Ireland – Finance Minister clarifies Corporate Tax Developments
Ireland has confirmed that the changes to residency rules that are intended to deal with the problem of mismatches between treaty partner countries have so far not affected any company’s residence status. The reform which was in the 2014 Finance
See MoreIreland – Car Tax Breaks for Disabled Persons
Ireland has announced that from the end of this year it is to abolish the excise duty relief relating to the fuel portion of the Disabled Drivers and Disabled Passengers scheme. This is a consequence of a decision of the European Court of Justice,
See MoreUS – IRS Extends Colorado Storm 2012 Tax Relief Deadline
The deadline for taxpayers in Colorado to make a decision on claiming disaster losses has been extended to 15 October 2014. The disaster relief relates to the severe storms and flooding that also gave rise to landslides in September 2013. Taxpayers
See MoreTaiwan: Committee approves Luxury Tax on residential properties
The Finance Committee of Taiwan’s legislature has given its approval to amendments of the luxury tax imposed on residential property. The luxury tax imposes a 15 percent tax on the sale price of property sold less than one year after it was
See MoreSpain to Bill Firms Directly For Social Security Contributions
The Social Security Administration in Spain is to commence directly invoicing employers in respect of monthly social security bills, instead of relying on employers to deduct the contributions from wages on a monthly basis. The invoice will be
See MoreSouth Africa: Details of Pensions and Savings Changes
In two new papers South Africa has given further detail on the tax free savings products and reforms to retirement pensions that were announced in the 2014 budget. In respect of retirement reform the government intends to implement a system of
See MoreFrance Urged To Review Social Housing Tax Break
Under the French tax law there is tax relief available in respect of social housing in certain overseas areas, in an effort to increase the supply of low cost residential accommodation. The French Court of Auditors has however called on the
See MoreFrance – Introduces new share saving plans
The French Government has published decree number 2014-283 of March 4, 2014, increasing the ceiling for investment in the tax-exempt share savings plan (PEA), and introducing a new share savings plan (PEA-PME) exclusively for investment in small-
See MoreUS – Home Office Deduction Simplified
In the internet age the number of people able to run businesses from their home has increased. The Internal Revenue Service has reminded United States taxpayers with home-based businesses that this year, for the first time, they can choose a
See MoreSingapore – Insurance company’s gain is capital and not taxable
The Court of Appeal in Singapore confirmed a decision of the High Court, finding that shares that an insurance company held in three other entities (i.e., core shares) were capital assets. Thus, the gain on disposal of these shares was capital and
See MoreMalaysia- issues filing program for calendar year 2014
The Inland Revenue Board of Malaysia has issued the filing program for 2014: Non-corporate entities: Form Deadline period for submission Form E – Return Form of Employer 31 March 2014 hand
See MoreUS: IRS Mentions Smooth Start to Tax Filing Season
The United States Internal Revenue Service (IRS) recently announced that it had received one-third of the individual income tax returns it had expected to receive during the whole 2014 filing season in the first three weeks. During each week in this
See MoreGibraltar offers new pension Schemes to expats
These contributions may exceed the usual UK limit of GBP50,000 per year. This scheme is being offered in addition to Gibraltar's traditional Qualifying Recognized Overseas Pension Schemes (QROPS), which are often used by UK expats to transfer their
See MoreSpain – published social security contributions decrease
The Official Gazette published Royal Decree-Law 3/2014 on 1 March 2014. This law contains urgent measures to promote employment via the contracting of workers for an indefinite period. The Decree-Law sets out the circumstances in which a flat social
See MoreSouth African Poll Criticizes Employment Tax Incentive
A poll conducted by the South African Institute of Tax Practitioners (SAIT) appears to indicate that the Employment Tax Incentive (ETI) is not succeeding in its aims. Although large businesses are aware of the incentive and have consulted their
See MoreNetherlands Simplifies Individual Tax Filing
Commencing from March 1 2014, the Netherlands tax administration will issue approximately six million pre-completed tax forms to individuals, and around four million tax returns that have been completed in part. The taxpayers are requested to verify
See MoreCyprus to cut tax appeal waiting time
Cyprus's Justice Minister has promised that a new Administrative Court due to open in September will cut the waiting time for tax appeals. Tax cases currently take two years to process in the Supreme Court, but the time required to hear a case will
See MoreChile: New tax reporting format
The tax authorities have provided a new reporting format for the declaration that Chilean individuals and foreign individuals that have been domiciled or resident in Chile for more than 3 years must file a return by 19 March 2014 to report foreign
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