Canada: Interest rates of prescribed income tax unchanged for Q4 2014
The Canada Revenue Agency has declared that the interest rates of prescribed income tax for taxable benefits overpaid and underpaid taxes for the fourth quarter (Q4) of 2014 i.e. from October 1, 2014 to December 31, 2014 will stay
See MoreUruguay- reduction of VAT rate on electronic purchases
In Uruguay the Vat rate applicable on purchases of goods and services acquired by bank debit cards, credit cards and wire transfers has been reduced by 2% from 1 August 2014. Also a further 1% cut will be applied from August 2015. The reduced rate
See MoreEstonia- Amendments to the Value Added Tax Act
The President of the Republic of Estonia announced on 3 July 2014 amendments to the Value Added Tax Act of the country. The amendments of the Act will be implemented from 1 December 2014. The amended Act establishes limits on deductible VAT on
See MoreGerman Government has refused for a reform of the income tax system to eliminate “cold progression”
The German Government has refused calls for a reform of the income tax system to eliminate so-called "cold progression" before 2017. Cold progression, also known as bracket creep, occurs when inflationary wage increases push taxpayers into higher
See MoreTransfer Pricing Brief: July 2014
Brazil Financial Service- a tax on financial transactions also applies in the case of foreign exchange transactions. Germany Transfer Pricing Rules- Guidance issued by the BMF in June 2014 defines important terms for transfer pricing
See MoreSouth Africa: Tax authority proposes to revise “secondary adjustment” treatment
South African tax authority has been proposed that South Africa’s transfer pricing legislation relating to “secondary adjustments” be amended. The proposal placed to the Draft Tax Laws Amendment Bill 2014. Generally, a “secondary
See MoreUkraine: Certain corporate income tax incentives to be abolished
The Ukraine parliament adopted the Law No.4309A, on 31 July 2014 which was issued on 21 July 2014, with eliminating certain corporate income tax incentives. The main abolished incentives are summarized below: limiting privileged corporate income
See MoreUK: Certificates of residence for registered pension schemes changes
The process for applying for a certificate of residence for a registered pension scheme changes from 4 August 2014. If you’re the owner of the pension scheme assets, or an authorized third party, and want to request a certificate of residence for
See MoreSouth Africa: VAT Update 2015
A number of changes of South African VAT are coming from April 1, 2015. This is the additional part to the recent B2C digital services VAT registration changes. The following changes will be taken place in the upcoming policy; Removal of the
See MoreIndia: Amended the transfer pricing rules in budget 2014
On 10 July 2014, the Finance Minister proposes amendments to India’s transfer pricing rules in India’s budget of 2014. The Budget 2014 proposes to amend the rules to provide that an APA entered into with regard to a future transaction may also
See MoreFrance-Amended Finance Bill for 2014
The national assembly of France adopted the Amended Finance Law and the Amended Finance Law on Social Security for 2014 on 23 July 2014.The Constitutional Court will now review the law and after signing by the president the law will enter into
See MoreCanada -Tax measures in budget bill
Bill 26 has received first reading on July 24, 2014 and includes tax measures as follows: Increment of individual income tax on taxable incomes above $150,000 Reduction of the taxable income threshold due to 13.16% tax rate to $220,000 instead
See MoreSlovak Republic: Amendments to the VAT Act
The president of Slovak Republic has signed the law on July 25, 2014 regarding changes to the Value Added Tax Act and this law will enter into force with effect from January 1,
See MoreCzech Republic: Proposal for changing VAT rate
The lower chamber of the Czech parliament accepted in the third reading the VAT law amendment on July 23, 2014 that would initiate changes in VAT rates. At present, the standard VAT rate is 21%. Some goods specifically foodstuffs, pharmaceutical
See MoreBulgaria: Amendments in CIT, VAT and social security
The Budgetary and Finance Commission of the parliament is currently discussing some amendments in corporate income tax, VAT and social security sectors those will be planned for voting by the parliament. Bulgaria will take advantage from the
See MoreNigeria: Changes Income tax law for companies
According to section 55 of the income tax law for companies, the Federal Inland Revenue of Nigeria has declared a policy change and stated that non-resident companies will be required to file their returns. Non-resident companies have filed their
See MoreSouth Korea- No Budget for 2014
South Korea's Minister of Strategy and Finance revealed that the government will not introduce a supplementary budget in fiscal year 2014. The government is not planning any additional budget and measures will be included in the budget for
See MorePeru-New resolution on reporting of stocks and shares
The Peruvian tax authority issued Resolution 200-2014-SUNAT/4B0000 which entered into effect on 28 June. The resolution amended the Resolution 169-2014-SUNAT/4B0000. According to the new resolution Form 1065 need not to be filed for the issuance,
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