Sweden: 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
See MoreLuxembourg: New tax measures take place for corporation and individual effective from 1 January 2015
The Parliament of Luxembourg published its bill 6720 & 6722 on 15 October 2014 regarding new tax measures for corporation and individual which will be effective from 1 January 2015. The Proposed new tax measures for 2015 are as
See MoreLuxembourg: New Transfer Pricing rules from 2015
A new transfer pricing rules will take effect in Luxembourg from the year 2015 in line with international principles and OECD Tax Model convention providing adjustments of profit provisions if transfer pricing do not reflect the Arm’s Length
See MorePortugal: Corporate tax cut proposed in 2015 budget
The government of Portugal proposes corporate tax rate cut from 23% to 21% in 2015 budget. The parliament of Portugal presents its 2015 budget on October 15, 2014. It is not possible to reduce personal income taxes in 2015 as Minister of State and
See MoreNew report publishes on EU tax policy Changes in 2014
A new tax report on key tax reforms implemented by the European Union member states during 2014 was published by the European Commission. The report point out that EU tax burden on labor is relatively high. It suggest the member states to reduce
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