Czech Republic: Burden of proof regarding investment incentives and transfer prices
The Supreme Administrative Court of the Czech Republic has issued a decision in a case regarding a company that took tax relief on the basis of some investment incentives and was needed to establish arm’s length prices due to its transaction with
See MoreSingapore: E-filing Available for all Companies
From 2015 the Inland Revenue Authority of Singapore (IRAS) will make e-filing available to all companies onwards. Presently, only small companies can file their tax return electronically. The benefits of e-filing include: instant acknowledgement
See MoreFrance: Extension Of Electronics Audit File To Non-resident VAT Companies
All non-resident or foreign French VAT registered companies are required to prepare and submit their accounting statement in a prescribed electronic format for audits starting after 1 January 2015. This is an extension period, where the same
See MoreJapan Seeks Corporate Tax Cut In 2015
Japan's Minister of Economy, Trade and Industry has stated that his objective is to reduce the country's corporate income tax rate by at least 2.5% next year. Earlier this year it was agreed that a preliminary corporate tax rate cut will be included
See MoreSouth Africa: National Treasury Publishes Regulations For Tax-Free Savings
National Treasury has published the draft Notice and Regulations required to allow the introduction of tax free savings accounts from March 1, 2015. The draft Notice lists the service providers that may offer tax-free savings and investments to the
See MoreSouth Africa: National Treasury Spell out Foreign Pension Tax Exemption
The South African Service (SARS) has clarified the foreign pension tax exemption system relating to foreign pension payments that are received by or accrue to a South African resident under Binding General Rulings (BGR). A Binding General Ruling
See MoreUS: IRS Issues Guideline On Individual Retirement Arrangement (IRA) Rollover Rule
The Internal Revenue Service (IRS) has issued guidance regarding clarification of the impact of a rollover from one Individual Retirement Arrangement (IRA) to another on the one-per-year limit on tax-free rollovers. This reflects a policy change
See MoreSpain: EU Court Backs Spanish Tax Breaks For Foreign Acquisitions
Spain has won against European Union for tax breaks intended to help its companies buy stakes in foreign firms, where EU regulators' campaign against tax deals they view as illegal subsidies. The EU court has ruled in Spain's favor regarding
See MoreUruguay: Tax exemption for income regarding some investments
A new law permits a freedom from tax for income regarding certain investments. Ley N° 19.289 offers an income tax exemption for particular taxpayers according to the purchase or construction of fixed assets, given that some conditions are
See MoreBulgaria: New Government break on flat tax
A high level member of Bulgaria's new coalition Government has said that his alternative Party will oppose the Government's plans to retain the country's flat tax regime. The Deputy Prime Minister for Labor and Social Policy and his left-wing
See MoreIndia: Publishes Circular on authorization of long-term bonds and rate of interest
With effect from 1 October 2014, the Finance (No. 2) Act 2014 has amended section 194LC (i.e. interest on a foreign currency loan paid by an Indian company) of the Income-tax Act 1961. Consequent to the amendment, the concessional rate of
See MoreFrance: Tax Administration Publishes Guidelines On The Abridged Transfer Pricing Documentation
French tax administration published guidelines on the abridged transfer pricing documentation in the Official Bulletin for Public Finances Taxes on 6 November 2014. Legal persons established in France must be submitted in the French language to the
See MorePortugal: VAT changes following 2015 Budget
The VAT regime has been changed in Portugal following the 2015 budget. The major changes are: Fees from exhibitions to be included in the base for the VAT calculation of advertising services. The VAT exemptions on goods in circulation have been
See MoreGhana: Ghana Revenue Authority Launches e-Tax Portal
The Ghana Revenue Authority (GRA) has launched an online portal to easily facilitate compliance, processing and collection of taxes by the authority, on 4th November 2014 at the Ministry of Finance and Economic Planning. The portal would re-engineer
See MoreBelgium: 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
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