European Parliament pushing for financial transaction tax as own (EU) resource
In its Annual Tax Report, approved on March 25, 2015, the European Parliament emphasised the urgency of acting on the commitment of eleven Member States to introduce a financial transaction tax (FTT) and called for the FTT revenues to be part of an
See MoreCanada: Indirect tax compulsions for financial organizations
Many Financial institutes have to be filed their 2014 GST/HST and QST final returns on or before 30th June 2015 along with the GST/HST and QST annual information returns. Again, these institutions need to find if any changes in their organizations
See MoreRussia: State Duma passes new tax law without extension of thin capitalization rules
The President has signed a new law on 8th March 2015 for changing article 269 of the Russian Tax Code. Precisely, the provisions of extending thin capitalization rules to foreign affiliates and bank loans are excluded from the new law. Under Russian
See MoreFrance and Austria Seek To Launch FTT In 2016
France and Austria sought to break deadlocked talks with nine other European countries for a financial transaction tax, by proposing a broader financial transaction tax with a lower rate, in an attempt to push forward delayed plans for a European
See MorePakistan: Government Declares Sales Tax Rate From 2015
The government of Pakistan issued Notification No. 1152(I)/2014 on 30 December 2014, declaring the sales tax rate to be charged on certain items. The current rate will be effective from 1 January 2015, the sales tax is to be charged at the rate of
See MoreNigeria: Reduction of taxes on transfer of property
The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor's consent in respect of
See MoreSaudi Arabia: Investors look to new free zone in Oman
In accordance with the feedback received at a current event, Saudi investors are wished for setting up operations in the Special Economic Zone in Oman. They consider that there are lots of chances to control effectively in various economic sectors
See MoreMalaysia: IRB Issues Public Ruling On Small Asset Tax Allowance
The Inland Revenue Board of Malaysia (IRBM) has issued a new public ruling providing guidance on the 100 percent special allowance afforded to businesses for capital expenditure incurred on their purchase of small value assets. The objective of this
See MoreEuropean Union: Report on Progress towards Financial Transactions Tax
The European Union’s Italian Presidency which draws to a close at the end of 2014 has issued a report on the progress made towards the introduction of a Financial Transactions Tax (FTT) by some EU countries under the EU’s enhanced cooperation
See MoreTax rate down in Malta’s 2015 Budget
Recent budget of Malta for next year contains a reduction of personal income tax (PIT) brackets, through a rate down on income between €19,500 and €60,000 from 29% to 25%. Those who purchasing their first property they can get tax concession and
See MoreVenezuela: 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
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