Korea: Announces Tax Revision Proposal for 2015
The 2015 Tax Revision Proposal which was announced in August 2014 by the Ministry of Strategy and Finance, again updated and published on 18 September 2014 with some minor changes. According to the proposal the main points are summarized
See MoreCanada: Relief for US persons with Canadian retirement plans
The Internal Revenue Service (IRS) has issued direction announcing that it is removing the official requirements that U.S. taxpayers had to abide by every year by the time of filing their U.S. tax returns. This return uses to claim a deferral of
See MoreUruguay: Instructions for using tax administration’s website
The tax administration in Uruguay has declared that tax payment certificates may only be submitted electronically under its new online service. For getting access to the website due to electronic submissions of returns and certificates, taxpayers
See MoreUK: Amended corporation tax regulations enters into force
According to the corporation tax regulations SI 2014/2409, from 1 April 2015 all companies will be subject to the 15% rate. The small profits rate and the marginal relief will no longer be applicable, except for companies with ring-fenced profits
See MoreDenmark: Ministry of Taxation publishes its law programme for 2014-2015
The Ministry of Taxation published its law programme for 2014 and 2015 on 7 October 2014 and the main measures of the law programme are summarized below: Corporate taxation: Amending the tonnage tax regime by including more ship types within its
See MoreUS: IRS redefines its small business compliance operations
Starting Oct. 20, the United States Internal Revenue Service (IRS) is realigning its tax compliance organizations serving individual and small business taxpayers. The goal of the restructure is to primarily focus Small Business/Self-Employed on
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreAustria: Published draft version of 2nd Tax Law Amendment Act 2014
The Ministry of Finance published a draft version of the 2nd Tax Law Amendment Act 2014 on 1 October 2014, and submitted it for professional review. The 2nd Tax Law Amendment Act 2014 is the introduction of the Law on Mutual Assistance in Fiscal
See MoreBelgium: New Coalition government agreed on proposed tax changes
A proposed tax changes has been agreed by the members of Belgium’s new coalition government. They have come to a consensus on changes of corporate tax, VAT and excise tax, Individual Income tax and other taxes. It was proposed that an additional
See MoreIceland: Released draft regulation on transfer pricing documentation
The Icelandic Ministry of Finance released the draft regulation on transfer pricing on 13 October 2014. According to the draft regulation outlining detailed transfer pricing rules was released on 13 October 2014 and when finalized this will apply
See MoreColombia: Issues tax heaven countries list
The Ministry of Treasury and Public Credit of Colombia issued Decree 1966 of 2014 on 6 October 2014 with a list of tax heaven countries, jurisdictions, domains, associated states and territories. Forty four (44) jurisdictions were listed as tax
See MoreCyprus: Finance Minister Declares State Budget Report 2015
In a comprehensive report, the Finance Ministry predicts that the economy’s prospects are expected to continue to gradually improve though substantial risks still exist, mostly related to the banking sector whose prospects are crucial to
See MoreNorway: Budget for 2015 cuts taxes
The new government of Norway proposes the 2015 fiscal budget on October 8, 2014 which focuses on targeted tax cuts through broadening of tax base. The levy of wealth tax on individual tax payers was reduced from 1.1% to 1% in 2014. The budget for
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreChile: Law No. 20.780 has enacted with different aspects
A tax reform entitled “Law No. 20.780” related to foreign investor has published on 29 September 2014 which is effective from 1st October 2014. This creates different regimes subject to Corporate Income Tax (CIT) from 1st January 2017. The CIT
See MoreColombia: Tax reform as effective from 2015
The changes of Colombian tax provisions were passed by the government in September 2014. The reform includes the provision for new tax on wealth which will be effective for tax year 2015 to 2018. The increase of the rate of surtax imposed on
See MoreTax reduction in Greece’s 2015 Budget
Greece releases its 2015 budget on October 6, 2014. The budget reduces the solidarity tax on earners and a 30 percent cut on the tax on heating oil. The budget cut the "solidarity tax" paid by those on incomes over EUR12,000 (USD15,178) and would
See MoreMemorandum of understanding between Ukraine and OECD signed
The OECD and Ukraine signed a memorandum of understanding (MoU) on 7 October 2014 to help Ukraine's efforts to tackle corruption, strengthen its tax system and promote competitiveness. The Memo determines priority areas and cooperation forms for
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