South 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 MoreItaly: Withholding tax rate hikes on financial income.
Italian withholding tax rate hike on financial income from 20 percent to 26% has been effective from July 1, 2014. Italian savers has been imposed increased tax rate on interest, dividends and capital gains in the passes of governments which was
See MoreBrazil: Tax exemption to encourage Initial Public Offerings
On June 16 of 2014 the Ministry of Finance confirmed that the initial public offerings (IPOs) of smaller company’s investment will be cut from the capital gain tax by 15% and the capital gains tax will not have an effect on infrastructure
See MoreTaiwan Approves 45 Percent Top Income Tax Rate
Tax reforms passed in Taiwan include a 45% rate of income tax on incomes above TWD 10 million per annum. Also included in the reform is an increase in the basic income tax threshold to TWD 90,000 for single taxpayers and TWD 180,000 for married
See MoreEcuador: Income tax exemption on deposits and investments in securities
On 21 February 2014, the General Director of the Internal Revenue Service published Circular No. NAC-DGECCGC14-00003 in order to communicate the tax authority's application of the substance over form principle as a criterion for the application of
See MoreArgentina: Income tax changes relating to share transfers and dividends
Changes have been made in Argentina to the income tax treatment of securities, the transfer of shares and dividend distributions. On 7 February 2014, Decree 2334 was published in the official gazette. This Decree implements income tax changes as
See MoreBulgaria: Tax Increase for the Wealthy
The Bulgarian Government has confirmed that it intends to introduce a higher rate of tax for the wealthy during 2015. A new 15% rate would apply to those earning more than BGN2,700 (USD1,900) per month instead of the flat 10%. Other measures
See MoreIndia: Reduces tax rate on foreign borrowings
The Indian government has lowered the taxes charged on money borrowed by Indian companies in foreign currency. The changes are included in Finance Act 2012, which amends section 115A of the Income Tax Act and inserts a new section, 194LC, in the
See MoreFrance May Ease Proposed 75% Income Tax
It was reported on 11 September 2012 that, determined to ensure that the measure does not lead to a massive exodus of top executives, the French government now plans to soften conditions for its 75% tax on top earners, although the final decisions
See MoreThailand Refuses To Give Foreign Dividend Tax Exemption
It was published on 9 July 2012 that the Deputy Prime Minister and Finance Minister have immediately rejected a call from Thailand’s business sector for a tax exemption on dividends received from overseas investments. The Thai Chamber of Commerce
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
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