Spain: Further VAT Rises Unlikely
The Finance Minister has confirmed that further VAT rises will not take place in the near future. The Advisory Committee for Tax Reform had suggested increases in the headline VAT rate from 10% and 21% to 13% and 23% respectively. External advice
See MoreTurkey: Specific Transfer Pricing Compliance
An annual transfer pricing report must be prepared by the date of the annual tax return. The transfer pricing rules also specify documentation that must be maintained. Listed companies may also be required to submit a report on controlled
See MoreSlovenia- Audits time limits
There is no fixed time limit within which a tax audit may take place. The statute of limitations is normally ten years but may be extended for the duration of legal procedures in connection with collecting
See MoreMalaysia: Audits process
Under the transfer pricing audit framework for transfer pricing audit effective from 1 April 2013, a taxpayer may be selected for audit based on the significance of its controlled transactions before taking into account other risk analysis. The time
See MoreIndonesia: VAT registration threshold increased
Indonesia has increased its VAT registration threshold from IDR 0.6bn to IDR 4.8bn per year in taxable turnover with effect from 1 January 2014. The stated goal is to reduce the VAT compliance burden for small and medium sized businesses. The
See MoreChina: Tax Revenues grew in 2013
Total tax revenue in China increased by 9.8% in 2013; VAT revenue rose by 9% to nearly RMB2.9 trillion, while corporate income tax revenue grew by 14% to RMB2.2 trillion. Total tax revenue was just over USD1.8 trillion; however rate pf increase
See MoreUnited States: Technology Industry Lobbies for expanded Research Tax Credit
TechAmerica, a technology industry group, has asked that the tax credit for research and development (R&D) should become permanent, and be refundable for small start-ups. The R&D credit expired on 31 December 2013; it had survived as a
See MoreEuropean Commission: Belgian taxation rules for credit institutions need reform
The European Commission has requested Belgium to amend its law on the taxation of transactions in specific securities. Belgian law at present only allows credit institutions established in Belgium to operate settlement systems with tax clearing;
See MoreGermany: Taxable Pension Threshold Lower
The taxable pension threshold in Germany has been reduced; tax will be due in 2014 on gross monthly pension income that exceeds EUR 1,225 for single taxpayers, and EUR 2,450 for married couples. This is part of an ongoing reform to progressively
See MoreChina: Shanghai Free Trade Zone implemented
The China (Shanghai) Pilot Free Trade Zone (SFTZ) is an important milestone in economic policy and may lead to broader financial and economic reforms. The SFTZ is geared towards services industries and promotes not only trading but also investment.
See MoreArgentina: White List Available
The Argentinian tax administration (AFIP) issued Resolution No 3576 on 7 January 2014, which makes public the white list of cooperative jurisdictions, effective from 1 January, 2014. Countries not in the white list are to be treated as “not
See MoreEgypt: Reconsidering a VAT system
Egypt is considering the introduction of a value added tax (VAT) system to replace the current sales tax. It is understood that this has been identified as a priority; the likely VAT rate will be around 10% with higher rates for such items as
See MoreArgentina: Court Decision on withholding tax on commissions paid
Argentina’s Supreme Court has ruled that commissions paid by Argentine borrowers are Argentine-source business income and subject to withholding tax. The case was Hidroeléctrica El Chocón SA c/ DGI where Hidroeléctrica El Chocón (HEC), paid
See MoreArgentina: New income tax on specific exports
Argentina issued Resolución General N°3577/2013 on 7 January 2014 that establishes a new income tax (Impuesto a las Ganancias) on transactions where goods are exported to a foreign jurisdiction other than the jurisdiction billed for the
See MoreUnited States: trust residency regulations
The US Treasury Department and the Internal Revenue Service (IRS) have requested comments on the existing final regulations (TD 8813) that provide guidance on determining the residence of a trust for US tax under section 7701 of the US Internal
See MoreUkraine: Transfer pricing report
The Ministry of Taxes and Charges has issued the official form for the transfer pricing report under Ukrainian law, and has clarified the procedures for completion. The documents were approved by Ministry of Taxes and Charges Order No.
See MoreCanada: New Anti-Avoidance Program
The Canada Revenue Agency (CRA) has announced the Offshore Tax Informant Program (OFTP) that offers financial rewards for information that helps address major international tax non-compliance. Rewards will be paid to individuals for evidence with
See MoreAustria: Tax Reform Working Group
The Austrian Government has set up a working group for tax reform, with a view to submit reform recommendations by the end of 2014. The specific reform objectives have already been set out in the coalition agreement, and the planned reforms will
See More