Canada: Deduction of R&D tax credit rate starting from 2014
The normal rate for tax credits under the federal government’s scientific research and experimental development (SR&ED) program will be deducted from 20% to 15% starting in 2014. For claiming SR&ED tax credits during 2014, Companies
See MoreSpain: Transactions exceeding €1 million need to report
Companies holding balances or conducting transactions during 2013 with foreign companies that exceed €1 million is required to report. This new reporting requirement impact companies in Spain as well as international multinational entities with
See MoreItaly: Duration of advance payment of income tax extends
The Government of Italy increased the advance income tax payment due for fiscal year 2013 and delayed the deadline for the payment of the second installment via Law Decree 133/2013 dated 30 November 2013. The increase of overall advance payment due
See MoreVietnam – Changes to tax administrative penalty rules
Vietnam’s tax authorities have issued a decree that amends the rules that apply with respect to penalties assessed for tax administrative violations. Decree 129/2013/ND-CP (16 October 2013) revises the tax administrative penalty rules. Among the
See MoreUK Considering Tax For Foreign Property-Buyers
The UK Chancellor of the Exchequer refused to confirm reports that the Government is considering moves to impose Capital Gain tax on foreign investors for property sales in Britain, as a measure to control property prices in London. At present,
See MoreUK Energy Firms Allegedly Using a Loophole To Cut Tax Bills
Several UK energy companies were accused on 30 October 2013 for abusing a legal loophole with a view to cut their tax bills. It was revealed by The Independent newspaper and Corporate Watch research that more than 30 UK businesses have been
See MoreIsrael: Action required for releasing trapped profits by 11 November 2013
Only those companies have to apply the temporary partial relief from Israeli corporate income tax until 11 November 2013, who wish to release their trapped exempt profits that were accrued until December 31, 2011. Companies will have to submit their
See MoreGermany – Discovering recipients of deductible payments
The federal tax court of Germany (Bundesfinanzhof – BFH) has held that the tax authorities may require taxpayers to identify the recipients of payments that are deducted as businesses expenses. Otherwise, the tax deduction can be
See MoreCanada – Tax credits temporarily refundable in Quebec
The Quebec government declared three new temporary repayable tax credits. Individuals who investing in “eco-friendly” renovation work these temporary tax credits are for them. Certain corporations that acquire, or add to, buildings applied in
See MoreECJ: Advocate General opines on consortium relief issue
The advocate general has issued an opinion on a consortium relief issue referred to the European Court of Justice (ECJ) by the First Tier Tribunal (Tax Chamber) in the UK. The issue concerned a residence requirement imposed on the link company as
See MoreThe United Kingdom and South Africa set to work together to tackle offshore tax avoidance
The Ministry of Finance of South Africa issued a media statement on 12 October 2013, stating that United Kingdom and South Africa have agreed to work together to tackle offshore tax avoidance including through pressing for better international
See MoreJapan: Changes to consumption tax and corporate income tax
The Japanese government officially announced on 1st October 2013 its plan to modify “consumption tax” and “corporate income tax”. The highlights of the plan are summarized below: Consumption tax: In the period between 1 April 2014 and 30
See MoreIndia – Implications of GAAR from 2015
Recently, in India general anti-avoidance rule (GAAR) has been introduced which will become effective from 1 April 2015 (Financial Year 2015-16). The rules for application of the GAAR provide certain exceptions which clarify that the GAAR will not
See MoreCzech Republic: Income Tax Law amendment has approved
The Senate of Czech Republic has approved a special law measure on October 10, 2013 which includes a long discussed Income Tax Law amendment. To be enacted it must be accepted by a new Chamber of Deputies on its first session. Under the new
See MoreAustralia: Documentation of R&D activities
As like other nations, Australia gives tax relief to companies taking part in research and development activities. However companies need to hold satisfactory documentation to show that their activities fall inside the meaning of these activities
See MoreArgentina -Tax Incentives Plan for software Industry
The Argentine government issued a decree on 16 September 2013 to promote the software industry. The decree will allow tax incentives to individuals and legal entities whose core activities are in the software sector and is anticipated to promote the
See MoreJapan: Published Fiscal Incentive Package
Japanese Prime Minister has confirmed on 4 October 2013 that, the Government is to provide a fiscal stimulus package to counteract the declining effects of a 3 percent consumption tax rate rise due next year. He also disclosed on 1st October
See MoreIndonesia-temporary tax payment relief
A new regulation providing a temporary cash flow relief for some taxpayers has been issued by The Ministry of Finance of Indonesia. The regulation is intended to sustain the positive cash flow of certain taxpayers for creating stable macro economy,
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