Spain: Transactions exceeding €1 million need to report

05 December, 2013

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

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Italy: Duration of advance payment of income tax extends

05 December, 2013

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

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Italy: No effect on inflation due to rise in VAT

05 December, 2013

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

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Brazil:Tax authority issues guidance for transfer pricing purposes

04 December, 2013

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

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Netherlands Reveals 2013 Tax Take Figures

04 December, 2013

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

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Italy: Changes to 2014 Budget has been approved by Senate

04 December, 2013

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

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Brazil published some special amnesty programs

03 December, 2013

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

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Australia: Plan to address tax policy backlog

03 December, 2013

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

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Australia: E-commerce registration threshold for non-resident remain unchanged

03 December, 2013

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

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India: Government will reduce E-Payment Threshold from 2014  

03 December, 2013

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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Transfer Pricing Brief: November 2013

01 December, 2013

Australia Under Draft Taxation Determination TD 2013/D3 support payments made by an Australian parent company to a foreign related entity would be considered as capital payments and would not be tax deductible for the Australian parent.Profit

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Vietnam – Changes to tax administrative penalty rules

19 November, 2013

Vietnam’s tax authorities have issued a decree that amends the rules that apply with respect to penalties assessed for tax administrative violations. Decree 129/2013/ND-CP (16 October 2013) revises the tax administrative penalty rules. Among the

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Venezuela – Foreign currency rules regarding import objectives

19 November, 2013

The decree regardingthe share of foreign currency used for import activities has published in official gazette N° 40.259 and will be effective from September 26, 2013. This contains changes to the rules and authorization procedures for gaining

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USA – IRS Announces Pension Plan Limitations for 2014

19 November, 2013

On October 31, 2013, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.  Some pension limitations such as those governing 401(k)

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USA – Inflation Adjustments for 2014

19 November, 2013

On October 31, 2013, the Internal Revenue Service announced annual inflation adjustments for the year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about

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Uruguay – Guidance on tax implications of fees paid to foreign companies

19 November, 2013

The tax administration of Uruguay issued guidance on 29 October 2013 about the applicability of Uruguay’s non-resident income tax and value added tax (VAT) on payments of certain fees paid to foreign companies. According to the guidance foreign

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UK Considering Tax For Foreign Property-Buyers

19 November, 2013

The UK Chancellor of the Exchequer refused to confirm reports that the Government is considering moves to impose Capital Gain tax on foreign investors for property sales in Britain, as a measure to control property prices in London. At present,

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UK Energy Firms Allegedly Using a Loophole To Cut Tax Bills

19 November, 2013

Several UK energy companies were accused on 30 October 2013 for abusing a legal loophole with a view to cut their tax bills. It was revealed by The Independent newspaper and Corporate Watch research that more than 30 UK businesses have been

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