Venezuela: President signs off on tax increases
In order to increase and diversify government revenue, Venezuela`s President has accepted tax increases on 18th November 2014. 28 laws have been passed to incorporate an increment in the excise duty for buying luxury goods from 10% to 15%. This
See MoreCanada: Family tax cut to be effective instantly
The Prime Minister of Canada has announced tax changes on 30 October 2014 that would give tax savings to families starting in 2014. The initiation of this new family tax cut credit would outcome in tax savings of up to $2,000 for families with
See MoreSri Lanka: Govt. Imposes Land Transaction Tax On Foreigners
Foreigners will only be able to purchase land in Sri Lanka through long lease agreements and purchases will be subject to payment of a land lease tax (LLT), under the Land (Restrictions on Alienation) Act. According to current regulations which have
See MoreSlovak Republic: Changes to law on excise duties
National Council has adopted some changes in the laws regarding excise duties on 22 October 2014. The provisions will be in effect from 1st December 2014 including with some exceptions whether the amendments are signed by the
See MoreIndia: Service Tax on Bank Fees and Commission
Non-Resident Indians (NRIs) will have to pay more to remit money to India as the government of India has imposed a service tax on “fees or commission” levied by banks and financial institutions for facilitating remittances from abroad. The
See MoreIndia: Implementation of the new Bill on Goods & Services Tax from 2016
The Indian Goods & Services Tax (GST) implementation plans took a big step forward last week as a new Bill was published included resolutions to many of the issues that have long-held up the reforms to the existing indirect tax regime. The new
See MoreChinese E-commerce tax plan for 2015
China is assessing the introduction of tax on E-sales (online) of goods in 2015. The new plan would contain a tax system administered through E-commerce platforms in the biggest online shopping economy all over the world. There is wide scale
See MoreUS Agreed To Extend The Internet Tax Moratorium
United States have agreed a short-term extension to the Internet Tax Freedom Act until December 11, 2014. The Republican-led House voted 319 to 108 to pass the continuing resolution on September 17, and, on the following day, the Senate followed
See MoreCanada: Payroll tables has reflected tax raises
The Canada Revenue Agency has published updated Ontario payroll deduction tables that are effective from September 1, 2014. This table includes raises to individual income tax rates according to the Ontario budget of July 2014 and the tables are
See MoreJapan: The second sales tax will rise from November 2015
Japanese Prime Minister is expected to announce by the end of this year whether the nation will go ahead with a second rise to its consumption tax rate, to 10% from November 2015. As Japan's economy contracted by 6.8% year-on-year during the
See MoreCanada: Ontario aviation tax on fuel will increase
The Ontario aviation fuel tax will raise by 1 cent per liter and it will effective from September 1, 2014. It will also carry on increasing by 1 cent per liter on April 1 for the next three
See MoreRussia: No VAT on foreign IP sales
Intellectual property means the rights or license for copyrights, trademarks and patents to apply. According to the Federal Tax Service, the sales for Intellectual Property (IP) by a foreign company to a Russian company for apply outside of Russia
See MoreGreek PM Tackles Property Tax Mess
It has been decreed by the Greece's Prime Minister, Antonis Samaras that this year's property tax bills will be based on last year's valuations as lot of taxpayers across the country were sent massively over-inflated demands in error. The Citizens
See MorePakistan: Planning to raise further tax to 2%
The Federal Board of Revenue (FBR) is planning to raise 'further tax' from existing 1 % to 2% in budget (2014-15) on supplies made to persons who have not obtained sales tax registration numbers (STRNs), doubling the burden of extra sales tax on
See MoreSpain: Plans to introduce bank deposit tax
The government of Spain is planning to levy a 0.03 percent tax on banking deposits, in a move aimed at harmonizing regional tax regimes and generating revenues for the country’s cash-strapped autonomous communities. Spain's Deputy Prime Minister
See MoreNorway : Indirect tax has been Amended
Norway indirect tax has been amended in the revised budget which will be effective from 1st July 2014. Amendments regarding VAT: The process of deciding for taxation of the letting of immovable property has been simplified and the decision time
See MoreNew Zealand: Amendments to the tax pooling rules
Government intends to introduce rules to amend the current tax pooling rules and it will be applicable from 3 July 2014.The proposed changes will allow taxpayers to use tax pooling funds to pay interest on their tax obligations, arising out of an
See MoreUK :The Retailer’s tax claims has been rejected by the Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
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