Sweden to Investigate Tax Incentives for SMEs
Sweden is looking at the tax treatment of entrepreneurs, start ups and small businesses with a view to improving the competitiveness of the country’s business and increasing employment. An investigation has been launched to consider the changes
See MoreRussia Clarifies transfer pricing for Domestic Transactions
Letter No 03-01-18/2080 issued by the Russian Finance Ministry on 22 January 2014 clarifies that some domestic transactions are to be subject to the transfer pricing rules as they are deemed to be controlled transactions for this purpose. These
See MoreSpanish SMEs Ask for VAT and Income Tax Support
The President of Spain's small business association CEPYME, has called on the Government to lower the rate of corporation tax levied on small- and medium-sized enterprises (SMEs) in Spain, as part of its plans to reform taxation. He also recommended
See MoreItalian Supreme Court rules on tax residence concept
The Italian Supreme Court gave its decision on 17 January 2014 in case No. 1811 concerning the issue of whether the Maltese company should be considered resident in Italy for tax purposes. The case particularly concerned the provision that a company
See MoreIreland: opportunities for US firms
The Irish Prime Minister has described the 12.5 percent corporate tax rate as a "cornerstone of the offering of attractiveness that Ireland has," telling the US Chamber of Commerce that his country is open for business. Although a few years ago
See MoreEcuador: Income tax exemption on deposits and investments in securities
On 21 February 2014, the General Director of the Internal Revenue Service published Circular No. NAC-DGECCGC14-00003 in order to communicate the tax authority's application of the substance over form principle as a criterion for the application of
See MoreRomania: Information regarding late penalty payment provisions
After arising from 1st March 2014, the late tax payment penalty relating to liabilities is 0.03% per day of delay in addition to the payment of interest at the applicable
See MoreMexico: Annual tax return application available for individuals
The Mexican Tax Administration Service (SAT) has informed taxpayers who derived income from salaries in 2013 that they will receive their tax refund within the following 5 days after submitting the tax return. The deadline for submitting the annual
See MoreMalaysia- issues filing program for calendar year 2014
The Inland Revenue Board of Malaysia has issued the filing program for 2014: Non-corporate entities: Form Deadline period for submission Form E – Return Form of Employer 31 March 2014 hand
See MoreIreland – Evaluation of R&D tax credit regime
Ireland’s Department of Finance in 2013 undertook a comprehensive review of the Irish research and development (R&D) tax credit regime, to determine that the R&D tax credit provides “value for money” for taxpayers. The review had 5 key
See MoreIsrael: Information regarding controlled transactions and documentation
According to the Art. 57 of Act 90/2003, parties are considered as related if they are part of a group under Art.2 Act 3/2006. The majority of shares is owned, directly or indirectly, by two or more legal entities within the group or they are
See MoreUS: IRS Mentions Smooth Start to Tax Filing Season
The United States Internal Revenue Service (IRS) recently announced that it had received one-third of the individual income tax returns it had expected to receive during the whole 2014 filing season in the first three weeks. During each week in this
See MoreUnited Kingdom – HMRC report on offshore tax evasion
The United Kingdom government is continuing to take action against artificial tax avoidance and tax evasion. In this connection the tax administration (HMRC) has issued a "corporate report," which sets out how HMRC addresses offshore tax evasion and
See MoreSouth Africa: SARS Issues Guidance on Double Taxation Relief
The South African Revenue Service (SARS) has issued a draft interpretation note for comment on the rebates and deductions available in the country's tax code for foreign taxes on income. The note points out that residents of South Africa are subject
See MoreSingapore: over 1.2m Taxpayers Need Not File Returns
The tax filing season in Singapore started on March 1, 2014. Around 1.23m taxpayers will not need to file a return, as more people benefit from the Inland Revenue Authority of Singapore's (IRAS) No-Filing Service (NFS). Taxpayers who have been
See MoreIndian Capital Gains Tax slows Saudi Investment
Concerns have been raised by foreign investors about the effect of India's taxation system, particularly its capital gains tax, on foreign investment. The issue was raised during the India-Saudi Arabia Business Forum in Delhi. The Forum also looked
See MoreIndia: Income Tax department identifies 2.17 million potential non-filers
After sending notices to 1.21 million Permanent Account Number (PAN) cardholders who had not filed their income tax returns, the income tax department has now identified another 2.17 million potential non-filers. It had already sent letters to
See MoreIceland enacted its own transfer pricing legislation
Iceland has recently enacted its own transfer pricing legislation, which became effective from January 1, 2014. The transfer pricing rules are now regulated by Article 57 of Act No. 90/2003 on Income Tax based on the arm's length standard. There
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