France Eyes Tougher Tax Evasion Sanctions
It was reported on 25 January 2012 that the, French finance ministry aims to toughen existing sanctions applied in the case of tax evasion to ensure that the provisions in place are sufficiently ‘dissuasive’. The ministry is said to be preparing
See MoreCanada: Corporate tax filing rules amended
The tax deferral rules are to be amended in Canada’s corporate partnership to extend the time available to companies to file an alignment election. According to the existing regime corporate partners can choose the fiscal period of their
See MoreTaiwan: Income Tax Exemption on Royalties
The income tax exemption for royalties paid to foreign enterprises will be limited to the extent of their domestic use as per declaration of the Taiwan’s National Tax Administration (NTA). The NTA confirmed that the domestic companies that, when
See MoreAnnulment of contractors’ tax by US
The United States Congress has finally approved a legislation to repeal the 3% withholding tax on payments made to contractors providing services to government entities. The bill was passed in the House of Representatives on a bipartisan vote. When
See MoreChina: Tax thresholds for small businesses raised
From November 1, the minimum thresholds for business tax have been increased by China’s Ministry of Finance, aiming at provision of tax relief for the country’s smallest companies that have been greatly affected recently by increased costs and
See MoreAustralia: Detail tax incentives for infrastructure projects
The government of Australia proposed some incentives through its infrastructure projects to cover the tax loss and promote the private investment. The motto was to develop its infrastructure to remain a competitive economic nation for the
See MoreMexico: Extension of the tax break for Export Companies
To provide incentives to the country’s export companies the President of Mexico has announced extension of the corporate tax break under the IMMEX scheme to December 31, 2013. The scheme has now been extended for another two years, from their
See MoreCorporate Tax Cut in Thailand
To cope with the higher costs arising from its policy of increasing the country’s national daily minimum wage the new government of Thailand has re-confirmed its intention to reduce the rate of corporate income tax. The government expressed
See MoreSwitzerland Amends Bond Withholding Tax
On 29 August 2011 it was reported that changes in withholding tax should allow Swiss companies to issue their bonds under competitive conditions in Switzerland, according to the Swiss federal government, which said that the changes would also apply
See MoreLower Corporate Taxes Committed by the South Korean Government
The Finance Ministry of South Korea agreed to the government’s long-standing plan to reduce corporate taxes from next year. The government is expected to lower the rate of corporate tax on businesses from the current 22% to 20% for a taxable
See MoreNew CFC Rules Released in UK
The UK government has published its proposals for the reform of the Controlled Foreign Company (CFC) regime through a press release on 4 July 2011. The government intends to modernize the CFC regime in 2012, which it expects will better reflect the
See More