Thailand-Proposal on changes to VAT rate during 2014 and 2015
The government of Thailand has announced a proposal according to which if approved the value added tax rate would be reduced from 7% to 6.3% between 1 October 2014 and 30 September 2015. On the other hand an additional new, local sales tax rate of
See MorePhilippines: BIR strengthens control over large taxpayers
The Bureau of Internal Revenue (BIR) has strengthened its monitoring of the country’s large taxpayers, particularly on the value-added tax (VAT). BIR’s collections of first half of this year reached PHP643.2bn (USD14.8bn), which is more than
See MoreChile: The Senate endorses tax reform bill
According to a statement from the Ministry of Finance, the Chilean Senate has approved tax reform bill from the President on July 15, 2014. An agreement between the government and the Senate's Finance Committee has taken place earlier this month for
See MoreUK: HMRC publishes A list of tax avoidance schemes
A list of tax avoidance schemes with“accelerated payments"power has been published by HM Revenue and Customs (HMRC) and users may receive a notice to make upfront tax payment. Taxpayers must disclose if they are using an avoidance scheme as per
See MoreUS: Four Charitable Tax Breaks for 2014
“America Gives More Act of 2014” has been passed in the House on July 17, by the vote of 277-130. Two old charitable giving tax breaks that have expired and two new ones have passed the House, leaving charities delighted. Among the Four
See MoreSlovak Republic – Amendments in VAT procedure under consideration
Draft amendments to the Slovak value added tax (VAT) law would give the following procedural changes: When claims are filed during the course of a tax examination, with the revised rules to allow a partial repayment based on already audited
See MoreCzech Republic – Pending changes regarding VAT, investment fund managers
In Czech Republic, draft legislative or pending proposals contain: Revise of the income tax law proposes to allow for the waiver of penalties and interest Proposal of requiring a “review statement” listing information on taxable supplies
See MoreUS: IRS Issues Final Rules On Truncated TINs
As part of efforts to reduce the risk of identity theft and tax refund fraud, the IRS released final regulations that allow the use of truncated taxpayer identification numbers (TTINs) on payee statements and certain other documents where not
See MoreSlovak Republic: Amendments to the VAT Act
The VAT act amendments would generally apply with effect from January 1, 2015. The main changes are given below: The place of supply of telecommunication, broadcasting and electronic services provides to non-taxable persons. The special scheme
See MoreQatar: An unique incentive have been introduced by the QFC
An unique and innovative incentive have been introduced by the Qatar Financial Centre (QFC) Authority as amendments to the Tax Regulations and Tax Rules regarding using new areas of tax relief and tax losses, mostly providing an advantage for Qatar
See MoreRussia: Revised draft changes related to introduction of CFC rules
The Ministry of Finance has released a revised version of the draft law regarding introduction of CFC rules. The important changes of the revised draft law are given below: • Concepts regarding “Beneficial owner” and “actual right to receive
See MoreBRICS nations agree to create BRICS bank
Leaders of the BRICS group of emerging powers on Tuesday created a Shanghai-based new international development bank and multi-billion emergency lending pools. The development bank will have initial capital of $50 billion that could rise to $100
See MoreSlovak Republic: VAT changes approved
The parliament of Slovak Republic has accepted some changes to the VAT Act: VAT rate increase to 20% and will be established for the long term The submission deadline for the recapitulative filings is from 20 days to 25 days. If annual sales of
See MoreSouth Africa: Davis Tax Committee Proposes Tax Reforms For SMEs
The Davis Tax Committee (DTC), which was set up by the South African Ministry of Finance in July 2013 to make recommendations for possible tax reforms, has released an updated interim report for public comment covering the following issues regarding
See MoreUS: Government tends to curb on Offshore Deals
The Obama administration called for immediate congressional action to stop U.S. companies from using cross-border mergers to avoid the country’s tax system. A growing number of U.S. companies are looking to escape their federal tax bills by
See MoreCanada:The Court of Appeal’s decision regarding penalties in transfer pricing case
The decision regarding the case of The Minister of National Revenue v. Sifto Canada Corp has given by the Federal Court of Appeal on May 28, 2014. The tax authorities were appealing a decision of the Federal Court, upholding a decision of
See MoreFrance- Deadline for filing additional Transfer Pricing Statement
The French Government adopted a new additional transfer pricing documentation requirement codified under Article 223 quinquies B of the French General Tax Code. According to the new rule certain taxpayers will be able to file a “reduced”
See MorePakistan: Planning to raise further tax to 2%
The Federal Board of Revenue (FBR) is planning to raise 'further tax' from existing 1 % to 2% in budget (2014-15) on supplies made to persons who have not obtained sales tax registration numbers (STRNs), doubling the burden of extra sales tax on
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