Vietnam: Decree on tax penalties
Vietnam has released a new Decree on 16 October 2013 on tax penalties along with the amended law on Tax Administration, which specifies tax administrative procedures. The Decree becomes effective on 15 December 2013 and applies to any violations
See MoreItaly: Efforts to combat tax evasion
Italy has taken steps to discourage cash payment for certain goods and services from 1 January 2014 as part of the effort to combat tax evasion. E.g. claims for the additional tax deduction for reconstruction or energy-saving work will be denied for
See MoreUS: District of Columbia Introduces Prepaid Card Option For Tax Refunds
The District of Columbia Office of Tax and Revenue (OTR) has announced a new option taxpayers can choose to receive their local income tax refunds. Beginning next year, a prepaid card will be available as an alternative to paper checks and direct
See MoreFrench Assembly Passes Tax Evasion Bill
The French National Assembly has definitively adopted the Government's anti-tax evasion and major economic and financial crime bill. The legislation was passed by 358 votes to 198. The bill is designed to considerably strengthen the capacities of
See MoreCanada –New Form due to research expenses
The Revenue Agency of Canada has released a revised version of Form T661 naming Scientific Research and Experimental Development (SR&ED) Expenditures Claim. The legislative changes proposed in the 2013 and 2012 federal budgets are addressed in
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 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 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 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,
See MoreBrazil: Procedure to file requests for tax consultations
Brazil issued Normative Instruction 1,396/2013 on 30 September 2013.This Instruction regulates the administrative procedure to consult the federal tax authority on the interpretation of the tax and customs legislation concerning taxes administered
See MoreBrazil: Tax authority has issued ruling on tax treatment
The Federal Tax Authority issued Ruling No. 58/2013 on 27 August 2013, published in the Official Gazette on 30 August 2013, concerning the tax treatment of amounts deposited into escrow accounts associated with specific conditioned
See MoreBelgium – Clamping down on tax evasion and tax fraud
There has recently been concern internationally about tax evasion and fraud, and many countries have increased their efforts to trace income of their residents that has been illegally concealed in tax havens in an attempt to evade taxes. As a result
See MoreTanzania – Requirements for business licenses
Recently Tanzania’s Ministry of Industry and Trade issued details of the procedures necessary for businesses to register for or renew their business licenses on or before 31st December 2013. In July 2013 the Permanent Secretary in the Ministry of
See MoreRomania: Late payment penalty provision
Government Emergency Ordinance no. 50/2013 regarding certain fiscal measures has been published in the Official Gazette of Romania (Part I, no. 320/2013). The Fiscal Procedure Code enforces a new regime in relation to penalties imposed for tax debts
See MoreAustria: From July 2013 Amendments’ to Limited Liability Company Act
Austria has passed an amendment to the Limited Liability Companies Act from 1st July 2013 with the aim of reducing the costs connected with setting up an Austrian limited liability company. A new provision has also been introduced into the
See MoreHong Kong: Continue to increase company registrations
The Hong Kong Special Administrative Region (SAR) operates as a separate tax jurisdiction from mainland China and retains popularity as a place from which to do business with the mainland. In Hong Kong SAR a total of 84,996 local companies were
See MoreCanada – Tax-related interest rates for 2014
It was announced by the Canada Revenue Agency (CRA) that tax-related interest rates for taxable credits and for tax overpayment and underpayments for the third quarter of 2013 (July 1- September 30) will remain unchanged for this year and the rates
See MoreUK: HMRC analyses data on tax schemes
The UK tax authority HMRC has received information indicating the extensive use of tax schemes to hide assets in overseas locations and it is working with the governments of Australia and the US to analyze a large amount of data. The data indicates
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