Vietnam: Issues new Circular on Corporate Income Tax
The Ministry of Finance published Circular No. 78/2014/T-BTC (Circular No. 78) on 18 June 2014, which provides additional execution guidance in respect of Decree No. 218/2013/ND-CP (Decree No. 218) which was issued on 26 December 2013. Decree 218,
See MoreIndia: Introduces new rules aim to reduce transfer pricing tax disputes
The government of India introduced new tax rules with their new budget target to reducing litigation with multinational firms over cross-border transactions the government considers tax avoidance schemes. Now days, transfer pricing is an application
See MoreSlovak Republic: New improvements in Transfer Pricing
The Financial Directorate in Slovak Republic has issued a methodological guideline on the application of transfer pricing methods. According to the changes to the OECD Transfer Pricing Guidelines in July 2010, the amendment to the ITA has abolished
See MoreAustria: Government accepts bill amending the Fiscal Criminal Act
The Austrian parliament accepted the bill amending the Fiscal Criminal Act 2014 on July 2014. The draft bill aims at finish the exercise of partial disclosures as the current rules allow taxpayers to benefit from a repeated voluntary disclosure
See MoreSingapore: Invites the Public to Consults on Stamp Duty Changes Bill 2014
The Ministry of Finance will be conducting a public consultation on the draft Stamp Duties (Amendment) Bill 2014 from 7 July 2014 to 25 July 2014. The draft Stamp Duties (Amendment) Bill 2014 provides for three changes to the Stamp Duties Act. The
See MoreTanzania: regulations on transfer pricing released
The Transfer Pricing Regulations in Tanzania has finally been released through Government Notice No. 27 of 2014 and which is effective from 7 February 2014. The Income Tax Act 2004 already had a requirement in section 33 to transact between
See MorePoland: Proposals for CFC regime
Poland proposed bills to changes to its controlled foreign corporation (CFC) rules and thin capitalization regime. According to the rules tax would be levied on specific income which obtained from some foreign subsidiaries owned by the taxpayers of
See MoreRussia: Applicability of thin capitalization rules under certain conditions
The Ministry of Finance has issued Letter No. 03-08-05/9669 on May 6, 2014 that clarifies the application of thin capitalization rules to the interest paid by a Russian company (borrower) to another Russian company (lender) under a controlled loan
See MorePeru-Guidance on reporting of stocks and shares
The tax administration of Peru issued in June 2014 guidance-Resolución Superintendencia No. 169/2014/SUNAT giving approval for an electronic form for Peruvian taxpayers to provide information about the issuance, transfer, and cancelation of stocks
See MoreUK: Tax credits renewal warning has been issued by HMRC
HM Revenue and Customs (HMRC) have warned the UK residents those Up to 1.5 million tax payer who receive tax credit to renew their claims as the time available to renew is less than one month.If they don’t go for renewal within time, their payment
See MoreJapan: Government approved the plan to cut corporate tax rate
Japans government approved the plan to cut corporate tax rate on June 24 which was among the highest in the world at above 35% to less than 30% over several years. Although decisions on how to offset revenue losses and other details were deferred,
See MoreItaly: Withholding tax rate hikes on financial income.
Italian withholding tax rate hike on financial income from 20 percent to 26% has been effective from July 1, 2014. Italian savers has been imposed increased tax rate on interest, dividends and capital gains in the passes of governments which was
See MoreSouth Africa: SARS announces Tax Season 2014
Tax Season 2014 for South Africa has been announced by the South African Revenue Service (SARS) which is started from 1 July, 2014. This is an important co-relation between government and taxpayers who make a vital contribution to the country’s
See MoreJapan: Corporate tax rate will be lowered below 30%
Japan’s Prime Minister announced on 24 th June 2014, that the government will lower Japan's corporate tax rate from 35% to below 30 %. The Government targets to return to a principal fiscal balance in 2020. However the final corporate tax rate
See MoreSpain: Cabinet approves reduction to income tax rates
The Spanish Cabinet on June 20, 2014, approved the downsizing the corporate and individual income tax rates to encourage investment and employment. Under the revised plans, the corporate tax rate will fall from 30% to 28% in 2015 and to 25 percent
See MorePakistan: Budget for 2014-2015 has been presented to the parliament
The Pakistan Government has presented to parliament the nation's 2014-2015 Budget, which includes proposals aimed increasing tax compliance rates, increasing progressive direct taxes, and lowering the burden of indirect taxes. The 2014 budget set
See MoreBrazil: Tax Credits Program for Exporters
Brazil government will renew a tax credit program for manufactured goods exporters from June 18, 2014. This program will fix the tax credit rate of 0.3% for this year which was varying from 0.1% to 3% on foreign sales. It is also announced that IPO
See MoreKazakhstan: Investor tax breaks enacts
The President has signed into law tax concessions to raise foreign investment, including an 8-year relief from property tax, a 10-year relief from corporation tax, and a 10-year freeze on remaining taxes. If a production facility is in operation,
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