Russia Plans Crimean Special Economic Zone
Russia has confirmed that the process of making the Crimea a part of Russia is likely to require amendments to the tax system and this may involve the provision of temporary tax incentives for companies located in the Crimea. Other changes would
See MoreUS: Important information regarding intra-group services
The regulations of Treasury and IRS final intercompany service were issued on 31 July 2009. Some permitted transfer pricing methods for services are similar to the OECD methods but the services cost method and shared services arrangements are also
See MoreSouth Korea – Seeks Tax from Gold Trading
South Korea is launching the first spot market for gold, in an effort to eliminate underground transactions in gold and boost revenue from tax. The spot market is open to any qualified gold dealer such as an importer or a wholesale or retail
See MoreUS – Tax Foundation Says IRS Mandate Should Shrink
The Tax Foundation (TF) in the US has recently recommended that, as the primary function of the Internal Revenue Service should be to collect tax revenue, it would be best to move the functions of refundable tax credits outside the tax code and
See MoreUS Committee Considers Middle Class Tax Burden
In the US the Senate Finance Committee has been considering policy initiatives that could help to support and expand the middle class. These measures could include improvements to the education system, initiatives to increase the level of savings
See MoreUnited Kingdom: Supreme Court Rules in Travel Agent VAT Case
A recent UK case involved the issue of whether the taxpayer was acting as an intermediary or was subject to the special VAT scheme for travel agents. The UK legislation is based on EU rules that require member states to apply the special scheme for
See MoreUK Budget announcements 2014
The UK budget announcements on 19 March 2014 include a significant change to the pension regime. Currently, most people must invest their pension fund in annuity after receiving a certain percentage of the fund as a lump sum tax free payment.
See MoreUganda – Tax collection shortfall linked to corporation taxes
Uganda has reported a deficit in tax collection for the half year of 2013/2014. This deficit appears to result from problems in the tax administration’s tax collection methodology and the main cause of the problem is attributable to corporation
See MoreThailand: Tax Revenue deficit
Ongoing political unrest in Thailand could lead to a fall in tax collection and missed targets, according to the Fiscal Policy Office. Collections in the opening months of 2014 have however risen a little above the predicted amounts. The Fiscal
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 MoreSwiss Parliament Passes Media Tax
Switzerland has introduced a new media tax which replaces the license fee previously charged in respect of radio and television. This is charged on large companies and households whose annual income or turnover exceeds EUR 500,000. The introduction
See MoreSpanish SMEs Ask for VAT and Income Tax Support
The President of Spain's small business association CEPYME, has called on the Government to lower the rate of corporation tax levied on small- and medium-sized enterprises (SMEs) in Spain, as part of its plans to reform taxation. He also recommended
See MoreSpain: Spanish Experts Call For Huge Direct Tax Cut
A report from the Experts Committee on Tax Reform recently submitted to the Finance Minister has recommended that there should be reductions in direct taxes and in the social security contributions. These would be paid for partly by increases in
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 MoreSingapore: Income tax treatment of limited partnerships
The Inland Revenue Authority of Singapore (IRAS) has published an e-tax guide outlining the tax treatment of limited partnerships (LPs). An LP is a partnership that does not have a separate legal personality. It must have at least one general
See MoreRomania: Finance Minister proposes the introduction of a tax exemption
Romania’s Finance Minister plans to introduce an exemption from tax on reinvested profit. This exemption would be intended to encourage foreign direct investment and could increase the GDP growth by as much as 0.5%. Another plan is to reduce
See MorePoland Announces Six-Year Tax exemption for Shale Industry
The government of Poland has put forward a proposal for an exemption from special taxes for the shale gas industry until the year 2020, and this is now being considered by parliament. This follows a complaint from the Supreme Audit Office that the
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