China: Scope for 50% tax deduction on R&D expenses
The Ministry of Finance of China on 30 September 2013, released a circular which expands the criteria for enterprises to be eligible to claim the extra 50 percent tax deduction on expenses incurred from research and development. The super tax
See MoreChina: Clarifies VAT exempt services rules
Following the launch of the Chinese VAT pilot in 2012, the Chinese tax authorities released detailed guidance on September 2013 on the rules around the exemptions for VAT on export services. The services covered by the exemptions include transport
See MoreBulgaria- Cash Accounting in VAT
Due to recent cases in tax field Bulgaria plans to initiate some changes to the Value Added Tax regime to match its tax code with the EU VAT Directive in future. The above changes will come into effect on January 1, 2014, once approved. The changes
See MoreBrazil: Procedure to file requests for tax consultations
Brazil issued Normative Instruction 1,396/2013 on 30 September 2013.This Instruction regulates the administrative procedure to consult the federal tax authority on the interpretation of the tax and customs legislation concerning taxes administered
See MoreBrazil: Tax authority has issued ruling on tax treatment
The Federal Tax Authority issued Ruling No. 58/2013 on 27 August 2013, published in the Official Gazette on 30 August 2013, concerning the tax treatment of amounts deposited into escrow accounts associated with specific conditioned
See MoreBrazil: Tax Authority has published guidance on Transitory Tax Regime
Tax Authority has published guidance on the Transitory Tax Regime in the Official Gazette on 17 September 2013, introduced the Federal Law 11,941/2009. One of the main motives of Law 11,941/2009 was to make the Brazilian GAAP more adaptable with the
See MoreBrazil: Changes to transfer pricing regulations
Brazil issued Normative Instruction 1,395/2013 on 30 September 2013.This Instruction introduced changes to Normative Instruction 1,312/2012 regarding the prices that must be used in cross-border transactions involving the sale and purchase of goods,
See MoreBelgium: Extension of tax-on-web filing deadline
The deadline for filing individual income tax declarations via the Finance Ministry’s Internet portal tax-on-web is extended. And it is published by the Belgian Ministry of Finance. And, until October 31, 2013 the tax-on-web filing deadline will
See MoreBelgium: Expanding the list of compensation subject to social security
Recently, a royal decree has been published in Belgium, altering the social security regime for certain out-of-service compensation from 1 October 2013. The range of compensation subject to social security contributions has been broadly extended.
See MoreAustralia: Under carbon tax emissions would Rise
The Ministry of Environment of Australia has said that the Australia’s projected emissions for the period from 2010 to 2020 would go up from 560m to 637m tones under the carbon tax. The Minister’s argument is that the carbon tax would damage
See MoreArgentina-changes to the wage limits for family allowances
The government of Argentina has announced changes to the family allowances regime which are effective from 1 September 2013. The family allowances limit has been increased to $15,000(previously $8,400) for each spouse and $30,000(previously
See MoreAustralia: Start date to offshore banking unit reforms delayed
The Government of Australia has delayed the start date (1 October) for the reforms to the offshore banking unit (OBU) regime. In the 2013 budget, the Australian government reported the proposition to change some OBU provisions to address existing
See MoreArgentina –Extension of the Foreign-Currency Tax Amnesty Program
In Argentina, a tax amnesty program has been extended until the end of this year for those Argentines who have undeclared foreign currency. The government introduced the amnesty In June 2013. According to the amnesty those who have professed
See MoreUruguay – Taxation procedure of public companies transferred to foreign country
An advisory firm of Uruguay recently issued a report concerning the transfer of public companies to a foreign country (and vice-versa). Generally those companies are no longer subject to Uruguay’s corporate income tax (since the company is no
See MoreUK: Tax relief for married couples
The UK has declared a new tax relief for married couples. From April 2015 one spouse will be able to transfer up to GBP 1,000 of the unused personal tax allowance to the other spouse. This relief will be open to married couples and civil
See MoreSpain: drops requirement to submit records with VAT returns
The VAT authorities of Spain have decided to withdraw a requirement to submit supporting VAT records with monthly VAT returns. The requirement was originally introduced in 2009. According to this requirement all Spanish VAT registered businesses
See MoreNetherlands: Bill on Various Tax Amendments approved by Lower House
On 19 September 2013, the Netherlands Lower House of parliament approved a Bill on Various Tax Amendments 2013. The Bill provides that a person who has reached the age of 60 but is not yet 64 at the commencement of the calendar year and earns income
See MoreNetherlands: Bill amending interest rates for late payment of taxes submitted
The Netherlands government submitted Bill 33 755 No. 3 on 17 September 2013, amending the interest rates related to the late payment of taxes to the Lower House of parliament. Under the current regime, the interest rate for the late payment of all
See More