Hong Kong – 2013-14 Tax Returns Issued
On April 1 2014 the Hong Kong Inland Revenue Department issued the 2013/14 tax returns in respect of profits tax, property tax and tax reporting by employers. In the Budget for this year Hong Kong has announced a one-off reduction of 75% on profits
See MoreGerman Government under renewed pressure to raise personal income tax bands
Germany is being urged to increase the personal income tax bands to keep pace with inflation following estimates that a sizeable amount of tax will be collected as a result of the effects of inflation rather than real increases in individual income.
See MoreFrance- President Promises to Push Through Tax Cuts
The French President has pledge to put the economy on firmer ground by reducing taxes for households and businesses, with the aim of increasing the consumers’ net income and purchasing power. The President has promised to reduce labor costs for
See MoreCyprus – Due date for 2012 corporate return extended
According to a recent announcement of the Inland Revenue Department in Cyprus the deadline for electronic filing of corporate tax returns for 2012 has been extended and is not fixed at 30 June
See MoreChilean President submitted Tax Reform Bill
The Chilean President has sent a tax reform bill to Congress. This bill is intended to raise the government’s tax revenue by around USD8.2bn annually by tax increases including an increase in the corporate tax rate to 25 percent by the year 2017.
See MoreCanada: Tax rates unchanged in Nova Scotia’s 2014 budget
Nova Scotia’s Finance Minister has delivered the 2014-15 budget which does not include any changes to the tax rates. The budget is maintaining the harmonized sales tax (HST) rate at 15%. The budget also proposes to scrap the graduate retention
See MoreUS – IRS Advises Taxpayers with Foreign Income
The IRS has issued instructions for /US citizens or residents who are living or working abroad, and for people in the US receiving foreign income in 2013. All income of US citizens or residents must be declared to the IRS and the rules in respect of
See MoreSlovenia- VAT rise from 22% to 24%
Slovenia has increased the standard VAT rate from 22% to 24% with effect from 1 May 2014 until 31 December 2014. This is intended to contribute to dealing with the 14.7% budget deficit to GDP that has arisen due to a bailout of banks in 2013.
See MoreTransfer Pricing Brief: March 2014
Austria Intangible property-From 1 March 2014 interest and royalty payments to certain related parties are not deductible for tax purposes if the recipient corporation is not subject to tax due to an exemption.Financial Services-From 1 March 2014
See MoreNew Zealand: New rules for determining tax residence
In New Zealand the Inland Revenue Department has issued an “interpretation statement” on tax residence. This is an update to previous guidance from 1989. The new statement takes effect from 1 April 2014 and includes residence criteria for
See MoreJapan: 2014 tax changes
Some changes to Japan’s tax law announced on 1 October 2013 were passed on 20 March 2014. The “attributed income principle” in respect of the profits of permanent establishment, as set out in the authorized OECD approach, will be adopted. The
See MoreItaly: Italian 2012 Tax Returns Suggest Compliance Gap
Italian statistics in respect of tax returns suggest that Italians on average declared income of around EUR19,750 (USD27,200) in the 2012 fiscal year. Although the government has been encouraging more tax compliance, the number of taxpayers sending
See MoreIreland: IBEC calls for Tax Cuts to Support recovery
Ireland’s business and employers’ confederation IBEC has requested a reduction in the marginal individual income tax rate to bring it below 50 percent and has suggested that the income level at which the top rate of tax begins should also be
See MoreIndia shows decline in transfer pricing adjustments
The income tax department has estimated that the number of transfer pricing adjustments in 2014 so far has fallen by 14 percent by comparison to the previous year. This may indicate that taxpayers in India are becoming more aware of the transfer
See MoreHong Kong considers how to maintain Low-Tax Regime
According to a recently published report by the Working Group on Long-Term Fiscal Planning the government will need to find additional tax revenue at some point in the future to close a gap in the finances. The government has emphasized that fiscal
See MoreFrance – Study Backs Real Estate Tax Review
The French housing association CGL has pointed out that there are large differences between rates of residence tax in different parts of France. The residence tax is due from the owners or tenants of residential property on the basis of the notional
See MoreFrance – President offers Token Tax Cut for Households
The French is to announce some tax cuts for families in France, according to reports, but the amount of the tax cuts has not been decided and may depend on further reductions in government expenditure. The President also plans to lower labor costs
See MoreFrance- Court Rules in Research Tax Credit Case
In France a tax credit known as the Crédit Impôt Recherche (CIR) is available for certain research and development expenditure by businesses. A recent case (No. 1219816) involved an appeal from a business advisory firm, in respect of the partial
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