Vietnam: Releases Decree on Tax administration
Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015. The main changes regarding tax administration are summarized below: Supporting documents
See MoreUK: Proposes new measures to tackle tax evaders
The UK has announced new measures to deal with tax evasion. The proposed measures are outlined in a policy paper issued on 19 March 2015 entitled “Tackling tax evasion and avoidance”. The UK government is introducing measures including publicly
See MoreKazakhstan: Law No. 269 has signed for tax code amendments
The President of Kazakhstan has signed Law No. 269 on 29th December 2014 for announcing the following Tax Code amendments that became effective from 1st January 2015. Corporate income tax Costs of deductible training paid by a company for an
See MoreDenmark: Government publishes package on measures to prevent tax evasion
The Danish government published a package of measures to prevent tax evasion and the use of tax havens on 6 November 2014. The Package highlighting on the following measures: Taking an active role at the international level by, inter alia,
See MoreUK: HMRC warns on late tax return penalty
The UK tax authority HMRC has warned that the taxpayers in UK who have not filed their 2013-2014 tax return yet must submit their return online. Otherwise they need to pay a penalty of GBP100 (USD160). The deadline for paper-filing for the tax year
See MoreNigeria: Tax Authority imposes interest on unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice entitled “Administration of penalty and interest rate regimes under the Companies Income Tax (CIT) Act, CAPS C21, LFN 2004” and FIRS imposes 10% and 15% penalty and interest
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 MorePhilippines: BIR strengthens control over large taxpayers
The Bureau of Internal Revenue (BIR) has strengthened its monitoring of the country’s large taxpayers, particularly on the value-added tax (VAT). BIR’s collections of first half of this year reached PHP643.2bn (USD14.8bn), which is more than
See MoreAustria: Government accepts bill amending the Fiscal Criminal Act
The Austrian parliament accepted the bill amending the Fiscal Criminal Act 2014 on July 2014. The draft bill aims at finish the exercise of partial disclosures as the current rules allow taxpayers to benefit from a repeated voluntary disclosure
See MoreSwiss Bankers Ask France to Increase Amnesty Uptake
The President of the Swiss Bankers Association (SBA), has suggested that France should extend and enhance its tax regularization facility to allow more taxpayers to make a voluntary declaration to normalize their tax affairs. At the moment the
See MoreAutomatic exchange of tax information between G5 and partners will begin in 2017
The finance ministers of the five largest economies of Europe committed last year to arrange for the automatic exchange of tax information between them. The ministers have now confirmed that the implementation of this project is to commence from
See MoreChinese exporters gain VAT refund
The Chinese State Administration of Taxation (SAT) has given more time to exporters to make an application for a VAT refund. Enterprises that export goods from China may apply for permission to make input tax reclaims to obtain a VAT refund. An
See MoreUS – New York suspends driving licenses of tax evaders
Last year New York passed legislation providing for the suspension of the driving license of any individual owing a sum greater than ten thousand dollars in back tax. This has apparently been a successful policy as thousands of individuals have
See MoreSwitzerland Adopts Anti-Tax Evasion Bill
The Swiss Council of States has approved a Bill in respect of the revised recommendations of the Financial Action Task Force (FATF). The Bill raises the qualifying threshold for serious tax offences and therefore helps the fight against tax evasion.
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 MoreVietnam releases circular on treaty benefit application
Recently, Vietnam issued Circular 205 providing rules on the applicability of tax treaty benefits and general anti-abuse provisions (GAAR) which will become effective 6 February 2014. The main changes in Circular 205 from the previous circular are
See MoreNetherlands: New Decree on substance requirements enters into force
From 1 January 2014, a new Decree entered into force which codifies the existing administrative guidance on substance requirements for companies engaged in inter company financing and/or licensing activities. Now, Dutch companies that claim the
See MoreUruguay: Tax penalties increased
Decree No. 402/013, was published in the Official Journal (Diario Oficial No. 28,870) on 23 December 2013. This increased the penalties on tax infringements and such penalties applicable as from 1 January 2014 will range from a minimum of UYU290 to
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