Vietnam: Issues Decree 92/2013 on implementation of CIT and VAT
Vietnam’s corporate income tax (CIT) and value added tax (VAT) guidance given in the Decree includes the following points: – Decrease of CIT to 20% for enterprises with a total annual revenue not exceeding VND 20 billion, effective since 1
See MoreAgenda for the WTO Public Forum in Geneva
The WTO Public Form is to be held in Geneva on 1 to 3 October 2013. The theme of the Public Forum is to be expanding trade through innovation and the digital economy. It is well recognized that innovation is a major driver of economic growth and
See MoreUK has removed the VAT exemption for business supplies of research
With effect from 1 August 2013 the UK has removed the exemption from value added tax (VAT) for business supplies of research between eligible bodies. Business research for this purpose is defined as research that is provided in return for
See MoreUK: HM Revenue and Customs (HMRC) revises SDLT group relief regulations
The UK tax authority HMRC has introduced a clarification confirming that intra-group transactions are eligible for group relief related to Stamp Duty Land Tax (SDLT). The declaration follows a meeting by HMRC with representative bodies concerning
See MoreUK: Consultation on measures to combat artificial tax avoidance
The UK has published a consultation document entitled “Raising the Stakes on Tax Avoidance”. Comments are invited from interested parties on further measures to discourage the propagation of artificial tax avoidance schemes. The closing date
See MoreUK: consultation on tax free childcare
In the 2013 Budget measures the UK announced the introduction of tax free childcare for working families. The objective of the scheme would be to give the equivalent of basic rate tax relief for the costs of childcare. A consultation document has
See MoreRussia- Clarification on documentation to verify appropriate transfer pricing method
The Ministry of Finance of Russia has issued public letter No. 03-01-18/26965 in relation to transfer pricing documentation on July 11, 2013 that clarifies process for preparing and submitting transfer pricing documentation for a particular
See MorePoland: Parliament rejects proposal for tax relief
The parliament of Poland voted against the proposal of changes in the Law on Freedom of Establishment exempting start-up entrepreneurs from the obligation to pay income tax and social security contributions on 12 July
See MoreOECD: New reports by Global Forum on Tax Transparency
The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has recently issued reports resulting from peer reviews of the tax systems of a number of jurisdictions. Thirteen jurisdictions were reviewed and assessed in
See MoreIndia: CBDT recommends furnishing of additional information to claim tax treaty benefits
India’s Central Board of Direct Taxes (CBDT) allotted Notification No. 57 of 2013 on 1st August 2013 and this notification will come into force as of 1st April 2013. The Notification proposes information that is required if a taxpayer is to
See MoreIndia: Criteria for manual selection of cases for transfer pricing audit
Instruction No. 10 of 2013 has been issued by the Central Board of Direct Taxes (“CBDT”) on 5th August 2013 which specifying the procedures and criteria for manual selection of cases by the tax administration for audit/ scrutiny for financial
See MoreHungary: amendment to transfer pricing documentation rules
The Ministry of Finance of Hungary issued an amendment of Decree No. 22/2009 related to transfer pricing documentation requirements. The amendment effectively increases the validity of an APA to 6 years. Under the new rules taxpayers recharging the
See MoreFinland: Budget proposal for 2014
On 8 August 2013, the Finnish Ministry of Finance published its Budget proposals for 2014. All the proposals will be discussed by the government on 28-29 August 2013 before the final set of proposals is presented to parliament in September 2013. If
See MoreECJ: Advocate General issues an opinion in a case concerning discounts given by a travel agent
The Advocate General of the ECJ has given an opinion in the case of Finanzamt Düsseldorf-Mitte v Ibero Tours GmBH. This case involves the supply of travel services by a German travel agency which is acting as an intermediary. In respect of a second
See MoreChina: Introduction of VAT on transportation charges
In China freight charges are now subject to a 6 percent value-added tax (VAT) rate. The circular Cai Shui No. 37 (Circular 37/2013) repeals the initial VAT policies which were introduced in 1st January 2012. The change, outlined in Cai Shui No.
See MoreCanada – Amendments in foreign income verification statement
It has been officially confirmed by the Canada Revenue Agency (CRA) that the revised Form T1135 applies to tax years ending after June 30, 2013 whereas the old form T1135 (Foreign Income Verification Statement) will still be approved for tax years
See MoreBrazil terminates Provisional Measure 612/2013
The measure to extend the presumed profit regime and make other relevant changes to the Brazilian tax law has been revoked. Provisional Measure 612/2013 was not converted into law by the National Congress within the extended 120 calendar-day period
See MoreArgentina – Mandatory online tax return system
From 1 August 2013 is has become compulsory for every Argentine taxpayers to use the online tax return system (SIFERE) to report gross revenue to local jurisdictions. Resolución General 7 was published in the official gazette on July 23, 2013 which
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