Philippines: Reduces the corporate income tax rate
The Chairman of the House Committee on Ways and Means filed House Bill 4829 looking for to reduce the corporate income tax (CIT) rate from 30% to 25%. The same bill also includes a proposal to increase the minimum corporate income tax (MCIT) rate
See MoreAustralia: Parliament changes thin capitalization rules
The Australian Parliament passed previously announced legislation on 25 September 2014 which includes changes to the thin capitalization rules, a rewrite of the exemption for foreign non-portfolio dividends received by Australian companies, and
See MoreNigeria: Interests on inter-company loans are tax-deductible
The Tax Appeal Tribunal held that Nigerian company prepared interest payments on its inter-company loans are tax deductible, given that the loans were got at arm’s length. In Nigeria, the taxpayer of Nigerian company was occupied in petroleum
See MoreCanada: Impact of FTOs in Brazil for Canadian companies
The tax authority for Brazil verifies how to manage foreign tax offsets (FTO) and how to apply income tax treaty provisions for cross-border payments for services fees and described that under the presumed profit method, companies that are taxed are
See MoreSouth Africa Launches First Islamic Bond
South Africa launched sub-Saharan Africa's first Islamic bond, paving the way for issues by other countries in the region. National Treasury has announced that, following the entry into force of tax provisions for Islamic financing at the beginning
See MoreBrazil: Reduced income tax rate on manufacturing industries
The Ministry of Finance has declared that, reduced income tax rate from 34% to 25% will impose on foreign income from resident manufacturing industries, on 15 September 2014.This tax benefit already exists for food and construction industries but
See MoreRussia: Revised version of the draft law publishes
The Ministry of Finance in Russia has released a significantly revised version of the draft law on the package of tax initiatives on September 2, 2014. This contains a number of significant changes affecting such matters as exclusions from
See MoreSlovak Republic: Proposals on transfer pricing and thin capitalization
A draft amendment to income tax law in Slovakia contains provisions regarding changes to the rules for transfer pricing and thin capitalization. The amendment was accepted on August 2014, and if enacted, the changes usually would have an effective
See MoreSouth Africa: SARS Issues Tax Incentive Guide On UDZ
The South African Revenue Service (SARS) has published a tax guide regarding Urban Development Zone (UDZ) tax incentive. In 2003, the UDZ incentive was announced in the form of an accelerated depreciation allowance under the income tax code to
See MoreMexico: Published guidance for filing electronic accounting records
Mexico’s 2014 tax reform launched a requirement for taxpayers to submit certain accounting records to the tax authorities. The rules for this new reporting requirement were published in the official gazette on 4 July 2014. This new amending
See MoreSpain: Releases modified tax laws by the Spanish Government
On 23 June 2014, draft bills modifying the most important Spanish tax laws were released. The Spanish Government released the second draft bill on 1 August 2014, which will now be discussed and voted on by the Spanish Parliament. It is intended that
See MoreCanada: Online Tax Administration
Under Canada's Business Accounts program, business owner will be capable of paying online taxes for the first time through the platform from October. From October 2014, it will also be feasible for taxpayers to find a way in detailed payment history
See MoreTurkey: Amendment in investment incentives regime
A decree entitled “Decree 2014/6588” has published on August 6, 2014 in the Official Gazette which amends Decree 2012/3305 on the investment incentives regime. Decree 2014/6588 entered into force on its publication date. The major requirements
See MoreKorea-Tax Reform Proposals for 2015
The Ministry of Strategy and Finance of Korea announced the Tax Reform Proposals for 2015 on 6 August 2014. According to the proposals a new corporate accumulated earnings tax will be levied on excess cash of large corporations with equity capital
See MorePoland: Strengthen the thin capitalization rules
The Lower House of Parliament adopted the amended final version of thin capitalization rules after approval by the Higher House of Parliament on 29 August 2014 and it is very likely new legislation will enter into force from 1 January 2015. This
See MoreEgypt: Increased tax rate and others
Egyptian corporate tax rate is temporarily increased from 25% to 30% for a three-year period with respect to income exceeding a threshold amount. Other tax changes in Egypt concerning: Capital gains on dispositions of securities; Dividends and
See MoreSouth Korea- Tighten Thin Capitalization Rules
Under revised thin capitalization rules of South Korea proposed for 2015, overseas multinational companies performing business would have to pay a higher tax. The existing thin capitalization rules reject the South Korean unit of a foreign
See MoreChile: Amendments in tax bill propose new corporate tax system
The Government has published a bill to adjust the proposals in the original tax reform legislation. The amendments to the tax reform bill are given below: A new corporate income tax system would build under which taxpayers could be able to choose
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