Nigeria: Non-resident companies has made deduction of recharges
The Court of Appeal has set a decision about a case entitled Federal Board of Inland Revenue v. Halliburton (WA) Limited (CA/L/320/2009) on 2nd December 2014 for determining whether by requiring Halliburton WA to pay tax on the amounts received
See MoreUK:HMRC gives small businesses additional guidance on Value Added Tax (VAT) for digital service suppliers
HM Revenue and Customs (HMRC) has published additional guidance for UK micro and small businesses who supply digital services to consumers in other EU Member States. The Revenue and Customs brief tells them: how to comply with new VAT rules on
See MoreEcuador: Tax Reform Proposed
A Tax Reform bill was sent by the President of Ecuador to the National Assembly for discussion, on 28 November 2014. There are several changes in the proposed Tax Reform Bill to the current tax law. The changes are following: The general
See MoreUK: Government publishes draft tax legislation to implement Budget and Autumn Statement 2014 policies
The government of UK has published draft tax legislation on December 10, 2014 which will implement policies published at Budget 2014 and Autumn Statement 2014. The government has also published responses to related policy consultations which took
See MoreCanada: Exemption of tax for immigrant trusts ends
The immigrated individuals in Canada within the previous 5 years and has built a non-Canadian resident trust prior to their immigration need to be alert that the income tax exemption from immigrant trusts expires after 31st December 2014. According
See MoreRussia: Taxation of Controlled Foreign Companies and other anti-offshore measures
The amendments to the Tax Code on CFC, has focused on the following matters: Controlled foreign companies Beneficial ownership Tax residence determination by the company's management place Taxation of real estate transactions Criminal
See MoreKazakhstan: President has signed a Law for amending Tax Code
The President of Kazakhstan has signed a Law No. 257-V on 28th November 2014 for introducing amendments to the Tax Code. The following changes will enter into force from 1st January 2015: Due to calculate corporate income tax, withholding tax at
See MoreVenezuela: Amendments to VAT legislation
The Decree No. 1436 became publicly available on 28th November 2014. The decree introduces amendments to the VAT legislation. This decree entered into force on 1st December 2014. The main amendments are given below: VAT input tax cannot be
See MoreVenezuela: Amendment in Corporate Income Tax Law
A Presidential Decree No. 1.435 changes the Income Tax Law has released in official Gazette No. 6.152 of 18th November 2014 and applies to the taxable periods that start from 1st January 2015. The major amendments to the corporate income tax are
See MoreUAE: Memorandum of Understanding Signed with Free Zone
The Ministry of Finance (MoF) of the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) with the Ras al-Khaimah Free Trade Zone, (RAK FTZ) on 17th November, 2014 (WAM). This agreement ensures that the free zone complies with the
See MoreArgentina: New decree creates for monitoring transfer pricing rules
Tax Authority has published Decree 2103/2014 on 17 November 2014, in order to created a special unit to monitor cross-border trade and coordinate the work of the various government bodies to ensure the correct application of the law on international
See MoreGermany approves tax break for electric vehicles purchases as company cars
The Germany Cabinet on December 3, 2014 has approved measures on allowing a tax break for purchasing electric vehicle as company cars. The government of Germany has aimed to have one million electric cars on its roads by 2020 to cut its greenhouse
See MoreInformation regarding Transfer pricing reporting requirements in Czech Republic
The General Tax Directorate has released information regarding the new transfer pricing reporting requirements on its website and confirms that tax audits, the tax authorities will pay special attention to transactions with related parties and the
See MoreCanada Revenue Agency’s findings on research tax credit
The tax credit program of Scientific Research and Experimental Development (SR&ED) proposes generous incentives for business undertaking eligible research or experimental development work and it has administrated by the Canada Revenue Agency
See MoreRussia: Law providing CFC rules signed
The President of Russia has signed a Federal Law No. 376-FZ for introducing the CFC rules on 24th November 2014. The law enters into force with effect from 1st January
See MoreTurkey: Turkish Petroleum Law regarding Taxation, Import, Export and Transfers
The Turkish Petroleum Law came into force on 11 June 2013. This Law introduced a revolution in the Turkish oil and gas industry as it levelled the playing field for foreign investors and removed the privileged rights of the State oil company. As
See MoreTransfer Pricing Brief: November 2014
Australia Transfer Pricing Rule-The reconstruction provisions are contained in section 815-130 ITAA 1997. TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the
See MoreWorld Tax Brief : November 2014
Chile Main corporate tax rates: Under the Law 20,780A, 20% of tax rate applies in 2014 to Chilean companies or permanent establishments of foreign companies. Under legislation enacted in September 2014 the corporate income tax rate will rise to
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