Belgium: new government agrees on VAT compliance updates
The new government of Belgium has agreed on changes of VAT compliance issues. The changes are: 6% of the reduced VAT rate will be applicable on the expenditure for improvements to homes of at least 10 years old. Previously it was 5 years old to
See MoreUS: IRS Warns Congress To Decide On Tax Extenders
Severe delays and inconvenience for millions of taxpayers could result in 2015 if the “lame duck” U.S. Congress fails to deal soon with a list of temporary tax laws that expired at the end of 2013, the Internal Revenue Service and a key senator
See MoreSouth Africa: National Treasury Invites Technical Tax Proposals
South Africa's National Treasury has invited taxpayers, tax practitioners and members of the public to submit any technical proposals in connection with any unintended anomalies, loopholes and technical matters requiring correction in existing tax
See MoreEstonia: publishes a new version of combined tax form to report both corporate and payroll taxes
Estonia tax authority has published a new version of combined form to report both corporate and payroll taxes and which will be effective beginning in 2015. The first filing of the new form must be completed by 10 February
See MoreSweden: Supreme Administrative Court confirms the tax treatment of carried interest by private equity companies as capital gains
The Supreme Administrative Court has confirmed the tax treatment of carried interest by private equity companies as capital gains rather than income in a ruling from the Administrative Court of Appeal. Swedish tax agency filed an appeal claiming
See MoreDenmark: Government publishes package on measures to prevent tax evasion
The Danish government published a package of measures to prevent tax evasion and the use of tax havens on 6 November 2014. The Package highlighting on the following measures: Taking an active role at the international level by, inter alia,
See MoreUK: HMRC warns on late tax return penalty
The UK tax authority HMRC has warned that the taxpayers in UK who have not filed their 2013-2014 tax return yet must submit their return online. Otherwise they need to pay a penalty of GBP100 (USD160). The deadline for paper-filing for the tax year
See MoreUK: HMRC issues a list of 10 things to know about tax avoidance
On 5 November 2014 HM Revenue and Customs (HMRC) issued a list of 10 points that it suggests taxpayers ought to know about tax avoidance schemes. The list sets out the risks that people face when they sign up to a tax avoidance scheme. These include
See MoreWorld Tax Brief : October 2014
Argentina Withholding taxes due: Tax must be withheld by the payer at the time of making the payment. In the case
See MoreFuture of the ASEAN Economic Community Discussed in Thailand
The “AEC+3 Summit and Expo” convened in Bangkok on 3 November 2014. The event aimed to encourage Thailand’s businesses to invest more in the other countries of the Association of South East Asian Nations (ASEAN) and to promote Thailand as an
See MoreIndonesia’s Finance Minister Aims to Increase Tax Revenue
The new Indonesian Finance Minister has stated that he is planning to increase the effectiveness of tax collection by increasing the number of people involved in tax collection. Indonesia needs to raise more tax revenues, at a time when the
See MoreRussian Parliament to Consider Revised Draft of CFC Law
On 22 October 2014 the Russian parliament received a new version of the draft law on controlled foreign companies (CFCs). Parliamentary hearings on the latest draft law are to take place on 11 November 2014. Generally the draft law aims to
See MoreItaly: approves a decree to pre-compile individual income tax returns covering 2015 tax forms
The Italian Cabinet has approved a decree to pre-compile individual income tax return on October 30, 2014. This scheme will cover 2015 tax forms. A pre-compiled form will be available to the tax payers by April 15 each year over the internet. The
See MoreBasis of imposing tax of Resident Companies is wider than non-resident companies in Ireland
Resident company is taxed on its worldwide income and capital gains. It excludes most distributions received from other Irish-resident companies. A non-resident company operating through its Irish Branch is taxed on the profits obtained from that
See MoreUS: Saver Urged To Plan Now To Take Tax Credit
Low and moderate-income workers have advised to take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service (IRS). The saver’s credit helps offset part of the first $2,000
See MoreCountries Sign Up to OECD Standard on Exchange of Information
According to an OECD press release on 29 October 2014 all OECD and G20 member countries and major financial centers participating in the annual meeting of the OECD’s Global Forum have endorsed the OECD/G20 standard on automatic exchange of
See MoreOECD Report on Tax Compliance by Design
A new OECD report entitled “Tax Compliance by Design: Achieving Improved SME Tax Compliance by Adopting a System Perspective” was published on 24 October 2014. The report looks at how to improve SME compliance by making better use of the
See MoreUruguay: Due date extends for nonresident entities to file return
According to the Resolution dated on 13 October 2014, Economy and Finance Ministry of Uruguay will permit nonresident entities that have not yet complied with filing the holders’ information return under Law No. 18,930 to submit the return
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