Israel: New Case Law on Tax Residency
The High Court of Justice gave its decision on June 12, 2014, in the case of: Michael Sapir vs Kfar Saba Assessing Officer, about the tax residence of a married individual. The Court supported the District Court decision that the taxpayer was a
See MoreUS Treasury fact sheet to support Education Tax Credit Claims
In order to raise the awareness of students and their families, the US Treasury Department has published a fact sheet to educate colleges and universities, tax preparers, software providers and other stakeholders, on the complex rules addressing
See MoreRomania plans to cut social security contributions
The Romanian Government is planning to cut social security tax paid by the employers by five percentage points though the plan has not been approved by the International Monetary Fund (IMF). Romania's Prime Minister, Victor Ponta, has confirmed this
See MoreAngola introduced transfer pricing rules
Angola introduced a transfer pricing rule with a Presidential Decree n. 14713 on June 2014. According to the decree, the taxpayers require to submit transfer pricing documentation by the end of June 2014 to the tax management for the 2013 tax year.
See MoreLuxemburg: Tax circular governing the functional currency regime
A tax circular letter containing framework of rules governing the functional currency regime (FRC) was issued by the Luxemburg Tax Authorities on 16 June 2014. It will apply to corporations that expresses in a currency other than Euro and maintain
See MoreTaiwan: Recommends Tax Cuts for SMEs to raise wages
Taiwan's Cabinet agreed an amendment to the draft law that would give corporate tax deductions to small and medium businesses that raise pay for their lower-level employees. The amendment suggests a 130% tax deduction for small- and medium-sized
See MoreChina to cut VAT Rate to 3%
The Ministry of Finance and the State Tax Administration jointly released the “Announcement on Policy for Simplifying and Unifying VAT Rate” on June 13, 2014. From July 1, 2014, a uniform VAT Levy rate of 3% will be implemented for enterprises
See MoreJapan: From 2015 Corporate Tax rate will decrease
From 2015, Japan's corporate tax rate will be reduced from its current rate 36% to below 30%. Corporate tax cuts will now form a major part of the Government's 2015 policy framework, which will concentrate on PM’s promised growth strategies. This
See MoreGreece: Guidance for transfer pricing documentation requirements
On 9 April 2014, the Minister of Finance of Greece issued a ministerial decision that provides guidance regarding the following transfer pricing documentation requirements: The ministerial decision set out the detailed requirements in respect of the
See MoreCroatia: Order to Non-resident transporters to register for VAT
After joining the EU countries Croatia requires for VAT registration to the foreign passengers foe carrying fare-paying within the country. Croatia force to foreign passengers’ transporters to register for VAT and must apply for a VAT number. VAT
See MoreChile: Claim for education tax break rise of 16%
Chile's Internal Revenue Service (SII) reported that 284,494 taxpayers have claimed a tax rebate for expenses regarding children’s education this year, an increase of 16% from previous year. The total amount claimed was CLP25.45bn (USD45.84m),
See MoreTurkey: Consolidation of VAT guidance in single communique
The tax administration in Turkey has previously issued all Value Added Taxes that have been repealed and replaced by a single communique and the new VAT communique is effective from May 1,
See MoreSweden: Tax reform recommendations relating to financing activities of corporate taxpayers
The committee for the recommendations on corporate tax reform to the Swedish government has issued its third and last report regarding financing activities of corporate taxpayers. The committee proposes a new system for corporate taxation, in two
See MoreUS: IRS announces Taxpayer Bill Of Rights
On June 10, IRS declared the "Taxpayer Bill of Rights" intending to provide United States’ taxpayers with a better understanding of their rights. There are multiple existing rights under the Taxpayer Bill of Rights which are scattered throughout
See MoreEgypt: Imposes exit tax on tourists
Egypt is now introducing USD25 airport departure tax to flight fares to boost revenue for the cash-strapped state. The charge, which was announced, is in addition to the cost of an entry visa. It is be afraid of that the levy will be a further
See MoreAustria: Government adopts draft bill modifying the Fiscal Criminal Act
The Government approved a draft bill modifying the Fiscal Criminal Act 2014 on 11 June 2014, and submitted it for legislative consultations. The draft bill relating to changes the voluntary disclosure rules, and purposes to completion the practice
See MoreCanadian Tax Freedom Day delayed in 2014
After accounting for all taxes, the research organization said that the average family (with two or more people) will pay CAD43,435 (USD39,763) in taxes in 2014 which is equal to 43.5% of their annual income. The tax burden is going to be heavier if
See MorePeru: New rules for communicating the issuance, transfer and cancelation of Peruvian shares
According to Resolution 169-2014-SUNAT/4B0000 of Peru the issuance, the direct and/or indirect disposal, also the cancelation of Peruvian shares will have to be communicated to the Peruvian Tax Authority by virtual Form 1065. The Resolution will be
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