Malta cut down VAT registration threshold to nil in 2015 Budget
The recent budget of Malta for the year 2015 has cut down the value added tax (VAT) registration threshold from EUR 14,000 to nil. The value added tax (VAT) registration threshold is the amount above which an entrepreneur has to register with the
See MoreTax rate down in Malta’s 2015 Budget
Recent budget of Malta for next year contains a reduction of personal income tax (PIT) brackets, through a rate down on income between €19,500 and €60,000 from 29% to 25%. Those who purchasing their first property they can get tax concession and
See MoreMalta: Budget 2015 Supports Female Workforce
Finance Minister Prof. Edward Scicluna underlined that the Budget 2015 embodies the Government’s determination to facilitate access to work for women, adding that this will be done through measures that will encourage women to join the workforce
See MorePortugal suspends VAT rise proposal from 2015
Portugal has suspended a proposal to raise its value added tax (VAT) rate from 23 percent to 23.25 percent on 1 January 2015. In May 2014, the government of Portugal was announced to increase VAT rate from 23 percent to 23.25 percent from January
See MoreChina: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreThe Finance Ministry clarifies income allocation and expenses to Russian PE
The Finance Ministry (MoF) has published a Letter No. 52359 for describing the allocation of income and expenses to a Permanent Establishment (PE) in Russia of a non-resident company and it has issued on 17th October 2014. In accordance with article
See MoreTurkey: free trade zones are not required to calculate VAT
The tax court of Turkey settles that entities functioning in free trade zones are not required to calculate value added tax (VAT) using a reverse-charge basis with respect to services provided by resident and non-resident companies who are subject
See MoreMalta: Budget for 2015
On November 17, 2014, the Minister for Finance, Edward Scicluna presents the Budget for 2015. It constitutes the first annual budget within the context of the independently endorsed National Medium-Term Fiscal Plan presented last April, and the
See MorePortugal: Approves State Budget for 2015
Portuguese parliament approved the country's state budget for 2015 on November 25, 2014 which signals continuing austerity measures. Within key measures in the 2015 budget is the continuation of a 3.5 % income tax surcharge, twinned with a fiscal
See MoreSingapore: Plans for 2015 Budget
Singapore's Ministry of Finance (MOF) is looking for ideas and recommendations from individuals and businesses on tax and expenditure policies ahead of the 2015 Budget. The consultation commenced on November 26, 2014, with ideas being accepted
See MoreSouth Africa: SARS Issues Tax Ruling On Unbundling Transactions
The South African Revenue Service (SARS) has issued a draft Binding General Ruling (BGR), the interpretation of Section 46 of the Income Tax Act, which deals with unbundling transactions. A company under an unbundling transaction (the unbundling
See MoreIndia: Taxpayer’s use of the Resale Price Method for distribution activities Supported by the court
In the case of : CIT v. L’Oreal India Pvt. Ltd. (ITA No. 1046 of 2012 (7 November 2014), The Bombay High Court confirmed a tribunal decision that, the taxpayer’s use of the Resale Price Method (RPM) for purposes of determining the arm’s
See MoreSpain Approves Comprehensive Tax Reform Plans
Spanish parliament has approved the comprehensive tax reforms plans on 24 November 2014, which will be published shortly in the Official Gazette. The legislation will enter into force from January 1, 2015 and followings changes have been taken
See MoreVenezuela: President signs off on tax increases
In order to increase and diversify government revenue, Venezuela`s President has accepted tax increases on 18th November 2014. 28 laws have been passed to incorporate an increment in the excise duty for buying luxury goods from 10% to 15%. This
See MoreAustria: Approves draft version of 2nd Tax Law Amendment Act 2014
The government of Austria approves a draft version of the 2nd Tax Law Amendment Act 2014 (2. Abgabenänderungsgesetz 2014) on 18 November 2014, it also submitted for parliamentary
See MoreAustralia: New Taxation Ruling TR 2014/6 introduced by the Australian Taxation Office (ATO)
Taxation Ruling TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the substance and confirms the ATO's power to disregard and reconstruct transactions that lack economic substance.
See MoreCanada: Pension contribution boundaries for 2015
The Canada Revenue Agency (CRA) has declared the 2015 contribution bounds for retirement-related and pension plans. It incorporates Money Purchase Registered Pension Plans, Registered Retirement Savings Plans, and Deferred Profit Sharing
See MoreRussia: President signs new tax monitoring law
The Russian President has signed the Federal Law No. 348-FZ on 4th November 2014 that enacts a new tax administration regime for large taxpayers in respect of the exchange of information between tax authorities and taxpayers. This tax monitoring
See More