Canada: 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
See MoreKazakhstan-Amendment of excise tax
The president of Kazakhstan has signed Law No. 210-V due to amend the excise tax rules on June 18, 2014 and this law will be effective from January 1, 2015. Excise taxes are levied at rates applicable during import if excisable goods are both
See MoreBrazil: The financial transactions tax on cross-border loans
The governments released a Decree no. 8,26314 on June 2014, for the purpose to assigns new maturity term for cross-border transaction. Financial transactions tax on cross-border loans to be allocated at 0% rate which was previously 6% IOF rate.
See MoreBrazil: Tax Break for Automobile and Furniture Industries
On June 30, 2014 the Finance Minister has announced to extend a tax break for the car and furniture industries until the 31 December 2014, in order to help boost sales depressed by a slowing economy. The taxes for new cars are in between 3% to 10%
See MoreMexico: Tobacco tax rate increase rejected
The health secretary has rejected the tax proposal to increase tax on tobacco and it has been decided that tax will remain same as previous years. In the Special Tax on Production and Services (IEPS) a pack of 20 cigarettes is taxed at 160% of
See MoreBrazil: Reduces Different Import Tax Rates
The Foreign Trade Chamber (CAMEX) of Brazil has declared that the 10% import duty will be cut from wheat, capital and electronic goods till 15 August 2014, and this decision came into effect from 24 June 2014. CAMEX also introduced, 2 Resolutions-
See MoreFrance Reveals Revised HGV Tax
The French Ministry of Ecology has announced that the plans for a heavy goods vehicle (HGV) "eco" tax will be abandoned. Instead of this a truck transit toll will be imposed from 1 January 2015. The charge will be applied to all HGVs over 3.5
See MoreCzech Republic: Announcement of new anti-tax evasion force
The Ministry of Interior has declared the a new anti-tax evasion unit, naming "Cobra" regarding the sign of a protocol agreement on exchange information for customs, tax, and police chiefs and promised results by the end of the year. Finance
See MorePeru: New tax stability contracts for large scale mining projects
The government of Peru has proposed a new tax stability contract for large scale mining projects. The tax stability contract would try to keep the taxation rates on investments of at least $500m unchanged for a period of 15 years. The proposal also
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