ECJ: Ruling on Finland’s treatment of capital loss
On 7 November 2013 the European Court of Justice (ECJ) ruled on a question referred to it by the Supreme Administrative Court of Finland in respect of the treatment of a capital loss incurred in another member state. The question put to the ECJ was
See MoreCroatia: Individual income tax law amended
The Croatian Parliament adopted the amendments to the Individual Income Tax Law on 27 September 2013. Following a decision of the Constitutional Court, the provisions regarding taxation of dividends and profit shares have been amended. The law
See MoreColombian Sales Tax on Exports Get Exemptions
According to Decree of 2223 of 11 October 2013, the Colombian tax office has issued up-to-date guidance on the rules for applying VAT exemption on the export of services to foreign corporations. The conditions which must be present to qualify for a
See MoreCanada –New Form due to research expenses
The Revenue Agency of Canada has released a revised version of Form T661 naming Scientific Research and Experimental Development (SR&ED) Expenditures Claim. The legislative changes proposed in the 2013 and 2012 federal budgets are addressed in
See MoreCanada – Interest-free loans and Interest rates on family loans for 2014
The Revenue Agency of Canada have declared that the formal income tax interest rates in respect of taxable benefits, overpaid taxes, and underpaid taxes will all deduct by 1% as of January 1, 2014. The prescribed rate that uses to taxable credits
See MoreBulgaria releases tax withheld on specific EU traded bond interest
The Bulgarian Corporate Income Tax Act amendments will take into effect on January 1, 2014. No tax at source will be deducted on interest from bonds or other debt instruments issued by a Bulgarian entity and traded on an EU regulated market,
See MoreCanada: Deduction of R&D tax credit rate starting from 2014
The normal rate for tax credits under the federal government’s scientific research and experimental development (SR&ED) program will be deducted from 20% to 15% starting in 2014. For claiming SR&ED tax credits during 2014, Companies
See MoreSpanish Supreme Court allows domestic tax credit to transfer of shares by EU residents
The Spanish Supreme Court has approved the application of a tax credit to elude double taxation to capital gains derived by EU (European Union) resident entities from the transfer of shares in Spanish entities. The decision has been taken after the
See MoreSpain: Transactions exceeding €1 million need to report
Companies holding balances or conducting transactions during 2013 with foreign companies that exceed €1 million is required to report. This new reporting requirement impact companies in Spain as well as international multinational entities with
See MoreItaly: Duration of advance payment of income tax extends
The Government of Italy increased the advance income tax payment due for fiscal year 2013 and delayed the deadline for the payment of the second installment via Law Decree 133/2013 dated 30 November 2013. The increase of overall advance payment due
See MoreItaly: No effect on inflation due to rise in VAT
The Continued fall of the last month Retail prices in spite of rise in Italy’s VAT to 22% on 1 October 2013. It was published in the Italian statistical institute on 27 November 2013 regarding pricing information for Oct-Nov 2013 which shows
See MoreBrazil:Tax authority issues guidance for transfer pricing purposes
The Brazilian tax authority has published guidance for determining the pricing of certain exports and imports of goods that are treated as commodities on 6 November 2013.The guidance also presents new probability for price adjustments. Under the new
See MoreNetherlands Reveals 2013 Tax Take Figures
The Dutch Finance Ministry has announced that state revenue and expenditure levels for 2013 are in line with the prognosis contained in the 2014 Budget. Confirming that total income from taxes and contributions will amount to around EUR225.8bn this
See MoreItaly: Changes to 2014 Budget has been approved by Senate
A “maxi-amendment” has been approved by The Italian Senate on November 26 by means of a confidence vote completely replacing the proposals initially made by the Government in its draft 2014 Budget in October. The changes made to the
See MoreBrazil published some special amnesty programs
Law 12,865 was published in Brazil’s official bulletin on 10 October 2013 and has now come into force in Brazil. The Law provides for specific rules regarding the expected amnesty programs targeting companies that carry open debts resulting from
See MoreAustralia: Plan to address tax policy backlog
The Australian Government proclaimed arrangements on 6 November 2013 to address the extensive backlog of Australia's previous tax and superannuation policy decisions which had been published but not implemented. The Australian government will enact
See MoreAustralia: E-commerce registration threshold for non-resident remain unchanged
The Australian Goods and Services Tax (GST) registration threshold for e-commerce on-line sales to consumers has been kept unchanged by the Australian government. Despite this the government intends to begin a review into the GST threshold for
See MoreIndia: Government will reduce E-Payment Threshold from 2014
The Indian Government decided to reduce the threshold limit of mandatory e- payment from January 1, 2014 with the Notification no. 15/2013-CE (NT) 22.11.13 and 16/2013- Service Tax 22.11.13 . From January 1, 2014 , Companies are essential to
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