Canada –Tax measures situation from Budget 2013
The Department of Finance Canada has issued a draft legislation naming “Notice of Ways and Means Motion” on October 18, 2013 to complete remaining tax measures from the 2013 federal budget and some previously declared tax measures. These
See MoreBelgium: Rules to calculate the notional interest deduction
The Belgian tax law is going to be amended to revise to the method of calculation of the notional interest deduction. Responding a judgment of the Court of Justice of the European Union (CJEU), the Belgian tax rules are being amended. This judgment
See MoreTransfer Pricing Brief: October 2013
Azerbaijan A Bill on transfer pricing is being re-introduced to parliament and if approved will take effect from 1 January 2014. Brazil Thin capitalization rules apply to restrict the interest deduction unless the value of the debt does not
See MoreUkraine withdraws VAT cut plans
Ukraine had previously planned to decrease its VAT rate along with lowering its corporation tax rate. However since Ukraine is struggling with a weak economy, the government is now considering shelving plans to cut corporate tax and VAT next year to
See MoreSweden –tax audits require due process
In a recent ruling, the Administrative Court in Stockholm held that it was the duty of Swedish tax agency to communicate documents to the taxpayer in a case relating to the taxation of carried interest. The due procedures had not been followed by
See MoreSpain: New Law to Support Entrepreneurs
The government of Spain recently enacted a law which is commonly known as the “Entrepreneurs Law.” The main objective of the law is to promote self-employed business owners and small to medium enterprises (SMEs) to expand their business
See MoreThe United Kingdom and South Africa set to work together to tackle offshore tax avoidance
The Ministry of Finance of South Africa issued a media statement on 12 October 2013, stating that United Kingdom and South Africa have agreed to work together to tackle offshore tax avoidance including through pressing for better international
See MoreSlovak Republic: Changes to Tax Procedure Code
On the basis of the recent amendments to the Tax Procedure Code, new rules related to the communication and submission of documents to the tax authorities will be applicable in the Slovak Republic and this will be effective from January 1, 2014. By
See MoreTax Certificates for residence issued by Czech tax authorities should have an apostille
The Russian Ministry of Finance has published Letter No. ОА-4-13/7891 on October 14, 2013, issued on April 29, 2013, clarifying the requirements for certificates of tax residence issued by the Czech tax authorities for the purposes of application
See MoreRussia: Deductibility of taxes, duties and other charges paid by Russian taxpayers in other states
The Russian Ministry of Finance has issued a Letter No. N 03-03-06/2/41278 regarding the deductibility of taxes, duties and other charges paid by Russian taxpayers in other states. By this letter, the Ministry of Finance confirms its new position
See MorePortugal: Approves Corporate Tax Reform
The Portuguese Council of Ministers sent to parliament proposed reforms of the corporate tax system on 13 October 2013, which will aim to improve Portugal’s tax competitiveness and encourage investment. The proposed reforms would reduce the
See MorePortugal: Amendments to exit tax to conform to EU principles proposed
Legislative authorization to amend the exit taxation rules to conform to EU principles is provided by 2013 Budget Law of Portugal. A significant change to the exit taxation regime was proposed the tax reform submitted to Parliament on 15 October
See MoreOECD publishes comments received on intangibles
The OECD has published on its website the comments received by interested parties on its revised discussion draft on transfer pricing aspects of intangibles. The input received from more than sixty commentators will be discussed by the OECD’s
See MoreOECD publishes comments on white paper on transfer pricing documentation
The OECD has published comments received on the White Paper on transfer pricing documentation issued on 30 July 2013. The comments received from more than forty commentators are to be discussed by Working Party No. 6 of the OECD’s Committee on
See MoreNorway: New government publishes its tax plans
The leaders of Norway's new minority government announced a common general tax platform for the next 4 years, on 7 October 2013. The main plans are summarized below. Individual taxation The new government plans to reduce the tax burden on
See MoreBudget for Norway- 2014 presented to parliament
The Budget for 2014 was presented to parliament on 14 October 2013. Details of the Budget in respect of direct taxation, which will generally apply as from 1 January 2014, if adopted, are summarized below. Corporate taxation The proposals
See MoreAmended Budget for Netherlands 2014 presented
Amended Budget for Netherlands 2014 presented On 11 October 2013, the Netherlands government presented an overview of the amended Budget for 2014. The amended Budget includes amendments to some of the tax measures previously announced on 17
See MoreMalaysia – GST implementation to be delayed beyond 2014
The Malaysian Budget for 2014 which may be presented to Parliament in the near future is unlikely to include details of the GST, which is due to replace the existing Sales Tax and Service Tax of 10% and 6% respectively. Plans to introduce a Goods
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