Lower Corporate Taxes Committed by the South Korean Government
The Finance Ministry of South Korea agreed to the government’s long-standing plan to reduce corporate taxes from next year. The government is expected to lower the rate of corporate tax on businesses from the current 22% to 20% for a taxable
See MoreIncome tax cuts suspended in Sweden
Due to the uncertainty surrounding the euro zone the Swedish government set aside on hold the planned tax cuts. According to the government declaration two measures announced in the November 2010 budget will be put on hold. One is tax cuts for
See MoreNew transfer pricing form issued by Malaysia’s tax authority
Malaysia’s Inland Revenue Board (IRB) has issued a new form to collect information on transfer pricing compliance, and enforce transfer pricing rules for the corporate taxpayers. The IRB targeted the corporate taxpayers because they have
See MoreTransfer pricing gets intensive focus in Vietnam’s General Department of Taxation
During the late July 2011 Vietnam’s General Department of Taxation (GDT) and HCM tax authorities took several activities on transfer pricing (TP) which focused importantly on increasing awareness and strengthening the implementation of TP
See MoreIndian coal mining industry faces tax hit
Indian draft Mines and Minerals (Development and Regulation) Act added new provisions requiring non-coal mining companies to contribute 100% of their royalty to the proposed District Mineral Foundation, and coal mining companies to contribute 26%
See MorePropensity to increase tax revenue: Philippines parliament
Instead of enacting new laws, the Speaker of the Philippines House of Representatives, Feliciano Belmonte, urged to prioritize measures that would plug loopholes in the country’s tax system and rationalize the tax incentives law. Bills that would
See MoreAuthorities’ use of net-back approach in transfer pricing case has been overruled by the Russian Court
The Federal Arbitration Court of the Moscow Region rejected the Russian Tax Authorities’ attempt to adjust a taxpayer’s transfer pricing by applying the net-back approach. The net-back method are applied to oil production and operates by taking
See MoreInsurance and VAT exemptions are modified in Philippines
The Philippines Bureau of Internal Revenue (BIR) issued clarifications regarding the income tax deductibility of insurance contributions, and to the applicability of value-added tax (VAT) following takeovers and mergers. According to that, only the
See MoreAustralia:Proposal to reduce tax savings
Australian government has published a discussion paper on the proposal to reduce the taxation on the interest income on savings by 50%, as proposed in the 2010-11 Budget. It is expressed that the introduction of the discount will benefit more than
See MoreTax Simplification Projects Announced in UK
In order to improve and simplify the tax system, the government of UK declared two new projects as part of its ongoing work, to review pensioner taxation and employee share schemes. On 13 July 2011 the government has confirmed that the UK’s Office
See MoreCanada promotes fire-fighter tax credit
Canada’s Ministry for National Revenue has highlighted a new tax credit targeting volunteer fire-fighters. This is a part of their ongoing promotion of the government’s Budget measures. Speaking at a fire station Canada’s Minister for National
See MoreCanada: New tax credit highlights
In the recently reintroduced 2011 federal Budget the Canadian government has announced its new children’s arts tax credit. According to that parents can claim money spent on programmes focusing on fine arts, music, performing arts, outdoor
See MoreVAT Amnesty Launched in UK
UK is continuing its concentrated efforts to solve the issue of tax evasion. In this regard, UK is launching a new campaign focusing on those trading above the current value-added tax threshold, but who have not registered themselves for the
See MoreItalian business against VAT rate hikes
Rete Imprese Italia, representing artisans, traders, the tourist sector and other services in Italy, has emphasized to stop penalizing consumer spending which is obvious in the Italian government’s proposed three-year tax reforms framework.
See MoreFrance’s Draft Finance Act with 2011 Amendments
The French government has recently published the 2011 Amended Draft Finance Act. The significant changes to the legislation that may be applicable to expatriate employees and their employers include: Increase in the wealth tax rates, A new tax
See MoreChina income tax threshold increased
The Standing Committee of China’s National People’s Congress (NPC) has agreed to raise the personal income tax threshold. With effect from September 1, 2011 the current personal income tax monthly threshold will be increased to RMB 3500
See MoreNew CFC Rules Released in UK
The UK government has published its proposals for the reform of the Controlled Foreign Company (CFC) regime through a press release on 4 July 2011. The government intends to modernize the CFC regime in 2012, which it expects will better reflect the
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