Denmark: Ministry of Taxation publishes its law programme for 2014-2015
The Ministry of Taxation published its law programme for 2014 and 2015 on 7 October 2014 and the main measures of the law programme are summarized below: Corporate taxation: Amending the tonnage tax regime by including more ship types within its
See MoreUS: IRS redefines its small business compliance operations
Starting Oct. 20, the United States Internal Revenue Service (IRS) is realigning its tax compliance organizations serving individual and small business taxpayers. The goal of the restructure is to primarily focus Small Business/Self-Employed on
See MoreVietnam: Modifications to personal income tax, VAT declaration and calculation
The Ministry of Finance in order to simplify the tax administrative procedures recently issued Circular No. 119/2014/TT-BTC (Circular No. 119) on 25 August 2014 to change some current circulars on tax administration, value added tax (VAT),
See MoreAustria: Published draft version of 2nd Tax Law Amendment Act 2014
The Ministry of Finance published a draft version of the 2nd Tax Law Amendment Act 2014 on 1 October 2014, and submitted it for professional review. The 2nd Tax Law Amendment Act 2014 is the introduction of the Law on Mutual Assistance in Fiscal
See MoreBelgium: New Coalition government agreed on proposed tax changes
A proposed tax changes has been agreed by the members of Belgium’s new coalition government. They have come to a consensus on changes of corporate tax, VAT and excise tax, Individual Income tax and other taxes. It was proposed that an additional
See MoreIceland: Released draft regulation on transfer pricing documentation
The Icelandic Ministry of Finance released the draft regulation on transfer pricing on 13 October 2014. According to the draft regulation outlining detailed transfer pricing rules was released on 13 October 2014 and when finalized this will apply
See MoreColombia: Issues tax heaven countries list
The Ministry of Treasury and Public Credit of Colombia issued Decree 1966 of 2014 on 6 October 2014 with a list of tax heaven countries, jurisdictions, domains, associated states and territories. Forty four (44) jurisdictions were listed as tax
See MoreCyprus: Finance Minister Declares State Budget Report 2015
In a comprehensive report, the Finance Ministry predicts that the economy’s prospects are expected to continue to gradually improve though substantial risks still exist, mostly related to the banking sector whose prospects are crucial to
See MoreNorway: Budget for 2015 cuts taxes
The new government of Norway proposes the 2015 fiscal budget on October 8, 2014 which focuses on targeted tax cuts through broadening of tax base. The levy of wealth tax on individual tax payers was reduced from 1.1% to 1% in 2014. The budget for
See MoreMalaysian 2015 budget cuts Individual and Corporate Tax rates
The Malaysian Prime Minister and Minister of Finance Najib Razak announced a cut in Individual and Corporate tax rates in his budget speech in October 10, 2014 though not until 2016. Individual Tax: The rate of Individual tax rates to be cut by one
See MoreChile: Law No. 20.780 has enacted with different aspects
A tax reform entitled “Law No. 20.780” related to foreign investor has published on 29 September 2014 which is effective from 1st October 2014. This creates different regimes subject to Corporate Income Tax (CIT) from 1st January 2017. The CIT
See MoreColombia: Tax reform as effective from 2015
The changes of Colombian tax provisions were passed by the government in September 2014. The reform includes the provision for new tax on wealth which will be effective for tax year 2015 to 2018. The increase of the rate of surtax imposed on
See MoreTax reduction in Greece’s 2015 Budget
Greece releases its 2015 budget on October 6, 2014. The budget reduces the solidarity tax on earners and a 30 percent cut on the tax on heating oil. The budget cut the "solidarity tax" paid by those on incomes over EUR12,000 (USD15,178) and would
See MoreMemorandum of understanding between Ukraine and OECD signed
The OECD and Ukraine signed a memorandum of understanding (MoU) on 7 October 2014 to help Ukraine's efforts to tackle corruption, strengthen its tax system and promote competitiveness. The Memo determines priority areas and cooperation forms for
See MoreThe HM Revenue And Customs (HMRC) Considers Draft Regulations For The Purposes Of The Promoters Of Tax Avoidance Legislation
The HMRC is working on draft regulations to exclude two types of persons from the definition of "promoter" for the purposes of the Promoters of Tax Avoidance legislation. The regulations will exclude from the definition of "promoter" a company that
See MoreSouth Africa: SARS Reminds Employers Of ETI Refund Process
The South African Revenue Service (SARS) has reminded employers that the legislation that set up the Employment Tax Incentive from January 1 this year also includes a refund process. The Employment Tax Incentive Act and the draft amendments to this
See MoreTransfer Pricing Brief: September 2014
Australia Transfer Pricing Documentation Requirement-Draft practice statement PS LA 3673 sets out the responsibilities in respect of transfer pricing under self-assessment.Penalty in cases of Adjustments- Draft practice statement PS LA 3672
See MoreFinland: Bank account number required for tax refunds
Finish tax authorities have urged the taxpayers to inform their bank account so that they can receive tax refunds directly to their bank account, especially those who have a new or changed bank account. If the taxpayer already has bank account
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