IRS Warns To Expire Individual Taxpayer Numbers
IRS has announced that Individual Taxpayer Identification Numbers (ITINs) will be expired, effective from 2016, if the numbers have not been used on a federal income tax return for five consecutive years. This is revised policy, under the old policy
See MoreRussia: MoF clarifies tax agents’ obligations of the securities depositories
The Ministry of Finance (MoF) has issued Letter No. 03-08-13/22654 on May 14, 2014 for clarifying the tax agents' responsibilities of the securities depositories making transfers to Russian and foreign companies further to dividend distributions.
See MorePeru-Guidance on reporting of stocks and shares
The tax administration of Peru issued in June 2014 guidance-Resolución Superintendencia No. 169/2014/SUNAT giving approval for an electronic form for Peruvian taxpayers to provide information about the issuance, transfer, and cancelation of stocks
See MoreNorway : Indirect tax has been Amended
Norway indirect tax has been amended in the revised budget which will be effective from 1st July 2014. Amendments regarding VAT: The process of deciding for taxation of the letting of immovable property has been simplified and the decision time
See MoreDeriving income tax by non-residents from contracts with Nigerian companies
The Federal High Court gave its decision in the case of Saipem Contracting Nigeria, Saipem (Portugal) Commercio Maritimo Su LDA and Saipem SA v. Federal Inland Revenue Services, Attorney General of the Federation and Shell Nigeria Exploration and
See MoreNew Zealand: Amendments to the tax pooling rules
Government intends to introduce rules to amend the current tax pooling rules and it will be applicable from 3 July 2014.The proposed changes will allow taxpayers to use tax pooling funds to pay interest on their tax obligations, arising out of an
See MoreSaudi Arabia- Draft regulations concerning the computation and collection of Zakat
The Saudi Shura Council has approved on 9 June 2014 draft regulations concerning the computation and collection of Zakat on commercial and professional activities. The regulations accept Zakat payers to pay up to 20% of their Zakat to registered
See MoreMalaysia: Inclusion of the new check-the-box requirements and its consequences
A new check-the-box named “Box R4” has been inserted on the 2014 tax return form (Form C) of Malaysia to declare by the corporate taxpayer for the confirmation that the preparation of contemporaneous transfer pricing documentation is complied in
See MoreNigeria: New system regarding pension plan has enacted
The Legislation has signed into law that provides new measures for a contributory pension plan system in Nigeria. The new law naming “Pension Reform Act, 2014” repeals a 2004 law, and provides for a high threshold number of employees for
See MoreUK: Tax credits renewal warning has been issued by HMRC
HM Revenue and Customs (HMRC) have warned the UK residents those Up to 1.5 million tax payer who receive tax credit to renew their claims as the time available to renew is less than one month.If they don’t go for renewal within time, their payment
See MoreRussia: Withholding tax for pensions has reimbursed under certain situations
The Federal Law that adopts the amending tax code has entered into force with effect from June 24, 2014. On the basis of Federal Law No. 166-FZ, pensions paid to individuals under non-state pension insurance agreements signed by their employers with
See MoreUK :The Retailer’s tax claims has been rejected by the Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreCanada: CRA offers taxpayer relief provision
The Canada Revenue Agency (CRA) has offered taxpayer relief provisions those are available to taxpayers if they are unable to meet their tax obligations due to extreme weather conditions in Alberta and Ontario. Companies who were fail to file their
See MoreJapan: Government approved the plan to cut corporate tax rate
Japans government approved the plan to cut corporate tax rate on June 24 which was among the highest in the world at above 35% to less than 30% over several years. Although decisions on how to offset revenue losses and other details were deferred,
See MoreItaly: Withholding tax rate hikes on financial income.
Italian withholding tax rate hike on financial income from 20 percent to 26% has been effective from July 1, 2014. Italian savers has been imposed increased tax rate on interest, dividends and capital gains in the passes of governments which was
See MoreUkraine: Plans to crack down on the gray economy
The Government is fighting against tax evasion, highlighting a new policy of focusing efforts on the tax affairs of major companies and new policy to counter the gray economy, said Ukraine’s Deputy Minister of Revenue and Duties, Volodymyr
See MoreSouth Africa: Special focus on certain areas this tax season
Retirement fund contributions, medical aid claims, income protection policy contributions and taxpayers who submit revised returns for previous years will be given special attention by the SARS for tax season 2014. The South African Revenue Service
See MoreSouth Africa: SARS announces Tax Season 2014
Tax Season 2014 for South Africa has been announced by the South African Revenue Service (SARS) which is started from 1 July, 2014. This is an important co-relation between government and taxpayers who make a vital contribution to the country’s
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