US Senate Passes Highways Tax Bill
On March 14, 2012, the United States Senate passed, on a bipartisan basis, a bill to provide for an extension of highway-related taxes and the funding of infrastructural spending by the Federal Highway Trust Fund (FHTF), which included an anti-tax
See MoreNew Zealand Pushes Tax Credits for ‘Payroll Giving’
New Zealand's Revenue Minister has praised the creation of a new website which offers information for employers seeking to establish Payroll Giving schemes in their workplaces. The country's Payroll Giving is a scheme which allows an employee to
See MoreIndia’s Indirect Tax Revenues Peak
India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date. The latest statistics show that indirect tax revenue collections hit INR314bn (USD6.3bn), up 9.6%
See MoreUK Blocks Tax Avoidance Scheme
On 28 February 2012 it was reported that the UK has taken steps to close what it calls two highly abusive tax avoidance schemes, disclosed to HM Revenue and Customs (HRMC) by a bank. The aggressive schemes are designed to work around legislation
See MoreChina to pursue tax reforms
According to a statement by China’s State Council, after a meeting chaired by Premier Wen Jiabao, the government promised to push forward its structural reform programmes, including tax measures, to improve the country’s economic development and
See MoreIreland Unveils New Tax Incentives
On 17 February 2012 it was reported that tax reform features heavily in Ireland's new Action Plan for Jobs, a package designed to boost job creation and establish Ireland as the best small country in which to do business. Reforms include the
See MoreChina’s Tax Revenues Rise in 2011
Recently released final figures from China’s Ministry of Finance show that, in 2011, its tax revenue reached a total of RMB8.97 trillion (USD1.42 trillion), an increase of more than RMB1.65 trillion or 22.6% over the previous year. The significant
See MoreThailand Increases Bank Tax
From July 31, 2012, all banks in Thailand will have to pay an increased levy to help fund the public debt that arose out of financing their rescue during the 1997 Asian financial crisis. In order that the government will be able to borrow additional
See MoreRussia- Introduces new Transfer Pricing Rules
New Federal Law FZ-227 of 18 July 2011 which enacted comprehensive transfer pricing rules entered into force on 1 January 2012. According to the new Law, companies falling under the scope of transfer pricing rules will be obligated to disclose
See MoreUS: IRS has new online tool for “Lower-Paid Taxpayers”
As part of its effort to improve service to taxpayers, the United States Internal Revenue Service (IRS) has announced the availability of a new online tool to help taxpayers to find more easily a location for volunteer tax preparation
See MoreHong Kong Reduces Taxes to Support Growth
On 2 February 2012 Hong Kong’s Financial Secretary unveiled a 2012/13 Budget which proposes a wide range of tax concessions aimed at supporting businesses and individuals, who face a possible global economic slowdown. The Financial Secretary said
See MoreItaly- Tax Court Renders Decision on “Best Method” Rule
Recently Italy’s Regional Tax Court of Lazio has given an important decision regarding the selection of methods for determining inter-company prices. An Italian company acting as toll manufacturer on behalf of a related foreign company, set
See MoreFrance Eyes Tougher Tax Evasion Sanctions
It was reported on 25 January 2012 that the, French finance ministry aims to toughen existing sanctions applied in the case of tax evasion to ensure that the provisions in place are sufficiently ‘dissuasive’. The ministry is said to be preparing
See MoreIndian Service Tax regime will change from 1 July 2012
The Indian Service Tax regime will change from 1 July 2012. Currently, Service Tax, part of the Indian VAT CENVAT regime, is charged on services at varying, codified rates. This is now moving to a ‘Negative List’ system, meaning that all
See MoreArgentina: Import Taxes on Luxury Vehicles are increased
To support its domestic car manufacturing industry the Argentine government has announced a change to the country’s customs duty regime and introduced higher taxes on imported vehicles and motorbikes. According to the statement through a
See MoreLithuania- APA
The amendment to the Tax Administration Law applicable from 1 January 2012, enables taxpayers to apply for advance transfer pricing agreements with the tax administrator. Agreements between taxpayers and the tax administrator on transfer pricing
See MoreFrance to Hike VAT
The French President announced on January 3, 2012 that his government will hike value-added tax before the upcoming elections, to allow for a reduction in social security contributions paid by companies. The tax measures would be in place before
See MoreJapan’s Government Agrees Plan for Consumption Tax Hikes
It was reported on 2 January 2012 that Japan’s Prime Minister has been able to fulfill his government’s target to produce a detailed plan for future consumption tax rises, but only after his personal intervention at a meeting of the ruling
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