Malaysian 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
See MorePhilippines: 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
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