Slovak Republic: Changes to law on excise duties
National Council has adopted some changes in the laws regarding excise duties on 22 October 2014. The provisions will be in effect from 1st December 2014 including with some exceptions whether the amendments are signed by the
See MoreCzech Republic: New reduced VAT Rate has approved by Lawmakers
The Senate of Czech Republic has accepted a draft bill for introducing a 10% VAT rate on October 22, 2014. The initiation of a reduced tax rate is applicable for books, medicine, and baby food from next year and diapers were also to be incorporated
See MoreMalaysia: Approves budget for 2015
Malaysia’s Finance Minister delivered the 2015 Budget on 10 October 2014. The current statute of limitation for tax adjustment in Malaysia is five years. According to the budget assessments or additional assessments may be made within five years
See MoreGCC average salaries in 2015 are set to rise 5% as per latest pay forecast
Salaries of GCC countries are set to rise next year as per the pay forecast of Hay Group, the global management consultancy. The forecast is based on over 1,600 organizations representing 1 million employees in the GCC countries. It shows that the
See MoreSweden: Tax hikes in proposed budget for 2015
Finance Minister of Sweden, Magdalena Andersson presented the 2015 budget on October 23, 2014 with the increase of taxes on the personal income tax, alcohol and tobacco. The Government of Sweden has also declared to increase personal income tax on
See MoreSouth Africa: Finance Minister is Looking At Tax Rises Next Year
When presenting the Medium-Term Budget Policy Statement on 22 October 2014 South Africa's Finance Minister gave a warning that, with decreasing tax collections this year, further revenue raising measures will be required in the budget for 2015. The
See MoreUS: Inland Revenue Service (IRS) Announces 2015 Pension Plan Limitations
The Internal Revenue Service announced the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the
See MoreCzech Republic: Second phase of Transfer pricing questionnaires
A Transfer Pricing (TP) questionnaire in August 2014 has circulated by the special tax authority of the Czech Republic. The questionnaire has been done by more than 60% of corporations to which it was delivered. On the basis of new information, a
See MoreIndia: Service Tax on Bank Fees and Commission
Non-Resident Indians (NRIs) will have to pay more to remit money to India as the government of India has imposed a service tax on “fees or commission” levied by banks and financial institutions for facilitating remittances from abroad. The
See MoreNigeria: Tax Authority imposes interest on unpaid taxes
The Federal Inland Revenue Service (FIRS) has issued a public notice entitled “Administration of penalty and interest rate regimes under the Companies Income Tax (CIT) Act, CAPS C21, LFN 2004” and FIRS imposes 10% and 15% penalty and interest
See MoreBelgium: VAT office guideline on the issue of invoice before taxable supplies
The Belgium VAT office has issued a guidelines regarding VAT treatment for the issuance of invoices before providing taxable supply of goods and services. The existing rules which will be expired at the end of 2014 covering the Belgian advance
See MoreUK: Tax avoidance demands top £250m
HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. Accelerated Payments are changing the economics of
See MoreSpain: Tax Authority Launches Modernization Strategy In the management of VAT
The Inland Revenue of Spain has launched a modernization strategy in the management of Value Added Tax which will expedite returns, provide the taxpayer with the tax data for your return and tax audit practice more agile and effective. The new
See MoreCanada: New business tax reminder mobile app introduces
The Canada Revenue Agency (CRA) has created new business tax reminder mobile app by which small and medium-sized businesses get alert about their tax deadlines. It costs no charge for Apple iOS, Google Android, and Blackberry mobile platforms for
See MoreAustria: Gets an extra year to fully comply with Automatically Exchange Tax Data
The EU's council in Luxembourg on 16 October 2014 at a meeting the finance ministers decided that Austria being granted an extra year to improve the infrastructure desired to comply with the new law. Under the new law tax authorities in the EU will
See MoreCzech Republic: Issues transfer pricing form
From October 2014 a transfer pricing form has been introduced for submission to the tax authorities annually with the tax return, requiring information on related party transactions. This form must be submitted by taxpayers if their total assets are
See MoreEcuador: Imposition of electronic invoices on tax registered business
Tax registered business in Ecuador are obliged to maintain electronic invoices. This measure is imposed to reduce VAT fraud in Ecuador and came into force from the month of October 2014. Tax authorities have access to online portal of all customers
See MorePeru’s government plans to introduce subsidies and cutting taxes to face the economic slowdown
The Government of Peru has planned to introduce subsidies and cutting taxes to encourage investment and cushion export sectors from the worst economic slowdown in five years. The government declares earlier this year that it is considering to
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