China increases VAT registration threshold from October 2015
China is to raise the VAT and Business Tax threshold from Yuan 20,000 to Yuan 30,000 from first October 2015. The declaration was made by the State Council, and will be confirmed by the State Administration of Taxation. The threshold is the annual
See MoreRomania plans to cut VAT rate extension
The Romanian Government is planning to reduce Romanian VAT to all basic foodstuffs after the success of a trial on key supplies recently. At present VAT rate is 24%% on most foodstuffs. Bread was reduced from the standard Romanian 24% to 9%
See MoreUS Agreed To Extend The Internet Tax Moratorium
United States have agreed a short-term extension to the Internet Tax Freedom Act until December 11, 2014. The Republican-led House voted 319 to 108 to pass the continuing resolution on September 17, and, on the following day, the Senate followed
See MoreUkraine agrees to tax relief to boost compliance
As part of changes to the tax regime announced by the head of authority, Ukraine intends to cut the number of taxes and fees payable by businesses from 22 to 9. This initiative is taken to foster an improved working relationship with taxpayers. The
See MoreVAT changes from 2015 have been proposed in Luxembourg
Luxembourg VAT compliance changes have been proposed from 2015. The new measures aim to improve the VAT regime in tax free zones and elimination of potential double taxation on goods in VAT suspension released into a free zone. The supply of art and
See MoreCanada: Impact of FTOs in Brazil for Canadian companies
The tax authority for Brazil verifies how to manage foreign tax offsets (FTO) and how to apply income tax treaty provisions for cross-border payments for services fees and described that under the presumed profit method, companies that are taxed are
See MoreCanada: Income tax cuts prioritization
The Prime Minister of Canada has declared that tax cuts may be feasible for families while the Government has balanced the budget. The Government's recent declaration on tax relief in payroll as an example of the Government's commitment to reducing
See MoreUS urged Immediate Congressional Action on Tax Extenders
The American Institute of Certified Public Accountants (AICPA) has urged the US Congress "to immediately address the fifty-seven tax provisions that expired at the end of 2013 and the six tax provisions that expire at the end of 2014." Congress
See MoreNetherlands: Tax plan focuses on reducing the tax burden on labour
The 2015 Tax Plan focuses on alleviating the tax burden on labour. A sum of €1 billion has been made available for this purpose, which will be used to reduce the lowest rate of income tax and increase the employed person’s tax credit in order to
See MoreNetherlands: 2015 Budget Memorandum
The Netherlands is slowly recovering from the crisis. Exports, corporate investments and consumption are all increasing. Economic growth in 2015 is projected at 1.25%. But the recovery is fragile and at risk from international developments.
See MoreSouth Africa Launches First Islamic Bond
South Africa launched sub-Saharan Africa's first Islamic bond, paving the way for issues by other countries in the region. National Treasury has announced that, following the entry into force of tax provisions for Islamic financing at the beginning
See MoreFrance: Tax Authority Released The Final Version Of Abridged Documentation Report
The tax authorities of France released the final version of the tax form No 2257-SD on 16 September 2014 which is also known as the abridged documentation report, requiring some information; Information for MNE: Multinational Entity’s
See MoreChina VAT changes exemptions on export services
China is to implement new categories for determining the exemption rules for export services. The changes apply from October 2014. Businesses supplying export services are required to follow a number of administrative requirements, including
See MoreTurkey: Provisions in tax amnesty
The Turkish Parliament has passed a tax amnesty program as Law No. 6552 that was released on September 11, 2014. Generally, this program under the new law permits taxpayers with unpaid tax debts and associated penalties and interest to give these
See MoreBrazil: Reduced income tax rate on manufacturing industries
The Ministry of Finance has declared that, reduced income tax rate from 34% to 25% will impose on foreign income from resident manufacturing industries, on 15 September 2014.This tax benefit already exists for food and construction industries but
See MoreRussia: Revised version of the draft law publishes
The Ministry of Finance in Russia has released a significantly revised version of the draft law on the package of tax initiatives on September 2, 2014. This contains a number of significant changes affecting such matters as exclusions from
See MoreSlovenia: Financial administration approved to conclude advance pricing agreements
In Slovenia, the amendments to the Financial Administration Law (the Law) entered into force on 1st August 2014. This Law Based on financial authorities is authorized to conclude advance pricing agreements (APA) for transfer pricing purposes. The
See MoreHong Kong Signs on to New OECD Tax Info Standards
The government of Hong Kong has recently announced that it will support the Organization for Economic Cooperation and Development’s (OECD, Hong Kong's support for the new global standard on automatic exchange of information for the purpose of
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