarding amendments to the thin capitalization rules introduced by Law 20,780 of the tax administration has released in the Official Gazette of 5th February 2015. From 1st January 2015, thin capitalization rules are directed by

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Russia: The MoF clarifies requirements to claim tax deduction of expenses

17 February, 2015

The Federal Tax Service has released Letter No. 03-03-10/4547 to clarify the requirements that must be completed by the primary accounting documents and it was issued by the Ministry of Finance (MoF). In accordance with the article 252 and article

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Azerbaijan: The Ministry of Taxes and the IFC are Working to Protect Withdrawal of Profits from Taxation

14 February, 2015

The Ministry of Taxes of Azerbaijan and the International Finance Corporation (IFC) are working on a draft agreement on transfer pricing. The aim is to protect withdrawal of profits from Taxation. Azerbaijan will be able to go to the international

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Romania: IMF issues preliminary report on economic situation

10 February, 2015

The IMF has issued a report stating their preliminary findings on the conclusion of a visit to Romania for discussions on the economic situation. The report notes that the Romanian economy has pursued sound economic policies and corrected internal

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China: SAT Standardizes the CIT Administration of Indirect Transfer of Taxable Properties in China by Non-Tax Resident Enterprises (Non-TREs)

10 February, 2015

Since the ‘Economic Reform and Opening up’, China has maintained an ongoing economic boom which has resulted in the accumulation of a considerable amount of wealth in the value of immovable properties, equity investments and other properties.

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Russia: Clarifications on computing taxable income of CFCs published

09 February, 2015

The Ministry of Finance (MoF) has released Letter No. 03-03-06/1/68300 describing the process to calculate the taxable income of controlled foreign companies (CFCs) for the purposes of taxation in Russia. The letter was issued on 29th December 2014.

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UK: Online Tax Summaries

09 February, 2015

More than 8 million taxpayers who filed their 2013 to 2014 tax return electronically by the 31 January deadline can now access their online tax summary. The summaries set out how much tax and National Insurance each person has paid in the tax year,

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Taiwan: Proposed Amendments to Transfer Pricing Rules

09 February, 2015

The Ministry of Finance of Taiwan has proposed changes to the transfer pricing rules (Tai Cai Shui No. 10304651710). The draft of amendments was released on 7 January 2015 for public comment. The modifications, which concern one new provision and

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Luxembourg: Formalization of New Transfer Pricing Legislation and Documentation Requirements

06 February, 2015

The Parliament of Luxembourg has approved the draft law and has formalized the framework for Luxembourg transfer pricing legislation and introduced the transfer pricing documentation requirements. The new measures are effective from 1 January

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Turkey: Draft order to change electronic tax filing

06 February, 2015

The tax administration has issued Draft Order No. 397 on 16th December 2014 regarding a public consultation on electronic tax filing. Taxpayers who want to register to communicate electronically with the tax authorities must have a suitable

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Denmark:  Filing a paper form is no longer possible for companies

05 February, 2015

The Ministry of Taxation announced, on 3 February 2015, a new schedule relating to the digitalization of corporate tax filing. A new schedule was required as the necessary adjustments to the IT systems will be more time-consuming and complicated

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South Africa: Transfer Pricing Adjustments Regarding Withholding Tax Obligations

05 February, 2015

Under the income tax act, section 31(3), South Africa provide that any adjusted amount for transfer pricing and thin capitalization purposes, prior to 1 January 2015, constituted a deemed loan. The adjusted amount plus interest deemed to have

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Thailand: IMF reports on preliminary findings

04 February, 2015

The IMF has completed a mission to Thailand from 15 to 29 January 2015 to hold discussions in connection with the Article IV Consultation. The IMF is expecting Thailand to continue a gradual economic recovery in 2015 and growth is estimated at 3.5%.

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European Union: Anti abuse clause added to parent subsidiary directive

03 February, 2015

On 27 January 2015 the Council of the European Union (EU) amended the parent subsidiary directive to add a binding anti-abuse clause. This is designed to prevent tax avoidance and aggressive tax planning, and to ensure more consistency in the

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UK: HMRC Receives Biggest Digital Self Assessment Ever

02 February, 2015

HM Revenue and Customs (HMRC) oversaw the biggest digital Self Assessment event ever this year, receiving 10.24 million tax returns by midnight on 31 January, it revealed today. A record 85.5% of these were sent online, with the busiest days for

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Russia: Draft law on the thin capitalization rule submitted to State Duma

02 February, 2015

The Draft Law No. 675906-6 regarding the introduction of changes to article 269 of part 2 of the Tax Code in respect to the meaning of the concept of controlled indebtedness has been submitted to the State Duma on 16th December 2014. A

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Nigeria: Public notice of new filing rules for non-resident companies

30 January, 2015

The Federal Inland Revenue Service (FIRS) has issued a public notice in accordance with section 55 of the Companies Income Tax Act (CITA) on 28th January 2015 requiring all resident and non-resident companies to file their tax returns on a real

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