Isle of Man extends deadline for online filing of income tax returns
The Treasury department of the Isle of Man issued a press release on April 07, 2016 announcing that the deadline for the online filing of corporate and individual income tax returns has been extended to 11 April 2016. Primarily, the returns had to
See MoreUK: Guidance on income tax exemption for trivial benefits in kind
Draft legislation on the income tax exemption for trivial benefits in kind is to be included in the UK Finance Bill 2016. Draft regulations have also been published to extend this exemption to benefits in kind provided to former employees and to
See MoreUK: Changes to Employment Allowance
Following a consultation that closed on 3 January 2016 the UK is to implement changes to the conditions for eligibility for the employment allowance. This allowance reduces the liability for employer’s national insurance contributions and amounts
See MoreUK: Consultation on Companies Excluded from the Employment Allowance
The Employment Allowance introduced in 2014 allows most businesses a deduction of GBP 2,000 a year (GBP 3,000 a year from April 2016) from their liability for employers’ national insurance contributions. With effect from April 2016 the Employment
See MoreKazakhstan: Senate adopts bill introducing mandatory social health insurance
The Senate has adopted a bill on 29th October 2015 that introduces mandatory social health insurance contributions. It was sent to Senate on 8th October
See MorePakistan: Compulsory Electronic tax return Filing for Individuals
The Federal Board of Revenue announced via Notification S.R.O. 791 (I) /2015 on 10 August 2015, that all individuals earning taxable salary income must file their income tax returns electronically. This will be effective from tax year 2015
See MorePeru: Notice on certificates of residence for claiming Double Tax Treaty benefits
On 3 July 2015 the Tax Authority of Peru issued Notice 094-2015 specifying certificates of residence status for claiming Double Tax Treaty benefits. According to the Peruvian law withholding will be required when an expense is accrued or when a
See MoreChina: Publishes new annual corporate income tax return package
State Administration of Tax issued Annual Corporate Income Tax Return Package of People's Republic of China (Type A, 2014). The new return package will come into force on Jan 1st, 2015 and first to be adopted by resident CIT taxpayers in the 2014
See MoreNigeria: Reduced withholding tax rate regarding construction activities
The withholding tax rate has reduced from 5% to 2.5% which is applicable to all aspects of building, construction, and related activities. But for survey, design, and deliveries this withholding tax rate remains 5%. This withholding tax rate effects
See MoreUS: Budget Proposals for 2016 Bring Changes to the US Internal Revenue Code (IRC)
US fiscal Budget proposals for 2016 have brought some changes to the Internal Revenue Code (IRC) with respect to tax administration and compliance. The key proposals include: Restricted deductions of excessive interest expenses by members of
See MoreTaiwan: Individual Income Tax Modified
The Legislative Congress in Taiwan passed an amendment to article 15 of the Income Tax Act on 6 January 2015 which allows partners to calculate their income and subject themselves to individual income tax separately. The new regime retrospectively
See MoreEstonia: publishes a new version of combined tax form to report both corporate and payroll taxes
Estonia tax authority has published a new version of combined form to report both corporate and payroll taxes and which will be effective beginning in 2015. The first filing of the new form must be completed by 10 February
See MoreItaly: approves a decree to pre-compile individual income tax returns covering 2015 tax forms
The Italian Cabinet has approved a decree to pre-compile individual income tax return on October 30, 2014. This scheme will cover 2015 tax forms. A pre-compiled form will be available to the tax payers by April 15 each year over the internet. The
See MoreUK: No paper tax returns from November 2014 otherwise a penalty of £100
The deadline for filing paper tax return has passed on 31 October, 2014. HM Revenue and Customs (HMRC) will not receive any paper tax returns from November 2014. Even if you have no tax to pay, or you eventually pay your tax on time, a late paper
See MoreItalian individual income tax returns will be pre-compiled
Italy's Cabinet re-examined the draft law decree at its meeting on September 19. As per the decree individual income tax returns will be pre-compiled for 30m Italian employees and pensioners from 2015. Tax forms pre-compiled by the Revenue Agency of
See MoreIRS Need To Modernize Process of Filing Amended Tax Returns
The Internal Revenue Service is being urged to modernize the process of filing amended tax returns to allow for corrections to original tax return filings and expand e-filing to include amended tax returns, according to a new report publicly
See MoreIRS warns filing deadlines for US Expats
US citizens and resident living overseas who are eligible for an automatic two-month extension after the regular April 15 tax filing date must file their 2013 federal income tax returns by June 16. Since 15 June is Sunday this year taxpayers get one
See MoreAustralia Confirms Superannuation Tax Changes
A reform is to be undertaken of the taxation of excess superannuation contributions. Some taxpayers are paying contributions at a rate that is considered excessive by many people in Australia. Currently non-concessional contributions exceeding the
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