Romania: Prime Minister Confirms To Keep Flat Tax Regime
Prime Minister, Victor Ponta has reconfirmed that the country’s flat corporate and personal income tax rate of 16 percent will remain in place at least until the next government elections in 2016. Ponta gave the assurances at an awards ceremony
See MoreCourt decides that the provision of tax treaties between Germany & Russia do not obstruct the application of thin capitalization rules
The Federal Arbitration Court of the Moscow decides that the provision of tax treaties between Germany & Russia do not obstruct the application of thin capitalization rules. The Federal Arbitration Court of the Moscow Circuit (FAC) decided in
See MoreNigeria: Tax Authority imposes interest on unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice entitled “Administration of penalty and interest rate regimes under the Companies Income Tax (CIT) Act, CAPS C21, LFN 2004” and FIRS imposes 10% and 15% penalty and interest
See MoreCanada: New business tax reminder mobile app introduces
The Canada Revenue Agency (CRA) has created new business tax reminder mobile app by which small and medium-sized businesses get alert about their tax deadlines. It costs no charge for Apple iOS, Google Android, and Blackberry mobile platforms for
See MorePeru’s government plans to introduce subsidies and cutting taxes to face the economic slowdown
The Government of Peru has planned to introduce subsidies and cutting taxes to encourage investment and cushion export sectors from the worst economic slowdown in five years. The government declares earlier this year that it is considering to
See MorePortugal: Corporate tax cut proposed in 2015 budget
The government of Portugal proposes corporate tax rate cut from 23% to 21% in 2015 budget. The parliament of Portugal presents its 2015 budget on October 15, 2014. It is not possible to reduce personal income taxes in 2015 as Minister of State and
See MoreCanada: Income tax rate reduction for small business in New Brunswick
New Brunswick declared that the State will reduce its small-business income tax rate from 4.5% to 4% and will start from 1 January 2015. Any business whose taxable income is less than CAD500, 000 per year would apply this rate. Government has a plan
See MoreChina: Announces accelerated depreciation method for deferring corporate income taxes
The accelerated depreciation methods will be allowed in China to promote technology innovation and economic development. The Executive Meeting of the State Council of China announced on 24 September 2014 that the R&D made on or after 1 January
See MoreBrazil: Amendments on Controlled Foreign Corporations (CFC) Rules
A deemed tax credit of 9% under CFC rules for Brazilian companies with foreign investment in some predefined industrial sector has been extended by a recent guidance. The deemed tax credit results in the lower taxation of profits earned abroad by
See MoreMalaysian Prime Minister Defends the Introduction of a Goods And Services Tax
The Malaysian Prime Minister has defended the introduction of a goods and services tax (GST) in Malaysia with effect from April 2015. The Government has stated that it will bring 300,000 taxpayers out of the income tax base with revenues which will
See MoreNigeria: Notice for taxation of investment income gained by pioneer companies
The Federal Inland Revenue Services (FIRS) in Nigeria has issued a clarification notice regarding the taxation of investment income in the nature of dividends, interest, royalties, and rent earned by pioneer companies is subject to 10% withholding
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreChile: Law No. 20.780 has enacted with different aspects
A tax reform entitled “Law No. 20.780” related to foreign investor has published on 29 September 2014 which is effective from 1st October 2014. This creates different regimes subject to Corporate Income Tax (CIT) from 1st January 2017. The CIT
See MoreTax reduction in Greece’s 2015 Budget
Greece releases its 2015 budget on October 6, 2014. The budget reduces the solidarity tax on earners and a 30 percent cut on the tax on heating oil. The budget cut the "solidarity tax" paid by those on incomes over EUR12,000 (USD15,178) and would
See MoreColombia: Court has ruled thin capitalization rule constitutional
The Constitutional Court of Colombia has ruled that the thin capitalization has been incorporated into the tax law by Article 109 of Law 1607 of 2012 and the rule is constitutional. The claimant raised the issue that the deductibility limit is
See MoreSpain: Budget Minister Presents 2015 Budget
Budget Minister Cristobal Montoro presents the Spain’s budget 2015, on September 31, 2014. There are a number of measures containing in this budget that aimed at stimulating economic growth, including reduction in the corporate and personal income
See MoreThailand: Reduces tax rate for 2015
The cabinet of Thailand has approved a royal decree reducing corporate and personal income tax for the year 2015. The reduced tax rate for companies having net profit over THB1m (USD31,000) will be 20% for the year 2015 which was 23% in the tax year
See MoreUS: IRS Urges Tax-filing and Payment Extensions Expire Oct. 15
The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free
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