Turkish electronic VAT invoices delayed until April 2014
The introduction of Turkish electronic VAT invoices has been delayed until 1 April 2014 due to continuing teething problems. Until this date, tax registered persons may continue to use paper-based VAT invoices. The original edict (Tax Procedural
See MoreSwitzerland – trade association warn against Fuel Surtax Hike
Swiss trade association has warned the Swiss Government against a rise in the mineral oil surtax imposed on motor fuels. The Swiss Federal Council has previously indicated that raising the levy is one of the options available to place the financing
See MoreSwitzerland: Revised guidance on taxation of principal companies
The Swiss Federal Tax Administration (SFTA) has provided the cantonal tax authorities with revised guidance on how to apply rules that affect the taxation of principal companies, which will impact both existing and new principal company rulings. The
See MoreSwitzerland – Committee rejects Flat Tax Initiative
The Swiss Committee for Economic Affairs and Taxes of the National Council (CEAT-N) has recommended that the popular initiative calling for an end to the flat tax regime currently benefiting wealthy foreigners in the Confederation be rejected. The
See MoreSpain – published social security contributions decrease
The Official Gazette published Royal Decree-Law 3/2014 on 1 March 2014. This law contains urgent measures to promote employment via the contracting of workers for an indefinite period. The Decree-Law sets out the circumstances in which a flat social
See MoreSpain’s opposition leader proposes low-income tax package
In the course of the State of the Nation debate in Congress, Spain's Socialist Party (PSOE) leader proposed that a tax package be introduced to protect low-income earners in Spain, and in particular to protect families. The proposal related to
See MoreSpain Slashes Labor Taxes To Create Jobs
Spain has announced plans to significantly lower social security contributions for employers who recruit permanent members of staff. The Prime Minister has suggested that an upwards revision of the growth forecast for this year and next will enable
See MoreSouth African Poll Criticizes Employment Tax Incentive
A poll conducted by the South African Institute of Tax Practitioners (SAIT) appears to indicate that the Employment Tax Incentive (ETI) is not succeeding in its aims. Although large businesses are aware of the incentive and have consulted their
See MoreSouth African Budget Sets Up Small Business Tax Reforms
South Africa’s 2014 budget includes some measures resulting from the work of the Tax Review Committee. The Committee's recommendations relate to the compliance burden of small and medium-sized enterprises. In particular, the turnover tax regime,
See MoreSouth Africa – Transfer pricing, cross-border proposals in 2014 budget
South Africa’s 2014 budget contains proposals for changes to the transfer pricing rules and cross-border taxation. Among the transfer pricing and cross-border tax provisions in the 2014 budget are the following measures: Secondary adjustment for
See MoreSouth Africa – Tax proposals in 2014 budget
The South African Finance Minister delivered his 2014 Budget Speech on 26 February 2014. Among the general corporate tax proposals in the budget are measures to: Limit interest deductions for reorganizations and acquisitions; Address the refund
See MoreSouth Africa: SARS Issues Guidance on Double Taxation Relief
The South African Revenue Service (SARS) has issued a draft interpretation note for comment on the rebates and deductions available in the country's tax code for foreign taxes on income. The note points out that residents of South Africa are subject
See MoreSingapore: over 1.2m Taxpayers Need Not File Returns
The tax filing season in Singapore started on March 1, 2014. Around 1.23m taxpayers will not need to file a return, as more people benefit from the Inland Revenue Authority of Singapore's (IRAS) No-Filing Service (NFS). Taxpayers who have been
See MoreSingapore: Budget 2014
Singapore has recently issued the 2014 budget, containing provisions related to introduction of the Productivity and Innovation Credit (PIC) Scheme for Small and Medium Enterprises (SMEs), PIC benefits on training employees, the extension of the
See MoreSingapore simplifies stamp duty rate regime
The Inland Revenue Authority of Singapore (IRAS) has issued an e-Tax Guide explaining the stamp duty changes introduced in the Government's 2014 Budget on February 21, 2014. In Singapore stamp duty is payable on instruments relating to the
See MorePhilippines: Congress to prioritize bill raising tax exemption cap on 13th-month pay
Despite objection from the Bureau of Internal Revenue (BIR), Congress will prioritize the passage of the bill raising the tax exemption cap on 13th-month pay, Christmas bonus and other work benefits. Congress leaders have agreed to give "urgent
See MoreNetherlands – Advocate General’s opinion on sister company tax consolidation
The Advocate General of the Court of Justice of the European Union (CJEU) has found that the Dutch tax rules are in breach of the freedom of establishment in that the rules deny tax consolidation (fiscal unity) between— A Dutch parent company
See MoreNetherlands Simplifies Individual Tax Filing
Commencing from March 1 2014, the Netherlands tax administration will issue approximately six million pre-completed tax forms to individuals, and around four million tax returns that have been completed in part. The taxpayers are requested to verify
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