US: Treasury Department republishes list of boycott countries that result in restriction of US tax benefits
The list of countries that requires cooperation with, or participation in, an international boycott as a condition of doing business has been republished by the US Treasury Department. The countries listed are Iraq, Kuwait, Lebanon, Libya, Qatar,
See MoreIRS announces the release of the 2014–2015 Priority Guidance Plan
The Treasury Department and IRS today released the IRS priority guidance plan for 2014-2015, which is intended to focus resources on guidance items that are most important to taxpayers and tax administration. The 2014–2015 Priority Guidance Plan
See MoreMexico: Published guidance for filing electronic accounting records
Mexico’s 2014 tax reform launched a requirement for taxpayers to submit certain accounting records to the tax authorities. The rules for this new reporting requirement were published in the official gazette on 4 July 2014. This new amending
See MoreDenmark:Announced Budget Proposal for 2015
The Ministry of Finance published its Budget Bill for 2015 on 26 August 2014. The Budget is focused on certifying better benefit, producing more jobs and keeping the economy sound under mechanism. The Budget will generally apply from 1 January
See MoreBulgaria: Ministry of Finance warns on Budget
Recently, Interim Finance Minister has said that a revised budget in Bulgaria is unavoidable following an under performance in revenue collection, and that efforts would be prepared to increase revenue from VAT and excise duty. The Finance
See MoreCanada: Ontario aviation tax on fuel will increase
The Ontario aviation fuel tax will raise by 1 cent per liter and it will effective from September 1, 2014. It will also carry on increasing by 1 cent per liter on April 1 for the next three
See MoreLithuania: Simplified VAT registration from September 2014
Lithuania has plans to cut the amount of application forms to be filled out for VAT registrations. The new procedure has reduced the application process from three forms to a single application, an FR 0388. In addition, companies may apply for a VAT
See MoreEgypt: Modifies Property Tax Law
Recently Egypt has modified their property tax law also introducing new exemptions and removing a provision by which an individual was taxed on the total amount of residential property they owned. Residential properties worth up to USD280, 000 are
See MoreIndia: LinkedIn profiles can be used as evidence for determination of permanent establishment
The Income Tax Appellate Tribunal (ITAT) delivered its decision in the case of GE Energy Parts Inc. v. ADIT (ITA No. 671/Del/2011) dated 4 July 2014 that, from now LinkedIn profiles of employees of overseas entities working in India can be used to
See MoreSingapore: e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest
The Inland Revenue Authority of Singapore (IRAS) delivered the second edition of the e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest Expenses on 18 August 2014. The previous edition was published on 21 June 2007. The e-Tax Guide
See MoreVietnam: Published a new Circular on foreign contractor tax
The Ministry of Finance issued Circular 103/2014/TT-BTC (Circular 103) on foreign contractor tax (FCT) on 6 August 2014. FCT is the method by which enterprise income tax (EIT) and value added tax are imposed on foreign companies and individuals that
See MoreSpain: Releases modified tax laws by the Spanish Government
On 23 June 2014, draft bills modifying the most important Spanish tax laws were released. The Spanish Government released the second draft bill on 1 August 2014, which will now be discussed and voted on by the Spanish Parliament. It is intended that
See MoreGovernment of Sweden cuts growth forecast and promised to raise more taxes if re-elected
The economy of Sweden contracted slightly in the first quarter and barely grew in the April-June period as its key export sector was hurt by sluggish overseas demand, particularly in Europe. Borg cut his forecast for growth this year to 1.9 percent
See MoreUkraine changes VAT anti-fraud strategy for 2015
In order to reduce extensive fraud on VAT, the Ukraine VAT code is to be updated from January 1, 2015. The changes include; The VAT registration threshold is to be increased from UAH 300,000 to UAH 1,000,000. Goods may not be sold for an amount
See MoreCanada: Online Tax Administration
Under Canada's Business Accounts program, business owner will be capable of paying online taxes for the first time through the platform from October. From October 2014, it will also be feasible for taxpayers to find a way in detailed payment history
See MoreTurkey: Amendment in investment incentives regime
A decree entitled “Decree 2014/6588” has published on August 6, 2014 in the Official Gazette which amends Decree 2012/3305 on the investment incentives regime. Decree 2014/6588 entered into force on its publication date. The major requirements
See MoreKorea-Tax Reform Proposals for 2015
The Ministry of Strategy and Finance of Korea announced the Tax Reform Proposals for 2015 on 6 August 2014. According to the proposals a new corporate accumulated earnings tax will be levied on excess cash of large corporations with equity capital
See MorePoland: Strengthen the thin capitalization rules
The Lower House of Parliament adopted the amended final version of thin capitalization rules after approval by the Higher House of Parliament on 29 August 2014 and it is very likely new legislation will enter into force from 1 January 2015. This
See More