China VAT changes exemptions on export services
China is to implement new categories for determining the exemption rules for export services. The changes apply from October 2014. Businesses supplying export services are required to follow a number of administrative requirements, including
See MoreTurkey: Provisions in tax amnesty
The Turkish Parliament has passed a tax amnesty program as Law No. 6552 that was released on September 11, 2014. Generally, this program under the new law permits taxpayers with unpaid tax debts and associated penalties and interest to give these
See MoreBrazil: Reduced income tax rate on manufacturing industries
The Ministry of Finance has declared that, reduced income tax rate from 34% to 25% will impose on foreign income from resident manufacturing industries, on 15 September 2014.This tax benefit already exists for food and construction industries but
See MoreRussia: Revised version of the draft law publishes
The Ministry of Finance in Russia has released a significantly revised version of the draft law on the package of tax initiatives on September 2, 2014. This contains a number of significant changes affecting such matters as exclusions from
See MoreSlovenia: Financial administration approved to conclude advance pricing agreements
In Slovenia, the amendments to the Financial Administration Law (the Law) entered into force on 1st August 2014. This Law Based on financial authorities is authorized to conclude advance pricing agreements (APA) for transfer pricing purposes. The
See MoreHong Kong Signs on to New OECD Tax Info Standards
The government of Hong Kong has recently announced that it will support the Organization for Economic Cooperation and Development’s (OECD, Hong Kong's support for the new global standard on automatic exchange of information for the purpose of
See MoreChile: Tax reform has approved by Chilean Congress
The bill of Law amending the tax regulations has been approved by the Chilean Chamber of Representatives on September 10, 2014. Currently, the Congressional steps have been settled; the Chilean Government must publish the Bill of Law to enact it.
See MoreRomania: Government Confirms Social Security Tax Reduction
The Government of Romania has approved a reduction in the social security tax paid by employers, in defiance of the IMF and despite a warning from the country's President that the move will put the country's economic stability at risk. Romania's
See MoreNorwegian Tonnage Tax Regime Tweak has been approved by EFTA
Amendment to the Norwegian Special Tax System for Shipping has been approved by the European Free Trade Association Surveillance Authority (EFTA Surv). Shipping income is exempted from ordinary corporate tax and only a tonnage tax related to the
See MoreTurkey: Omnibus Law enters into force
The Law No. 6552 (the "Omnibus Law") has published in the Official Gazette on September 11, 2014. The law permits granting a 50% decrease on penalties derived from infractions of process and will apply to unpaid fiscal debts and penalties that were
See MoreSlovak Republic: Regulation regarding binding rulings has published
The Ministry of Finance published Regulation No. 229/2014 that gives the tax aspects for which binding rulings may be issued and this regulation came into effect from September 1, 2014. On the basis of the regulation, binding rulings can be issued
See MoreSlovak Republic: New guidance regarding transfer pricing documentation has been published
The Ministry of Finance has published new guidance on the contents of transfer pricing documentation (TPD) on August 20, 2014 that requires changes for most taxpayers. This alert summarizes the transfer pricing legislative developments as well as
See MoreRussia: Zero VAT rate applicable to freight services provided by certain vessels
The Finance Ministry (MoF) has issued Letter No. 03-07-РЗ/32218 on July 3, 2014 describing the VAT rate applicable to the provision of services of seaborne vessels and combined navigation vessels based on time charter agreements for the reason of
See MoreUK: Pension statements and the annual allowance to be sent soon
Pension providers will soon be sending annual allowance pension statements for the 2013 to 2014 tax year to all pension scheme members contributing more than £50,000 per year to a pension scheme. Finance Act 2011 legally requires pension providers
See MoreMalaysia clarified tax treatment of income received by a foreign fund management company
A public ruling has been issued by the Inland Revenue Board of Malaysia explaining the tax treatment of income received by a foreign fund management company that provides fund management services to foreign and local investors. Foreign fund
See MoreHMRC will introduce Penalties For Real Time PAYE Errors from October 2014
HMRC will introduce penalties for late real-time pay-as-you-earn (PAYE) returns from October, 2014. Companies employing 50 or more people will face penalties from October 6, 2014 and the companies with fewer than 50 employees will be subject to the
See MoreGreece: Tax cuts initiative will take place by Greek PM in the months ahead
Details of a "road map" for reducing taxes will be unveiled by Greece's Prime Minister, Antonis Samaras and which will be implemented initial tax cuts in the months ahead. Heating oil tax will be reduced by 30 percent and the solidarity tax on
See MoreRussia: Simplification in VAT invoice
Businesses those are VAT registered in Russia will no need to deliver consumers along with full VAT receipts from 1st October 2014. The VAT invoices in Russia must be delivered within 5 days of the provision of the service or goods. This change will
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