Brazil: Tax exemption to encourage Initial Public Offerings
On June 16 of 2014 the Ministry of Finance confirmed that the initial public offerings (IPOs) of smaller company’s investment will be cut from the capital gain tax by 15% and the capital gains tax will not have an effect on infrastructure
See MoreFrance: Planning of Tax Cuts By 2017
The French Court of Auditors is estimating that the companies’ liability to mandatory levies will be cut by EUR14bn between 2015 and 2017. The Responsibility, Solidarity Pact, the tax credit for competitiveness and employment program will
See MoreHong Kong: Advance Ruling for source of profits relating to branch’s transactions
An “advance ruling” is issued by the Inland Revenue Department addressing the locality of profits for Hong Kong tax purposes. Generally, there is no interpretive guideline regarding the source principle in the Hong Kong’s law. Therefore, the
See MoreOECD agrees with US tax reform
The Organization for Economic Cooperation and Development's (OECD) chimes in on US tax reform. OECD’s Secretary-General Angel Gurría presented the latest economic survey of the United States which identifies some tax-based reforms required to
See MoreFrance: Adopted Amending Finance Bill for 2014
The Council of Ministers of France adopted the Amending Finance Bill for 2014 on 11 June 2014. According to the adopted bill the temporary surtax on the corporate income tax for large companies will be eliminated on 30 December 2016. The thresholds
See MoreKenya: Presented Budget for 2014-2015
Kenya announced its budget for the year of 2014-15 on 12 June 2014. The budget has emphasized on several tax proposals: Propose tax rates for resident companies at 30% (previously it was 10%) and for non-resident companies at 37.5% (previously it
See MoreSingapore: Extended fund management tax incentives
Singapore’s 2014 budget proposed for the extension and enhancement of a tax incentive program for qualifying funds. Following changes are occurred on tax incentive program: -Lengthen the expiration date of the tax incentive program to 31 March
See MoreUganda: Released budget for 2014
Budget for 2014 was released on 12 June 2014, which reflects the GPD growth by 5.7% for 2013/14 finance year and declined by 0.1% compared to the previous year. The budget has emphasised on the measures to raise revenues, improve transparency in
See MoreSlovak Republic: Thin capitalization rules has considered related-party debt
The Ministry of Finance is currently considering the chance of re-initiating thin capitalization rules into Slovak tax law. With the help of an internal document the Ministry of Finance highlights that low capitalization expresses an effective tax
See MoreCzech Republic: Income tax law changes are proposed
The Ministry of Finance has published a draft amendment to the income tax law of the Czech Republic for requiring comments. Among the proposals in the draft bill are measures that would: Continue the tax rates and tax base for individual income
See MoreIsrael: 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
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